Maruti beware, Hyundai India aims for a 20 percent market share by 2020
With new launches in the utility segment, Hyundai India has plans which will help them fuel their growth in India even further. The execution begins with the launch of all-new compact SUV rivalling Renault Duster and Nissan Terrano – called the ix25 later this year.
Hyundai India, the country’s second largest automaker with extensive reach in the hatchback segment, wishes to increase market share to 20%. In order to achieve that, they plan to launch about 5 new utility vehicles by 2018. It is these new UVs that will be playing a major part in helping the company to achieve this target as the segment is fast growing. Currently, the UV segment accounts for over 21%, and Hyundai does not have any major product to offer in this segment; thereby losing a huge customer base.
They recently launched the i20 Active, which is a pseudo crossover, built on the Elite i20 hatchback. Though Hyundai does not consider the i20 Active as a UV, it is still one of their products which will help them meet their targets.
Hyundai will be lining up a host of offerings in the compact and premium SUV segment. Hyundai’s ix25 compact SUV launching later this year will compete with Renault Duster and Nissan Terrarno. They have another SUV in pipeline which will probably be based on their ix35, and compete with Mahindra XUV500 in India. In the MPV segment, they have atleast 1 product in pipeline, which will take on the likes of Maruti Ertiga, Honda Mobilio, Renault Lodgy, Toyota Innova and Chevrolet Enjoy. They do not have any UV in the sub 4 meter segment. The new planned UVs are expected to come in the range of Rs 6.6 to 25 lakhs.
Hyundai India is one of the fastest growing company in the country. They increased market share by 100 basis points each year, and currently commands market share of 16%. Hyundai targets half a million units annual sales by the end of 2016, which will make them India’s fastest car maker to do so.
In March 2015, Hyundai Motors India noted a 12.92% increase in domestic sales with 39,525 units sold as compared to 35,003 units sold in March 2014. For FY 2014-14, the company sold a total of 420,668 units posting growth of 10.55% over 380,523 units sold in FY 2013-14.
via ET Auto