Maruti Suzuki demand growth may decline in 2023: Maruti Suzuki Executive Director

Maruti Suzuki demand growth may decline in 2023: Maruti Suzuki Executive Director
According to Shrivastava, Maruti Suzuki’s market share without SUVs is above 65 per cent and with SUVs it stands at 75 per cent

Maruti Suzuki Executive Director Shashank Shrivastava has said that the demand next year will not be as strong as compared to this year. In an interview with Zee Business, he said that the 24 per cent growth in 2022 in terms of demand won’t likely be in 2023.

"This year’s sale was largely due to to the pent up demand, which was pending due to the affected supply of the last 2 years," Shrivastava said.

He further added that there are pending bookings, which are largely due to shortage of semiconductors.

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“4,17,000 bookings are still pending and there are still semiconductor issues,” the Maruti Suzuki Executive Director informed.

Further giving an outlook about the financials, Shrivastava said that the automation industry will grow in terms of revenue by 7.5 per cent to 8 per cent and the sales projection for next year is of 41 lakh passenger vehicles.

According to Shrivastava, Maruti Suzuki’s market share without SUVs is above 65 per cent and with SUVs it stands at 75 per cent.  

“Our market share without SUVs is above 65 per cent and with SUVs it is 75 per cent, which means that if we want to achieve the goal of 50 per cent market share, we need to expand the SUV segment and that's why we are planning to launch many cars in this segment,” he added. 

Talking about the recent NCAP ratings received by his company's cars, Shrivastava said that safety is very crucial for Maruti Suzuki and they follow all the safety regulations and try to make their cars secure beyond mark. 

He said that NCAP parameters may not be as per Indian conditions, and therefore, Indian government has come up with Bharat Cap. 

Sharing data on accidents, he said that two wheelers and pedestrians constitute 83 per cent of all accidents. In terms of car accidents, which constitute about 11-12 per cent of all, 9 per cent accidents occur due to passengers not wearing seatbelts. 

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Reported By: ZeeBiz WebTeam
Written By: Sirali Gupta
Edited By: Hemant Abhishek
Updated: Tue, Dec 20, 2022
02:20 pm
Mumbai, ZeeBiz WebDesk
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