With time, there has been a lot of change in the choice and demand of car customers. In such a situation, the market share of the country’s largest carmaker Maruti Suzuki in India has come down to an 8-year low of 43.65 percent. The company has sold a total of 13,31,558 units of vehicles in the financial year 2021-22. The last time the company had such a low market share was in the financial year 2013-14, when it fell to 42 per cent.
Tata Motors breaks 13-year record
The funny thing is that while Maruti Suzuki is going down, Tata Motors broke the 13-year record of market share. With 3,70,372 units in FY22, Tata Motors’ market share reached 12.14 per cent, the highest in the last 13 years. Tata Motors is the third largest car maker in the country after Hyundai.
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Hyundai’s market share has also seen a decline. Hyundai’s share stands at 15.78 per cent with total sales of 4,81,500 units for FY22. While Maruti Suzuki still remains at the first position. Maruti Suzuki had always maintained a market share of around 50 per cent.
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Maruti Suzuki made this ‘mistake’
According to a report by ET Auto, the reason for the decline in sales is the removal of diesel engines from the company’s portfolio apart from COVID. Maruti Suzuki stopped the production of diesel vehicles in April 2020 after the change in BS6 norms. The company claims that this is a major reason for the decline in market share. The demand for diesel vehicles in the market is 20%.
(Source: ET Auto)