The new head of sales and marketing at Maruti Suzuki says with the growing economy, the car penetration per 1000 people will increase from 32 at present, to 44 by 2030.
09 May 2024 | 2956 Views | By Prerna Lidhoo and Kiran Murali
Maruti Suzuki, the country’s largest car maker, says the premium hatchback segment will reach 1 million units in annual sales by 2030. This represents a growth of 43% from the current base of 7 lakh units – representing a compounded annual growth rate of 5-6%.
Addressing the media after ...
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Maruti Suzuki, the country’s largest car maker, says the premium hatchback segment will reach 1 million units in annual sales by 2030. This represents a growth of 43% from the current base of 7 lakh units – representing a compounded annual growth rate of 5-6%.
Addressing the media after the 4th Gen Swift launch, Partho Banerjee, head of sales and marketing, Maruti Suzuki said, “The new Swift re-energises the segment. The absolute numbers for hatchbacks are going to increase. We at Maruti strongly believe that car penetration is just at 32, and it will rise to 44 by 2030; if the market has 6 million vehicles, the hatchback segment has to grow. “
The hatchback segment accounts for 28 percent of the overall passenger vehicle market, and Maruti has about a 62 percent share of the premium hatchback segment.
The company opened bookings on May 1 and has received bookings for over 10,000 units.
Hisashi Takeuchi, MD and CEO of Maruti Suzuki, says the Indian market is in a growing stage, and when the market is growing, new customers are entering the market, for hatchbacks play an important role for the first-time buyer.
“SUVs are on a good move; hatchbacks are important, and this segment will revive with the economy's growth,” added Takeuchi.
Maruti Suzuki has had average sales of about 15,000 units of the Swift hatchback. The company is confident of meeting any potential demand that the market may throw up, assured Banerjee.
The country’s largest car maker believes the Indian Passenger Vehicle Market will grow to 6 million units by FY31 from 4.23 million in FY24, and it will aim to retain the 50% market share then.
Based on the long-term guidance, the premium hatchback segment at 1 million would mean – 16% of the overall passenger vehicle market by 2030.
(With inputs from Mayank Dhingra)