Chennai: Automobile market leader Maruti Suzuki is eyeing new products as its business has grown exponentially in the last five years. The company’s spare parts and accessories business has grown at a compound annual growth rate of 19.3% (CAGR) over the last five years growing at around 19% from 2015-2016.

Now, Maruti is working on a comprehensive strategy to capitalize on the opportunity to launch its latest models, such as the accessories-focused Vitara Brezza, and grow in the premium trim segment. In fact, the spares and accessories business grew by 132% from Rs 24.03 crore in 2011-122 to Rs 55.719 crore in 2015-16 (see table).

The three-pronged strategy includes expansion of Maruti Genuine Parts (MGP) retail outlets and MGP dealers, introduction of new accessories and parts, and educating customers on the use of genuine parts.

The strategy also includes introduction of Regional Parts Distribution Centers (RPDCs) to reach out to customers, expansion of MGPP retail outlets, expansion of the range of accessories, travel or women’s themed packages, electronic kiosks and other innovative accessory displays.

RS said, “More and more vehicle owners are realizing the importance of using original spare parts. We have created a unique distribution network in the form of MGP retail outlets and MGP dealers to ensure regular availability and enable them to reach the remotest corners. I help the country,” he said. Kalsi, Executive Director (Marketing & Sales), Maruti Suzuki.

It is also a focus for dealers as it can help them maintain customer service, repeat vehicle sales and generate additional revenue through parts sales, company officials said. RPDC can also reduce working capital requirements by reducing inventory at the dealership end.

Vitara fits accessories Brezza waiting for new models to start working. The average spend on Vitara Brezza accessories is around Rs. 30,000 Rs. It is the car with the highest number of Maruti parts, with the Lucknow dealer recording the highest single-vehicle parts spend (INR 22 lakhs).

While Delhi and Maharashtra have the highest penetration of elaborately trimmed cars, the trend of trimming is accelerating in other cities as well. Seat covers, infotainment systems, RPAS (Reverse Parking Assist System), air-conditioning filters, styling kits, alloy wheels, etc. are among the best-selling products in Maruti.

Maruti currently has more than 480 MGP retail outlets supplying parts to company workshops and local garages. We also have 80 retail stores. Multiple MGP dealers have parts all over the country.