Maruti Suzuki India Ltd (MSIL), the largest car maker in India, recently released its sales figures for December 2023. The company reported a 1.28% decline in total sales, selling 137,551 units compared to 139,347 units in the same month the previous year. While the overall sales figures dipped, the exports witnessed a significant increase, reaching 26,884 units in December 2023, up from 21,796 units in December 2022.
Mini Segment Takes a Hit
The sales decline was primarily observed in the mini segment, which includes popular models like Alto and S-Presso. In December 2023, the sales in this segment dropped to 2,557 units, a considerable decrease from 9,765 units in December 2022. Similarly, the company segment, which comprises models like Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR, experienced a decline in sales, with figures falling to 45,741 units compared to 57,502 units in the previous year.
Rise in Utility Vehicle Sales
Despite the overall decline, Maruti Suzuki witnessed a surge in utility vehicle sales. The company’s utility vehicle segment, consisting of models such as Brezza, Ertiga, Fronx, Grand Vitara, Invicto, Jimny, S-Cross, and XL6, recorded an impressive sales figure of 45,957 units in December 2023, up from 33,008 units in December 2022. This rise in utility vehicle sales indicates a shift in consumer preferences towards larger, more versatile vehicles.
Mid-size Sedan and Van Sales
In contrast to the utility vehicle segment, the mid-size sedan and van segments experienced a decline in sales. Maruti Suzuki’s mid-sized sedan Ciaz witnessed a sharp decrease in sales, selling only 489 units in December 2023 compared to 1,154 units in December 2022. The company’s van model, Eeco, also saw a minor drop in sales, with figures reaching 10,034 units, compared to 10,581 units in the year-ago period.
Remarkable Export Performance
While domestic sales figures faced a decline, Maruti Suzuki’s export numbers painted a different picture. The company reported a substantial increase in exports, with figures reaching 26,884 units in December 2023, compared to 21,796 units in December 2022. In fact, Maruti Suzuki achieved its highest ever calendar year exports in 2023, exporting a total of 269,046 units. This highlights the company’s success in catering to international markets and expanding its global presence.
Overall Sales Performance in FY24
Looking beyond the monthly sales figures, the data for the first nine months of FY24 (April-December) indicates a positive trend for Maruti Suzuki. The company witnessed a rise in total sales, with figures reaching 1.55 million units, up from 1.45 million units during the same period in FY23. This suggests that despite the challenges faced in December 2023, Maruti Suzuki’s overall performance remains strong.
Market Share Analysis
Analyzing the market share of Maruti Suzuki’s different vehicle segments provides valuable insights into consumer preferences. In the period from April to December 2023, the compact segment maintained the highest share in the company’s total sales, followed by utility vehicles and vans. The compact segment comprises popular models like Baleno, Celerio, Dzire, Ignis, Swift, and WagonR. This analysis reflects the continued popularity of compact cars among Indian consumers.
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