Maruti Suzuki will soon reach the target of 2 million units and they want to achieve 2.5 million units sales target by 2022-23
Maruti Suzuki is India’s largest car manufacturer by volume. Last month, the company registered its highest ever monthly sales of 1.65 lakh units. The market share of Maruti Suzuki is 55 percent in the car industry. The Indo-Japanese brand was planning to sell 2 million units by the end of this decade when it sets the target four years ago.
But the company will soon achieve it as they sold 1.7 million units last year and considering the growth, they will easily achieve the target this fiscal. So the company is moving forward to the next target as they want to achieve 2.5 million units sales target by 2022-23 and then 5 million units by the end of next decade.
Maruti Suzuki revealed their target during the component suppliers meeting in Dubai last week. The company want the supplier to improve its capacity and bring new technologies to further strengthen them moving forward. The current plants of Maruti Suzuki is running close to full capacity and the manufacturer is waiting for the new Gujarat plant to starts running as they want to reduce the waiting period of newer models.
The major volume for Suzuki is coming from India and it is more than the home market of the company, so they are planning to expand India operations. Suzuki is planning to invest $3 billion (over Rs. 20,000 crore) in India which will develop new products along with sales and marketing as they want to keep the number one position in the Industry.
Maruti Suzuki is also planning to expand the number of dealerships in India. The Nexa premium dealerships are very well received by the customers because of the experience. They are expanding with Maruti Suzuki Arena which is the new generation dealership of the company. Maruti is expected to invest Rs. 1000 crore on acquiring land for new dealerships.
Maruti‘s latest launches new Swift and Dzire is going really well in the market as the booking for Swift crossed more than 1 lakh since its launch. In UV segment, Maruti is leading with Vitara Brezza and the Toyota partnership will help the brand to expand in premium segment with Corolla. The future is looking bright for the Indo-Japanese brand.