Hyundai Looking To Tap New Segments

The Korean car maker Hyundai is looking to increase their sales volume and market share in India by targeting the rural market and corporate segments.

Hyundai Motor India Ltd (HMIL) will launch the new i20, their premium hatchback this month, and is also looking at introducing a new model every year in segments where they lack a presence.

Rakesh Srivastava, HMIL Senior Vice President (Sales & Marketing) said that increasing the sales volume in India and gaining a higher market share in the domestic market is their top priority. In order to achieve that, they are looking to enter the rural market and the corporate segments.

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As a part of the company's strategy, launching new models, bringing refreshed models of existing vehicles and entering new consumer segments are a few steps to be taken in order to increase its market share in the domestic market.

In the first half of this year, Hyundai has sold 2,35,432 units, increasing its market share to 21.6 percent compared to last year's 20.4 percent during the same period.

The company is planning to enter the fast growing compact SUV segment and the MPV segment.

Srivastava further says that the refreshed 'Elite i20', which is built on a totally new platform to replace the existing i20, will further add to the company's strategy of increasing volumes.

The Korean manufacturer will launch the all new Elite i20 on the 11th of August and has already opened bookings for the car since the beginning of this month. The new i20 was designed at Hyundai Motor's Design Centre in Europe located in Russelsheim, Germany.

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