Maruti Suzuki India is set to make a remarkable entry into the high-end car market with the launch of its latest multi-purpose vehicle (MPV), the Invicto, on July 5. This exciting new addition will mark Maruti Suzuki’s foray into the Rs 20 lakh plus category, solidifying its position as the largest carmaker in the country.
Dominating the MPV Segment
With the Ertiga and the XL6, Maruti Suzuki already enjoys a significant market share of nearly 50% in the MPV segment. The Invicto, positioned above the esteemed Grand Vitara, will become Maruti’s third MPV and the most luxurious offering in their lineup.
A Shared Vision with Toyota
The Maruti Invicto is essentially a rebadged version of Toyota’s Innova Hycross. This collaboration between the two automotive giants is not new, as they have previously co-developed vehicles like the Maruti Suzuki Baleno-Toyota Glanza (premium hatchback) and the Maruti Suzuki Vitara Brezza and Toyota Urban Cruiser (compact SUV). Additionally, they have jointly developed a mid-size SUV, marketed as the Grand Vitara and Urban Cruiser Hyryder by Maruti and Toyota, respectively.
This partnership was formed in March 2018 when Suzuki Motor Corporation and Toyota Motor Corporation signed an agreement to supply different models, including hybrids, to each other for the Indian market.
The Invicto's Anticipated Pricing
Maruti Suzuki started accepting bookings for the Invicto on June 19, with a token amount of Rs 25,000. However, at present, the company is only offering one variant, the Maruti Invicto IE Strong Hybrid Alpha+ 2L CVT 7STR, and a single color option, Nexa Blue (Celestial). Based on the pricing trends of previous shared models, we anticipate that the Invicto will be priced close to Rs 30 lakh (ex-showroom).
Tapping into the Growing Premium Segment
Shashank Srivastava, Maruti’s senior executive officer for marketing and sales, expressed his views on the MPV and SUV segment. He stated, “When we studied the three-row premium segment, we found that the consumers of MPVs and SUVs were similar. It is as if there is a segment not defined by the body type of MPV and SUV, but rather by the requirement of a three-row vehicle in the premium category.”
According to Srivastava, the segment as a whole accounted for 258,000 units in the last fiscal year (FY23) and is projected to reach approximately 300,000 units this year (FY24). He further highlighted the growth of the premium segment, stating that it has increased from 1%-1.5% two years ago to nearly 5% last year.
Expanding Presence and Building Brand Image
Maruti Suzuki aims to establish a strong presence in the premium segment, even if the volumes are initially limited. Srivastava believes that participating in this segment will enhance the brand image of all Maruti products and contribute to the company’s overall success.
Exclusive Sales Channel
The Invicto will be available for purchase through Maruti’s Nexa dealerships. This strategy aligns with Maruti’s recent SUV launches, such as the Fronx and the Jimny, which have also been introduced through the Nexa channel.
Building on Success
Maruti Suzuki’s track record in the Rs 10 lakh-Rs 15 lakh category has been impressive. Despite initial skepticism, Maruti became the market leader in this price range, capturing 26% market share last year. This year, they have further increased their share to 30%. With the introduction of the Invicto, Maruti aims to replicate this success in the Rs 20 lakh plus category.
In conclusion, the Maruti Suzuki Invicto represents an important milestone for the brand as it enters the premium MPV segment. With its established dominance in the MPV market, Maruti is well-positioned to capture the attention of discerning customers seeking luxury and performance in their next vehicle. The Invicto is poised to make a significant impact and contribute to Maruti’s ongoing success in the Indian automotive industry.
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