Hyundai seems to have a lot of plans to increase its withhold in the Indian market.
Hyundai has been showing a lot of aggressiveness in the Indian auto market by expanding into various segments along with introducing a whole lot of new products every now and then. The company has now stated its plans to expand in rural markets to gain market share. Apart from this, the company is also looking to introduce some more premium products, along with some UVs.
With the growing purchasing power of people residing in rural areas, Hyundai looks to tap into those markets by expanding their network and reaching closer to the people. The company also aims to deliver some customised and attractive schemes to lure buyers. As of now, 23.2% of the company’s total sales come from rural markets and the Eon, Grand i10 and i20 are the top selling models in those markets.
Talking about the Rs. 10-20 lakhs segment, Hyundai has a 20% share and the company wants to hold onto its leadership because this segment is seeing a lot of growth. The company is also readying a new compact SUV that will be slotted below the Creta. With emission norms getting stricter, expect Hyundai to start offering mild hybrid tech on its cars in the near future.
Mahindra had been leading the UV segment for a really long time but the company lost its leadership to Maruti Suzuki. Hyundai is the 2nd largest passenger car seller in the country and hence it makes sense for them to enter the UV market on full throttle too. Hyundai will also be launching the Grand i10 facelift very soon, while the Santro brand will be brought back in 2018.
Hyundai Rural Markets
– Hyundai will offer unique schemes for rural markets
– 23.5% of the company’s sales come from rural areas
– Hyundai will also venture in the UV space
Source – ETAuto.com