Maruti sold over 4.5 lakh CNG models in FY2024, earning a market share of 73 percent.
As part of its strategy to push alternative fuels on the path to reducing its carbon footprint, Maruti Suzuki is looking to sell over 6 lakh CNG vehicles in FY2025. The market leader is aiming to sell as many CNG vehicles this financial year as the rest of the market sold in FY2024. If the company attains its target, then it would register a growth of over 30 percent in volumes of CNG vehicles, from 4.5 lakh units in FY2024.
- CNG car, SUV sales in India crossed 5 lakh units for the first time in FY2024
- Maruti CNG sales account for about 25 percent of total sales in FY2024
Speaking to media persons post Q4 FY2024, R C Bhargava, chairman of Maruti Suzuki said the company will continue to push on CNG sales across the value chain. Apart from selling more CNG cars and SUVs, the company is also looking at utilising gas to generate electricity to run its manufacturing facilities.
The CNG vehicle market crossed half a million units for the first time ever in FY2024, predominantly driven by the market leader in this arena, Maruti Suzuki. The share of CNG in the overall market increased from 10 percent in FY2023, to about 15 percent in FY2024, and for Maruti Suzuki, one in every four cars sold last year was with a CNG powertrain.
The overall market for CNG closed at 6.24 lakh vehicles in FY2024, with the segment registering a growth of 15 percent, as mentioned above. Maruti Suzuki continued to drive the increasing CNG adoption, registering a growth of over 50 percent to 4.55 lakh units. The company has the widest CNG product portfolio, with over a dozen models right from Alto K10 hatchback to Grand Vitara SUV, starting at a price point of Rs 5.74 lakh and going up to Rs 14.96 lakh (ex-showroom, Delhi). It enjoys over 73 percent share of the total CNG market.
The addition of new products from the likes of Tata Motors and Hyundai Motor India over the last few years and the fast-growing gas city gas distribution in the country is driving penetration of CNG vehicles have also supported this shift. The Government of India had set a target of setting up 10,000 CNG stations by 2030.
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