SUV Sales: India s preference for compact vehicles under 4 meters in length is declining, with their market share dropping from 62% in 2021 to 50% in 2023. The number of models in this segment has also decreased. Shifting consumer tastes, including a preference for larger vehicles, are prompting automakers to rethink strategies. The popularity of entry-level SUVs has grown, overlapping with premium hatches and sedans. New safety requirements and challenges in designing small cars are also affecting the market. Urban incomes and easy financing options are driving the trend towards premiumization.
In the financial year 2023-24, Maruti Suzuki achieved its highest-ever total sales, reaching 2,135,323 units. This includes domestic sales of 1,793,644 units and exports totaling 283,067 units.