Hyundai pretty much has got all the segments covered on the lower end of the spectrum. The only missing link between the hatchbacks and the ‘small’ SUV was a Multi Purpose Vehicle(MPV). Hyundai Motor India is all set to plug in that gap with the introduction of an all new MPV in 2016.
This segment is seeing tremendous growth especially in the taxi fleet market and currently, Innova is the leader, reaping in majority of sales of this growth. “We have finalised the design and other aspects of the Hyundai MPV and it is expected to hit the market next year,” HMIL chief coordinator (sales & marketing) Young Jin Ahn said on Friday.
Renault has already started pushing the Lodgy in this market and is in the process of bringing a 7-seater model specifically to cater demands of taxi-fleet owners. Currently the company only encourages use of Xcent sedan in the taxi market. The company is also considering thesub-4 meter SUV segment to rival the Ford EcoSport, Mahindra TUV 3OO but with the Creta selling more than expected with 55,000 booking in less than 80 days, Hyundai is currently withholding that thought process.
“The auto industry is growing at 5-6% annually with most of the additional sales being driven by new products. At HMIL, most of the growth is coming from Creta and i20 (Elite and Active). We are monitoring the market situation very closely. True, buyers are preferring cars with SUV styling but we have not firmed up plans on the mini-SUV yet,” said Ahn.
The introduction of a sub-4 meter SUV might eat into the share of Creta. The USP of Creta has been the looks and achieving that proportionate looks in under four meters could be a tough ask since no other manufacturer has been able to build a really good looking sub-4 meter SUV. The company is the second largest seller in India behind Maruti Suzuki with 17% market share.