Maruti’s green vehicles’ share to race past 50% in FY25
Maruti Suzuki India’s share of green vehicle sales in its overall sales this fiscal is poised to exceed 50 per cent this fiscal, driven by strong demand for alternative fuel-powered vehicles.
The top carmaker has seen the share of green vehicles rise continuously for the past couple of years, thanks to the expansion of its model line-up.
The share of green vehicles, encompassing CNG, smart hybrids, and intelligent electric hybrid models, in the overall sales rose to 47 per cent in FY24 from 37 per cent in FY23 and 27 per cent in FY22, with a significant contribution coming from CNG models.
The better availability of CNG vehicles, coupled with an increase in CNG infrastructure. helped boost demand for these vehicles in
FY24. The industry’s share of CNG vehicles expanded to about 15 per cent in FY24 from 10.4 per cent in FY23. Hybrid vehicles have also gained traction, with their share increasing to about 2 per cent, while EV penetration stood at about 2 per cent, the management said.
ERTIGA IN THE LEAD
Maruti’s CNG vehicle sales in FY24 saw a significant increase at 4.8 lakh plus units when compared with 3.28 lakh units in FY23. The Ertiga model has been a major driver of its CNG volumes. The management indicated that it would aim to sell about 6 lakh units of CNG vehicles in FY25. As of March 2024, the company’s total pending order book stood at about 2 lakh units, with CNG models accounting for 1.1 lakh units .
NEW MILESTONE
The management said intelligent electric hybrid technology o¤ered in SUVs such as
Grand Vitara and Invicto received good response from consumers.
In FY24, Maruti Suzuki’s overall sales volume exceeded 2 million units, making it the first among PV manufacturers in India to achieve this milestone. The company also recorded its highest-ever annual exports of 2.83 lakh units.
While SUVs contributed significantly to the growth in the PV market, the demand for multipurpose UVs also remained strong. However, the share of the hatchback segment continued to decline in FY24, down 27 per cent from 34 per cent in FY23. This is also reflected in the declining share of first-time buyers in FY24 “Maruti Suzuki remained the top exporter of passenger vehicles in India for the third consecutive year. Despite a nearly 4 per cent decline in exports from the rest of the industry, the company increased its exports by about 10 per cent in FY24,” it said.