Maruti Suzuki To Hike Prices From January 2023 – Sales Figures Likely To Decline

India's leading car manufacturer, Maruti Suzuki has recently released an official statement regarding the upcoming price hike in January 2023.

However, the Indo-Japanese car manufacturer is yet to reveal the details of the price hike. Also, we expect price hike to vary according to the models.

Diving into details, every manufacturer is now experiencing a lot of pressure in controlling the prices of its products as the input cost of different materials are being affected by inflation and an adverse geo-political situation. Though companies try to absorb some of the input price hike, sometimes it is just too much for the companies to bear the additional cost and it affects the end pricing.

However, this time, the upcoming price hike from Maruti Suzuki is also very much associated with the upcoming regulatory requirements. As such, it requires car manufacturers to prepare in advance for introducing all the necessary upgrades for the upcoming regulatory requirements by the Government of India.

Moreover, these new regulatory requirements primarily focus on improving the safety of automobiles with a key focus on passenger safety. Analysing the details, the new regulatory requirements will come into effect from April 01, and it mandates cars to have 3-point seatbelts for all front-facing passengers and rear seatbelt reminder.

In addition to this, the Government of India is also looking forward to introducing Bharat NCAP, which will be aligned with global safety standards. However, it will not be part of the minimum requirements like the 3-point seatbelts and rear passenger seatbelt reminder. However, the introduction of Bharat NCAP will push more automakers to make safer cars in order to improve the brand's perception among the public.

From October 2023 onwards, the Government of India has also mandated a minimum of 6 airbags for all new cars in the country. While this requirement was planned to be implemented on October 2022, the mandate was postponed due to stiff opposition from some car manufacturers in India.

Thoughts About Upcoming Maruti Suzuki Price Hike

Though the upcoming price hike introduced by Maruti Suzuki is due to manage the rising input cost and prepare its cars for upcoming regulatory requirements, we expect the sales figures of the Indo-Japanese automaker to fall by a slight margin for a couple of months. However, sales will soon pick up to overcome the next major price hike to be followed around October 2023.

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Article Published On: Saturday, December 3, 2022, 10:28 [IST]
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