Maruti Suzuki is a leading automobile company in India with its head office located in New Delhi.
While Maruti Suzuki is publicly traded on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), it is a subsidiary of Suzuki Motor Corporation (SMC).
In fact, it is the largest subsidiary of SMC based on Maruti’s production volume and sales revenue.
As of the end of FY21, SMC held approximately 56% of Maruti Suzuki’s equity according to Maruti’s FY21 annual report, thereby having a controlling interest in the firm.
While Maruti Suzuki is known primarily for its passenger vehicles, the company also produces a considerable number of commercial vehicles such as the Supper Carry light truck.
Additionally, Maruti Suzuki’s vehicle sales to OEM partners also have exploded in recent quarters, thereby diversifying the company’s sales channels significantly.
All told, in this article, we will look at Maruti Suzuki’s car sales figures on a quarterly basis, including sales breakdown by vehicle type and growth rates.
Let’s check them out!
Vehicle Sales Breakdown
As seen in the diagram above, Maruti Suzuki’s vehicle sales are divided into 2 major categories which are domestic volume and export volume.
Under the domestic volume, Maruti’s vehicle sales are further broken down into passenger vehicles, light commercial vehicles and OEM.
Of the 3 domestic segments, the passenger vehicles segment is the largest and it is further broken down into 3 more categories which are passenger cars, utility vehicles and vans.
Similarly, Maruti’s passenger car segment is the largest among all 3 vehicle types, and this segment is made up of car types such as the mini, compact and mid-size car segments.
Again, the compact segment is the largest of all categories under the passenger car segment, outselling the rest of the segment by nearly a 3 to 1 ratio as seen in the following charts.
Total Vehicle Sales
Let’s first look at Maruti Suzuki’s total car sales figures as shown in the chart above.
In terms of total vehicle sales, the number reached 1.7 million as of 2Q FY22 on a TTM basis, which was nearly the same level as that reported during the pre-COVID period back in FY19.
Maruti Suzuki’s total car sales dived considerably in FY21 when the COVID-19 started to hit India and reached only 1.2 million vehicles in 1Q FY21.
However, Maruti’s car sales recovered fast in subsequent quarters in FY21 and the figures have already gone back to their pre-COVID levels as of FY22.
Domestic And Export Vehicle Sales
Next, Maruti Suzuki’s domestic sales make up the majority of the company’s total car sales, notably at 1.55 million vehicles as of 2Q FY22 on a TTM basis.
On the other hand, Maruti’s export sales totaled only 170K units as of 2Q FY22, which is about 1/10th of the domestic volume.
Therefore, Maruti delivered far higher sales volume in the domestic market than the international market.
While export sales have remained nearly flat historically, they have gone up significantly in FY22 as shown in the chart above.
In fact, Maruti Suzuki’s export volume of 170K vehicles reported in FY22 Q2 was a record high for the company, marking a 111% sales growth on a year-on-year basis.
On the flipped side, Maruti’s domestic car sales have only grown at a growth rate of 28% year-over-year in Q2 FY22.
Domestic And Export Vehicle Sales In Percentage
In terms of percentage, Maruti Suzuki’s domestic sales achieve slightly over 90% of total volume compared to less than 10% for export sales.
Despite the massive sales volume for domestic sales, the figures have gone lower in FY22 Q2 to 90% while export sales have gone up to 10% during the same period.
The higher export sales in FY22 show that Maruti’s export volume has pretty much recovered to the pre-COVID level and even exceeded prior results.
Domestic Vehicle Sales Breakdown
When we break down Maruti’s domestic vehicle sales, we can find 3 major categories and they are domestic passenger vehicle, light commercial vehicle and OEM.
Of all 3 vehicle segments, the domestic passenger vehicle segment is the largest, reportedly at 1.46 million units as of 2Q FY22 on a TTM basis.
In FY21, the COVID pandemic has caused the domestic passenger vehicle segment to decline considerably and the figure has reached as low as 1.1 million units in 1Q FY21 before slowly recovering to its latest figure.
While the domestic passenger vehicle sales have significantly recovered in FY22, the levels are still below that of the pre-COVID period, underscoring the challenges that Maruti Suzuki faces in the post-COVID age.
Aside from COVID disruptions in FY22, Maruti Suzuki also faces multiple disruptions brought on by the chip shortages as highlighted by the company in its earnings reports.
Other vehicle segment sales figures, including the LCV and OEM sales, seem to look insignificant compared to the figures reported in the passenger vehicle segment.
LCV And OEM Vehicle Sales
The previous chart may not clearly display the car sales figures of LCV and OEM due to their small volumes with respect to passenger vehicles.
Therefore, the current chart shows only the LCV and OEM sales volume.
According to the chart, both LCV and OEM sales have been on a tear, rising to record highs as of 2Q FY22 despite having the COVID-19 and microchip headwinds.
