Next to small cars, UVs have emerged as second biggest volume generators
Even with the adverse impact of pandemic, UV segment registered double-digit YoY growth of 12% in FY21. A total of 10,60,750 units were sold in FY21, as compared to 9,46,013 units in FY20. This is the first time UV segment has registered more than one million sales in a financial year.
Maruti, Mahindra lose market share
Maruti Suzuki continues to lead the UV market with sales of 2,29,101 units in FY21. However, YoY growth is negative at -3%, as compared to 2,35,298 units sold in FY20. Maruti’s UV market share has dropped from 24.87% to 21.60%. Its bestsellers include Vitara Brezza, Ertiga, and XL6. It is commendable that Maruti is still the number one UV maker, despite having entirely ditched diesel powertrains across its range.
At number two is Hyundai with 2,14,167 units sold in FY21. YoY growth is 21%, as compared to 1,76,774 units sold in FY20. Hyundai market share has improved from 18.69% to 20.19%. Most of Hyundai’s UV sales came from Creta and Venue. Other products like Tucson and Kona Electric had relatively fewer sales numbers.
Kia comes in at number three with 1,55,686 units sold in FY21. YoY growth is a staggering 83%, as compared to 84,904 units sold in FY20. Kia’s market share has zoomed from 8.98% to 14.68%. Seltos continues to be the top selling product for Kia, followed by Sonet and Carnival.
Kia has unseated Mahindra, which is now placed at fourth place with sales of 1,55,530 units in FY21. YoY growth is down -13%, as compared to 1,79,405 units sold in FY20.
Mahindra’s market share is down from 18.97% to 14.66%. The best thing going for Mahindra is next-gen Thar, which has registered bookings of more than 50k. The company also has a slew of new products lined up for launch such as XUV700 and XUV900.
At number five is Tata Motors, one of the top gainers in FY21. Tata UV sales were 86,447 units, which is YoY growth of 46%. Sales in FY20 stood at 59,381 units. Tata’s market share has improved from 6.28% to 8.15%. Most of Tata’s UV sales come from its Nexon SUV. In March 2021, Nexon had registered its highest ever monthly sales (8,683 units).
Other contributors for Tata include Harrier, Safari and Sumo. Other UV manufacturers in top ten include Toyota (66,268 units), Renault (51,434), MG (35,597), Ford (35,094) and Nissan (11,451).
Good demand for new products
Going by continued success of new products in UV segment, it appears that customers in this space are always willing to try something different. Some recent success stories include Nissan Magnite, Urban Cruiser, MG Gloster and Renault Kiger.
In the future, more products are scheduled to be launched such as Volkswagen Taigun, Skoda Kushaq and Hyundai Alcazar. With increased competition and evolving customer preferences, we can witness some significant changes in this list in next financial year.
