Maruti Suzuki India Limited, leading automakers in India, has registered a higher growth in their spares / parts business, as compared to its new car sales business.
In the past year, nearly one tenth of the company’s revenue came from selling spares and accessories, amounting to INR 5,571 crores while total company revenue stood at INR 58,208 crores. This means that the sales of spares / parts / accessories now accounts to company’s 10% revenue.
Maruti Suzuki has noted a steady increase in growth rate in this segment over time. Growth was at just 5.3% in FY14 which increased to 11.3% in FY15 and increased significantly to 19% in the past year, while in terms of revenue, business increased from INR 4,210 crores in FY14 to INR 5,571 crores in the past two years.
Maruti Suzuki spares and auto parts have long been appreciated by buyers due to their genuineness and easy availability. An increased number of buyers have become aware of these genuine spares while the company has ensured ready supply while keeping prices at competitive levels. Awareness campaigns promote the use of these spares which are on offer through Maruti Genuine Parts retail outlets and local distributors.
There are a total of 480 genuine spare part outlets that also supply spares to Maruti Suzuki workshops and service centers besides local garages. These spare parts include brake pads, coolants, bumpers and clutches besides seat covers, mats, parking sensors and infotainment and navigation systems.
In all, there are around 1,800 accessories being offered through sales networks. Car owners spend an average of INR 10,000-INR 12,000 on spares and accessories as on date as against just INR 3,000 five years ago, when buying a new car. This increase is due to their new cars. For example, one buyer of Maruti Suzuki Vitara Brezza recently spent INR 2 lakhs on accessories alone.
