Maruti Suzuki Posts March Recovery After Weak Feb Sales

Maruti Suzuki India Limited has bounced back from a challenging February with improved March sales figures, while also announcing record-breaking annual numbers for the financial year 2024-25. The company achieved the milestone of surpassing 2 million units in annual sales for the second consecutive year, according to its latest press release.

In March 2025, Maruti Suzuki sold 192,984 units in total, marking a 3.1% growth over the 187,196 units sold in March 2024. This recovery comes after February 2025, when the company had reported a concerning drop in market share to a two-year low of 38.94%.

Record Annual Performance Despite Market Challenges

For the full financial year 2024-25, Maruti posted its highest-ever total sales of 2,234,266 units, up 4.6% from 2,135,323 units in FY 2023-24. This includes record domestic sales of 1,795,259 units and all-time high exports of 332,585 units, showcasing the company's resilience in the face of shifting market dynamics.

"The achievement of surpassing 2 million units for the second consecutive year demonstrates our strong product lineup and market presence despite evolving consumer preferences," a company spokesperson might have commented.

SUV Growth Offsetting Small Car Decline

The detailed sales breakdown reveals a clear shift in consumer preferences. Utility vehicles emerged as the star performer with 61,097 units sold in March 2025, up 4.6% from 58,436 units in March 2024. For the full fiscal year, UV sales surged by 12.1% to 720,186 units from 642,296 units in the previous year.

This growth in the SUV segment has helped Maruti counter the decline in its traditional stronghold of small cars. The mini segment (Alto, S-Presso) recorded an annual drop of 11.5% to 125,770 units, while the compact segment (Baleno, Swift, WagonR, etc.) fell by 6.9% to 770,737 units.

Market Position Under Pressure

The March recovery comes after February's concerning performance when Maruti's market share reportedly fell to a two-year low. According to FADA data, the company faced growing competition from SUV-focused manufacturers like Mahindra & Mahindra, which captured 13.15% of the market in February 2025, up from 11.74% a year earlier.

Tata Motors and Toyota have also been gaining ground in the SUV segment, which now accounts for more than 50% of India's passenger vehicle market—a dramatic increase from around 30% in the pre-COVID era.

Export Growth and OEM Sales Bolster Overall Performance

A significant contributor to Maruti's annual growth has been its export performance. The company shipped 332,585 units overseas in FY 2024-25, a substantial 17.5% increase from 283,067 units in the previous fiscal year.

Additionally, sales to other OEMs nearly doubled to 106,422 units in FY 2024-25 from 58,612 units in FY 2023-24, providing another avenue of growth beyond the competitive domestic retail market.

Future Outlook

While Maruti Suzuki remains India's largest automaker, the company faces the challenge of adapting to the country's rapidly evolving automotive landscape. Industry analysts suggest that Maruti's future performance will depend on its ability to strengthen its SUV portfolio while maintaining its traditional small car segment.

The company's planned entry into the electric vehicle market with the e-Vitara, expected later in 2025, will be another critical factor in determining whether it can reclaim market share in an increasingly competitive environment dominated by SUVs and new technologies.