As of FY22 Q2, Maruti Suzuki’s light commercial vehicle or LCV volume clocked in at 34,000 units on a TTM basis compared to 55,000 units for OEM sales.
Therefore, Maruti’s OEM sales registered a much higher sales volume on a TTM basis in FY22.
Keep in mind that both LCV and OEM vehicle volumes have exceeded that of pre-COVID levels as of Q2 FY22 and their growth rates clocked at 90% and 175% respectively on a year-on-year basis.
Domestic Passenger Vehicle Sales Breakdown
Maruti Suzuki’s domestic passenger vehicle segment is made up of 3 vehicle sub-segments and they are passenger cars, utility vehicles and vans.
Of all 3 sub-segments, the passenger car segment is the largest, contributing 1.06 million vehicles in Q2 FY22 on a TTM basis to the company.
The utility vehicle segment came in second at 287,000 vehicles in 2Q FY22 while the van segment clocked only 121,000 units during the same quarter.
Similarly, Maruti’s passenger cars sales have greatly recovered in FY22 but the figures were still below that of the pre-COVID period.
Despite facing various headwinds in the passenger car segment, Maruti Suzuki continues to execute well and delivers year-over-year record results since FY21.
Both utility vehicle and van sales are seeing a similar recovery in FY22, with the utility vehicle segment registering record-high vehicle sales that have surpassed that of the pre-COVID time.
Utility Vehicle And Van Sales
The chart above shows only Maruti Suzuki’s utility vehicle and van sales without including the passenger car segment.
As shown, utility vehicle sales performed much better than van sales on a TTM basis.
As of Q2 FY22, Maruti’s utility vehicle volume reached 287K units while van volume reached only 121K units, about half of what the utility vehicle segment has achieved.
Maruti’s utility vehicles include models such as Gypsy, Ertiga, S-Cross, Vitara, Brezza and XL6 while the van includes only the Eeco model.
As of Q2 FY22, the utility vehicle volume has recovered at a much faster rate than van volume as the figures in 2Q FY22 have already surpassed that of the pre-COVID time.
Passenger Car Sales Breakdown
Maruti Suzuki’s passenger car sales are made up of mini, compact and mid-size segments.
The mini segment consists of vehicles such as Alto and S-Presso while the compact segment consists of vehicles such as WagonR, Swift, Celerio, Ignis, Baleno, Dzire and Tour S.
There is only 1 model in the mid-size segment which is the Ciaz.
Of all 3 segments, the compact segment delivers the largest volume to Maruti Suzuki, notably at 787,000 units in 2Q FY22 on a TTM basis.
The mini segment delivered 252,000 vehicles while the mid-size segment delivered only 16,000 vehicles in Q2 FY22.
Maruti’s compact vehicle sales have recovered in FY22 to the pre-COVID level and even exceeded the result.
In contrast, Maruti’s mini segment is still struggling in FY22 and sales volumes have remained flat.
Similarly, Maruti’s mid-size vehicle sales have been on a declining trend and are worsened by the COVID pandemic as well as the chip shortages.
Mini And Mid-Size Car Sales
The chart above shows only Maruti Suzuki’s mini and mid-size car sales figures without including the compact segment.
As shown, the mini car sales have indeed been struggling and sales volumes in FY22 have remained flat and were much lower than the figures reported during the pre-COVID period.
Similarly, Maruti’s mid-size car sales have also been declining and reached only 16,000 units in FY22 Q2 on a TTM basis.
While both segments are devastated by the COVID outbreak and were worsened by the microchip crisis, they have shown a glimmer of hope in FY22.
Year over year, Maruti’s both mini and mid-size segments have registered positive growth rates in 2Q FY22, notably at 12% and 3% respectively.
Therefore, the mini segment has recovered at a much better growth rate than the mid-size segment.
While most of Maruti Suzuki’s vehicle sales segments have recovered to their pre-COVID results, there are still a few of them struggling to recover.
For example, within the passenger car segment, the mini and mid-size vehicles are still down considerably in FY22 from their prior highs reported during the pre-COVID time.
What is worse is that the mid-size segment is showing signs of a long-term decline while the mini segment is 40% lower in Q2 FY22 when compared to historical highs.
On the other hand, Maruti’s LCV and OEM segments are exploding in sales volume in FY22 after they reached record quarterly results in the 2nd quarter.
It is similar for the company’s utility vehicle sector when the FY22 2Q domestic sales exceeded that of the pre-COVID age.
Lastly, Maruti’s export volume also is seeing a year-on-year record high in Q2 FY22 when it’s on the cusp of reaching the 200,000 vehicles milestone.
In terms of percentage, Maruti Suzuki’s export sales constituted as much as 10% of the total volume as of FY22 Q2.
Credits And References
1. All financial data in this article was obtained and referenced from Maruti Suzuki’s financial statements available in Maruti Suzuki’s Investor Relation.
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