The company has geared up to reinvigorate the diminishing hold of Maruti Suzuki India in the Indian market. The company has set a target of regaining a 50 percent share in the domestic market. The company's chairman and managing director RC Bhargava say Maruti will "not back down" and will fight to regain 50 percent market share.
Maruti is celebrating 40 years of its operations in the country. The company's market share declined to 43.38 percent in the last financial year 2021-22, from a peak of 51.21 percent in the financial year 2018-19.
To re-establish its dominance in the domestic market, the company plans to launch models catering to the needs of small towns and rural areas, apart from urban areas. Passenger vehicle sales in the domestic market were 33,77,436 units in FY 2018-19, which declined to 30,69,499 units in 2021-22.
Maruti Suzuki achieved its highest ever annual sales of 17,29,826 units in 2018-19. The company's market share at that time was 51.21. It declined to 43.38 percent or 13,31,558 units in 2021-22.
In an interview with PTI, Bhargava said, "We will fight to get back our 50 percent market share. How successful we are, only time will tell, but we certainly do not intend to back down.” He said that we will use sports utility vehicles (SUVs) or any other 'body style' to achieve this goal. the model will be presented.
Bhargava said, "I believe that the Indian customer has a lot of trust in the Maruti brand and we will work to maintain that trust." India is divided into '(expensive products)'.
He said, “We have to make sure that we have products for both the segments in the market.” Bhargava acknowledged that there was a time in the last four or five years when the company did not have a product for the Indian market. There were not enough products. He said that we are trying to rectify this flaw.
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