Mahindra and Mahindra Ltd, India's biggest sports utility vehicle (SUV) manufacturer, said growing competition in the SUV segment is bound to impact its market share.
"With so much competition in SUVs now, market share is bound to go down," Pawan Goenka, president of its automotive and farm equipment sectors, said on Thursday.
The flagship company of the $15.9 billion Mahindra Group builds every other SUV sold in India but is losing market share in the segment, which fell to 48 per cent in 2012/13 from 56
per cent a year earlier.
The company also plans to launch a mix of new products to turnaround and grow its tractor business, Goenka said.
Mahindra's passenger vehicle sales rose an annual 19 per cent during the quarter, while domestic tractor sales fell 5 per cent over the same period, the company had said earlier.
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"With so much competition in SUVs now, market share is bound to go down," Pawan Goenka, president of its automotive and farm equipment sectors, said on Thursday.