Home > Finance > Hyundai grabs pole position in SUV market, eyes 50% sales from the segment for the rest of the year

Hyundai grabs pole position in SUV market, eyes 50% sales from the segment for the rest of the year


The new Creta appears to have begun from where its older variant had quit the race – the pole position.Urban India’s first choice in mobility – the SUV – is giving traction to Hyundai’s revamped Creta, which dislodged rivals immediately on reintroduction in a market constrained by mobility and dislocation.And the Creta is helping redefine Hyundai’s identity in India, where it entered two decades ago to launch the only serious challenge to Maruti Suzuki’s monopoly.For a company that was known for its small cars and sedans not too long ago, Hyundai saw almost half its sales come from the SUV segment at the end of June 2020. It expects the ratio to be similar for the rest of the year.The company sold 53,449 units in the first half of 2020, attaining a market share of 24.6%, overtaking Mahindra & Mahindra. However due to the absence of an MPV, Hyundai remains the number two player in the overall utility vehicle segment with a market share of 19% in H1 of 2020, where Maruti Suzuki is the leader. But it overtook Mahindra in the last six months in the UV space. Tarun Garg, director, sales and marketing at Hyundai Motor India, told ET the trend toward SUVs continues to gain traction and the company is steadily increasing market share in the segment, led by the new Creta and Venue.”A well packaged product is always able to attract customers across segments. As against the notion that post Covid-19, demand may veer toward entry-level cars, Hyundai has managed to get customers across segments including diesel and largely SUVs. So far this year, 50% of our sales have come from SUVs and I expect the share to remain above 50% for the rest of the year,” added Garg. The company has so far secured over 40,000 bookings for its new Creta since its launch in March 2020 and even its compact SUV Venue continues to add to the numbers.Interestingly, even as the price of diesel has come on a par with that of petrol, customer preference for diesel in Hyundai’s new model is evident. The company said that the share of diesel in March was 55% for the new Creta SUV, which increased to 59% in June, whereas the share of diesel in the new Verna sedan was at 29% in March and increased to 31% at the end of June.”There is an increased preference for our mid-size sedan and SUV in the recent months. People buy diesel for its fun to drive element, higher fuel efficiency and good pricing and packaging and Hyundai has been capitalising on this trend,” added Garg.

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