India's second largest automaker Hyundai Motor India is planning to launch two or three new models every year till 2020 in a bid to increase 1% market share each year during the period. The Korean manufacturer currently holds 16% of market share in the overall passenger vehicle segment.

"In the last two years we have launched seven models. We plan to launch 2-3 new models, including full model changes, every year continuously till 2020," Hyundai Motor India MD & CEO BS Seo told PTI. He was speaking at the inauguration of the manufacturer's first dealership in Leh, Jammu and Kashmir.

As part of its long term strategy in the country, the company is also developing models like a multi purpose vehicle (MPV), a small SUV and full model changes for its sedans Elantra and Verna, reported The Times of India.

Hyundai currently sells 10 models in the country and will continue to introduce products with latest technology and design in the Indian market.

When asked how Maruti Suzuki's -- brand's main rival and largest manufacturer of passenger car in India -- plan to launch 15 new models by 2020 would affect Hyundai, Seo said "Hyundai is also watching the market very closely."

"We will keep bringing great products into the Indian market continuously to satisfy the customers here. We want to be the most loved and trusted company in the Indian market." 

The last vehicle Hyundai launched was the Creta compact SUV on 21 July, which got overwhelming response in the market. The compact SUV became India's best-selling SUV in August beating long time leader Mahindra Bolero.

Hyundai is known for feature rich vehicles in its portfolio and the new launches till 2020 will also carry the same USP. Hyundai also aims to mirror Creta's success with every new launch.