Expanding the number of models and entering new geographies have been key drivers of this growth.
Maruti Suzuki India is set to boost its export numbers by focusing on markets such as the UAE, Saudi Arabia, Chile, Mexico, and other Latin American countries. This move aligns with the company’s strategy to expand its presence abroad with the upcoming launch of a new version of its Dzire compact sedan. According to Rahul Bharti, Executive Director of Corporate Affairs at Maruti Suzuki, the company is aiming for over 3 lakh units in exports for this fiscal year.
In recent years, Maruti Suzuki's exports have seen significant growth, with a rate of around 11.9% in the first seven months of the current financial year. Bharti explained that the company’s export figures were below 1 lakh units annually just four years ago. Now, they expect to triple that number, reaching about 3 lakh units this year, and the goal is to reach approximately 8 lakh units by the end of the decade.
Expanding the number of models and entering new geographies have been key drivers of this growth. Currently, Maruti Suzuki exports to regions including Latin America, the Middle East, and Southeast Asia. Bharti also hinted at the possibility of re-entering European and Japanese markets in the future, especially with the upcoming release of the electric SUV, eVitara.
With the launch of the updated Dzire, Maruti Suzuki hopes to further increase its exports. Bharti mentioned that the new model, featuring a sleek design, advanced technology, and standard six airbags, is already receiving positive feedback in various markets. He added that the company’s focus will also be on strengthening its presence in these existing markets, specifically targeting the UAE, Saudi Arabia, Chile, Mexico, and parts of Southeast Asia.
On the domestic front, Maruti Suzuki is confident about enhancing its share in the sedan market, despite the Indian passenger vehicle market leaning towards SUVs (Sports Utility Vehicles). Partho Banerjee, Maruti Suzuki’s Senior Executive Officer for Marketing and Sales, noted that even though SUVs are gaining popularity, sedans still retain a strong consumer base. Last year, the previous Dzire model achieved over 1.6 lakh units in sales in India, and with the launch of the new version, the company anticipates even greater growth.
Banerjee emphasized that Maruti Suzuki is committed to maintaining its presence across all vehicle segments. "Every second car sold in the sedan segment (in the domestic market) is from Maruti...We are increasing our market share in the sedan category," he said. Banerjee also acknowledged the rise in SUV demand but believes that sedans will continue to have their own place in the market, especially as SUV demand levels out in the future.
"As the market leader, we need to have a presence in all segments, offering products across different form factors," Banerjee concluded, stressing the importance of providing consumers with a variety of options and allowing them to choose according to their preferences.
(This story has been slightly reworked from an auto-generated PTI feed.)