Maruti Suzuki Car Sales Figures And Sales Breakup By Segment

Suzuki Swift Sport. Flickr Image.

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 years, thereby diversifying the company’s sales channels significantly.

All told, in this article, we will explore Maruti Suzuki’s car sales figures on a yearly and quarterly basis, including sales breakdown by vehicle type and growth rates.

Let’s start with the following topics!

Vehicle Sales Breakdown

Maruti Suzuki’s vehicle sales breakdown

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As seen in the diagram above, Maruti Suzuki’s vehicle sales are divided into 2 major categories, namely 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 discussions.

Total Vehicle Sales By Year

Maruti total vehicle sales by year

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On a consolidated basis, Maruti Suzuki’s total vehicle sales reached nearly 2.0 million units as of fiscal 2023, up 19% over fiscal 2022.

Maruti Suzuki’s total vehicle sales have greatly improved in post-pandemic periods, illustrating the significant recovery of the company’s sales in both the domestic market of India and on a global level.

Total Vehicle Sales By TTM

Maruti total vehicle sales by TTM

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The TTM plot above is a more refined version of the annual plot.

As shown, Maruti Suzuki’s total vehicle sales were badly impacted during the COVID period but have recovered remarkably during the post-pandemic periods.

As of fiscal 4Q 2023, Maruti Suzuki’s total vehicle sales totaled nearly 2.0 million units on a TTM basis, representing a rise of 19% over the same period a year ago.

Domestic, Export And OEM Sales

Maruti domestic, export, and OEM vehicle sales

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Maruti Suzuki’s total vehicle sales are broken down into 3 major categories, namely domestic, export, and OEM sales.

Domestic sales refer to sales performed in India while export sales are vehicles shipped out of India to other countries.

That said, we can see that the majority of Maruti Suzuki’s vehicle sales are sales performed in the domestic market of India.

As of fiscal 2023, Maruti Suzuki’s domestic vehicle sales grew by 20% from fiscal 2022 to 1.64 million units.

Despite the considerable recovery of the domestic volume in post-pandemic periods, the figures were still below prior highs reported in pre-pandemic periods, indicating that there might still be room for improvement in the domestic market.

While domestic sales have greatly recovered, Maruti Suzuki’s export sales have done even better.

As seen, Maruti Suzuki’s export sales have nearly tripled since fiscal 2021 and reached 259 thousand units as of fiscal 2023, a record figure over the past 8 years.

Despite the massive growth in export sales recently, the figure was only about one-sixth of the domestic sales figures as of fiscal 2023.

Nevertheless, Maruti Suzuki’s export sales in recent years had substantially improved and even surpassed the numbers reported in pre-pandemic periods, indicating the increasing role of the export segment to the company.

For sales to OEM, the figures had been insignificant and came in at only 62 thousand units as of fiscal 2023.

Despite the significantly small numbers of OEM sales, they have been on the rise and reached record highs over the past several years.

Domestic, Export, And OEM Sales In Percentage

Maruti domestic, export, and OEM vehicle sales in percentage

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In terms of percentage, Maruti Suzuki’s domestic vehicle sales accounted for about 84% of the total volume in fiscal 2023, making this segment the largest sales contributor to the company.

Compared to export sales which made up only 13% of the total volume, Maruti Suzuki’s domestic sales percentage is significantly higher and is definitely the elephant in the room.

On the other hand, Maruti Suzuki’s OEM sales volume made up only 3% of the company’s total volume as of fiscal 2023, the lowest among all segments.

Despite the massive sales volume from the domestic market, the percentage figures have been on the decline and reached record lows in the past several years, illustrating the growing importance of the company’s other sales segments.

In contrast, the percentage of Maruti Suzuki’s export and OEM sales has been on the rise, particularly for export sales which had doubled in fiscal 2022.

Passanger And Commercial Vehicle Sales

Maruti passenger and commercial vehicle sales

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Maruti Suzuki’s domestic market is made up of sales of passenger vehicles and light commercial vehicles.

However, passenger vehicle sales contributed to nearly the entire domestic volume, boasting 1.6 million units in fiscal 2023, the highest figure ever reported since fiscal 2021.

Also, the passenger volume figures have significantly recovered in post-pandemic periods, illustrating the surging demand for passenger vehicles in India after the pandemic ended.

On the other hand, Maruti Suzuki’s sales of light commercial vehicles came in at only 38 thousand units in fiscal 2023, a significantly small number compared to that of passenger vehicles.

While commercial vehicle sales make up only a tiny fraction of the domestic volume, they have been on the rise and have surged multiple folds over the past 8 years.

Passanger And Commercial Vehicle Sales In Percentage

Maruti passenger and commercial vehicle sales in percentage

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From the perspective of percentage, Maruti Suzuki’s passenger vehicles make up nearly the entire domestic sales volume, topping a massive 97.7% in fiscal 2023.

However, this ratio has slightly declined since 2016 as shown in the chart above.

