As per YK Koo, the Managing Director of Hyundai Motor India, SUVs are expected to total to 20 percent of the total passenger vehicle sales in India this year. The same was just 13 percent in the last year.
The same is given as one of the reasons for the auto maker’s decision to focus more on the SUV market segment.
He added that they are working on their market leadership every year. To become dominators in the market, each year they should launch two new products. The Tuscon is coming by the end of this year. They are in plans to launch two new products in the latter half of this year.
Hyundai is looking forward to become modern premium. Hyundai is framing a premium range. They are looking for a modern premium brand that will cover Eon and Santa Fe as entry level offerings. In case the market is mature that could be in 2020, they might consider launching the Genesis as well here. They need to build a different branding and network for Genesis.
India is the fastest growing markets for Hyundai in terms of market size. In the last year, they had 17.3 percent market share in the country that is 1 percent higher than that in the previous year that is 16.2 percent. While the market share increased by 1 percent in one year, the sales of Hyundai grew by 16 percent. In fact, the overall market has grown by just 8 percent. In just four months of this year, they have grown by 8 percent while the overall market has grown just by 4 percent.
They have decent profits. However, when compared to the other subsidiaries of the maker, they are not quite profitable. The market is quite strong for the lower and medium segments. In China and USA, Sonata and Elantra are the largest segments for the manufacturer. In India, the compact segment including Grand i10 and i10 are the profitable ones.