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Suzuki Motorcycle showcased dominance with 6.2% sales growth in March 2024, totaling 103,669 units. Despite declining exports, robust domestic sales drove the company's success.
Key Highlights:
Suzuki Motorcycle India Pvt. Ltd. (SMIPL), the leading two-wheeler manufacturer in India, has showcased its dominant presence with impressive monthly growth in the market. Though the YoY export sales have declined drastically, the brand has shown remarkable growth in domestic production on a monthly, as well as yearly basis.
Kenichi Umeda, Managing Director, Suzuki Motorcycle India, stated, “We are extremely thankful to all our customers, dealer partners, suppliers and SMIPL team members for their support in achieving the highest ever sales in FY2023-24. SMIPL’s performance in FY2023-24 showcases the immense trust and confidence that customers have shown upon Suzuki two-wheelers. As we continue to innovate and expand our offerings, we look forward to further strengthening our position in the Indian two-wheeler market.”
Suzuki | March 24 | March 23 | Growth% |
Domestic | 86,164 | 73,069 | 17.9% |
Export | 17,505 | 24,515 | -28.59% |
Total | 1,03,669 | 97,584 | 6.23% |
Domestic sales showcased remarkable growth, surging by 17.9% with 86,164 units sold within March 2024 compared to 73,069 in March 2023. The sales reflects demand and consumer interest for the offering of Suzuki two-wheelers.
If we look at the export sales of the brand in March 2024, then it has declined up to 28.59% with 17,505 units being sold in March 2-24 compared to 24,515 units in April. Suzuki needs to focus on its export strategy by examining the causes and implementing potential strategies for better results.
Suzuki | April- March 24 | April-March 23 | Growth% |
Domestic | 9,21,009 | 7,30,756 | 26.03% |
Export | 2,12,893 | 2,07,615 | 2.54% |
Total | 11,33,902 | 9,38,371 | 20.8% |
Suzuki’s overall performance for FY2024 has witnessed impressive growth of 20.8% with a total 11,33,902 units being sold from April 2023 to March 2024. Compared to the FY2024 production, Suzuki has sold 9,38,371 total units from April 2022 to March 2023.
Domestic sales played a pivotal role in driving this growth, exhibiting a substantial 26.03% growth in fiscal year 2023-24. Although export sales saw a more modest growth rate of 2.54%, this still contributes positively to the company's overall performance.
Suzuki Sales | March 24 | February 24 | Growth% |
Domestic | 86,164 | 83,304 | 3.43% |
Export | 17,505 | 14,131 | 23.87% |
Total | 1,03,669 | 97,435 | 6.39% |
March 2024 witnessed a marginal 3.43% increase in domestic sales with 86,164 units being sold compared to February 2024, indicating sustained demand momentum. Export sales, on the other hand, experienced a significant surge of 23.87% month-over-month with 17,505 units being sold, suggesting potential recovery or market expansion in international markets.
Overall, March 2024 saw a 6.39% increase in total sales compared to February 2024, reflecting a healthy performance across both domestic and export markets on a MoM basis.
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Suzuki has achieved impressive sales in Fiscal Year 2023-2024, which was influenced by increasing domestic demand and supported by modest growth in export markets. Despite facing challenges in certain periods, the company's overall performance reflects its strong dominant position in the Indian two-wheeler market. Moving forward, continued focus on innovation, customer satisfaction, and market expansion will turn out game changing strategies for sustaining growth and strengthening Suzuki's market presence.
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