The market share of Hyundai Motor India Limited (HMIL), the Indian arm of the Korean car maker Hyundai, in the utility vehicle segment went up by over 10 percent during FY 16. The company had entered FY 2016 with a mere 0.34 percent market share in the segment, and the figure went to 11.04 percent by the end of the fiscal.
Until July last year, the only Hyundai model in the UV segment in India was the Santa Fe, which did not bring in much sales volume. The Creta, launched in July 2015, was greeted with an overwhelming response by customers. So Hyundai can owe the increase in its market share in the UV segment to the Creta.
According to a report by Autocar professional, Hyundai is the fourth largest UV seller in India, after Mahindra & Mahindra, Maruti Suzuki India and Toyota Kirloskar Motor, respectively. In terms of market share, Hyundai is ahead of Ford India, Renault India and Tata Motors.
HMIL sold 64,796 UVs in the financial year 2015-16, out of which Creta contributed 98 percent with 63,836 units. The Hyundai SUV is also the second best-selling SUV of the financial year, behind Mahindra's work horse, the Bolero. The bookings of Hyundai Creta crossed one lakh by the end of March, making Hyundai comfortable in the thought that the SUV will top the sales charts for the coming months as well.
The positive performance of Creta has led Hyundai to bank more on the UV segment. Hyundai will launch the Tucson SUV in Q2 of 2016. This SUV will be priced in the range of Rs. 16- 24 lakh, and will take on Mitsubishi Pajero Sport and Toyota Fortuner. Hyundai is also working on a compact SUV that will be positioned below Creta.