On the other hand, Maruti Suzuki’s light commercial vehicles formed only 2.3% of the company’s domestic sales volume as of fiscal 2023, a much smaller figure compared to passenger vehicles.

Despite the significantly low volume, the percentage has been on the increase and reached record highs in recent years, illustrating the growing importance of the sales of commercial vehicles to the company.

Sales Of Passenger Cars, Utility Vehicles And Vans

Maruti passenger car, utility vehicle and van sales

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Within the passenger vehicle segment, the passenger car segment is among the largest, with sales topping 1.1 million units in fiscal 2023.

Utility vehicle comes in second place, with sales totaling 366 thousand units in fiscal 2023, which was only about one-third of the sales volume of the passenger car segment.

Van sales are the lowest within the passenger vehicle segment, with sales coming in at only 131 thousand units in fiscal 2023 and were only about one-tenth of passenger car sales volume.

Among the 3 segments under the passenger vehicle sector, sales of utility vehicles grew the fastest over the past 8 years.

As shown, since fiscal 2018, Maruti Suzuki’s utility vehicle sales have more than tripled, reaching a record high of nearly 400 thousand units as of fiscal 2023.

Some of Maruti Suzuki’s major brand names under the utility vehicle segment are Ertiga, Gypsy, S-Cross, Vitara Brezza, and XL6.

On the other hand, the sales of both passenger car and van segments have remained roughly flat since 2018.

Sales Of Passenger Cars, Utility Vehicles, And Vans In Percentage

Maruti passenger car, utility vehicle and van sales in percentage

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Under the passenger vehicle segment, passenger car sales alone made up about 69% of the entire passenger vehicle volume in fiscal 2023, making it the largest sub-segment in terms of percentage figures compared to utility vehicles and vans.

Utility vehicle sales made up only about 23% of the passenger vehicle volume in fiscal 2023 while that of vans came in at 8% in the same period, the lowest among all the sub-segments within the passenger vehicle segment.

While passenger car sales figures have remarkably recovered in fiscal 2023, its percentage with respect to the total volume has not grown at all.

Instead, the figure in fiscal 2023 even declined to 69% compared to the 70% reported in the prior year.

Moreover, the percentage of passenger car sales has been on the decline since 2018, illustrating the substantial growth of sales in other sub-segment, particularly in the utility vehicle sub-segment.

Since 2018, the percentage of utility vehicle sales has more than tripled while that of other sub-segments has either declined or remained flat.

Mini, Compact And Mid-Size Car Sales

Maruti mini, compact and mid-size car sales

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Maruti Suzuki’s passenger car segment is made up of mini, compact, and mid-size sedans.

The mini segment consists of cars such as Alto and S-Presso while the compact segment consists of cars 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 sub-segments, the compact segment delivers the largest volume to Maruti Suzuki, notably at 863 thousand units in fiscal 2023.

The mini segment delivered 233 thousand vehicles while the mid-size segment delivered only 14 thousand vehicles in fiscal 2023.

Maruti’s compact vehicle sales have significantly recovered as of fiscal 2023 while the vehicle sales of other sub-segments such as the mini and mid-size have been on the decline and do not seem to be able to recover to their pre-COVID highs.

Mini, Compact And Mid-Size Car Sales In Percentage

Maruti mini, compact and mid-size car sales in percentage

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Within the passenger car segment, compact cars contributed roughly 78% of sales to the total volume, making this segment the largest compared to the rest.

More importantly, the percentage figures also have been on the rise since 2018 and reached record highs in recent years, illustrating the growing importance of the compact vehicle segment to Maruti.

In contrast, Maruti’s mini and mid-size car sales have declined in percentage figures and reached record lows as of fiscal 2023.

As of fiscal 2023, Maruti Suzuki’s mini and mid-size vehicle sales percentages could only reach 21% and 1%, respectively, the lowest figures that have ever been recorded.

Conclusion

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 cope.

For example, within the passenger car segment, the mini and mid-size vehicles are still down considerably in FY23 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 significantly lower as of FY23 compared to historical highs.

For your information, both mini and mid-size car segments have more than halved in terms of sales figures.

On the other hand, Maruti’s LCV segment exploded in sales volume in FY23 after reaching record results in recent years.

The same trend applies to the company’s utility vehicle sector when the fiscal 2023 sales remarkably exceeded that of the pre-COVID age.

Lastly, Maruti’s export volume also is seeing a year-on-year record high in fiscal 2023.

Despite the exceptional results in FY23, Maruti Suzuki’s export sales comprised only 13% of the total volume while OEM sales came in at only 3%.

Credits And References

1. All sales data in this article are obtained and referenced from Maruti Suzuki’s vehicle delivery reports which are available in Maruti Suzuki’s Investor Relation.

2. Featured images in this article are used under creative commons licenses and sourced from the following websites: Suzuki Celerio and Suzuki Swift Sport.

Disclosure

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