Maruti Suzuki, the country’s largest carmaker, says the premium hatchback segment will reach 1 million units in annual sales by 2030. This represents a growth of 43 percent from the current base of 7 lakh units, representing a compounded annual growth rate of 5-6 percent.
- Maruti has a 62 percent share of the premium hatchback segment
- Hatchbacks important for a growing market like India says Maruti MD and CEO
- New Swift bookings have crossed 10,000
Addressing the media after the launch of the fourth-gen Swift, Partho Banerjee, head of sales and marketing, Maruti Suzuki said, “The new Swift re-energises the segment. The absolute numbers for hatchbacks are going to increase. We at Maruti strongly believe that car penetration is just at 32, and it will rise to 44 by 2030; if the market has 6 million vehicles, the hatchback segment has to grow.”
The hatchback segment accounts for 28 percent of the overall passenger vehicle market, and Maruti has about a 62 percent share of the premium hatchback segment.
Hisashi Takeuchi, MD and CEO, of Maruti Suzuki says the Indian market is in a growing stage, and when the market is growing, new customers are entering the market, and it is here that hatchbacks play an important role for the first-time buyer. “SUVs are on a good move; hatchbacks are important, and this segment will revive with the economy's growth,” added Takeuchi.
The company officially opened new Swift bookings on May 1 and has received over 10,000 bookings since then. Maruti Suzuki has been average sales of about 15,000 units of the Swift hatchback and the company is confident of meeting any potential demand that the market may throw up, assured Banerjee.
The country’s largest car maker believes the Indian passenger vehicle market will grow to 6 million units by FY2031 from 4.23 million in FY2024, and it aims to retain the 50 percent market share then. Based on the long-term guidance, a 1 million-unit strong premium hatchback segment would account for 16 percent of the overall passenger vehicle market by 2030.
With inputs from Mayank Dhingra and Prerna Lidhoo
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