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Report: Renault-Nissan May Challenge Maruti Suzuki Dominance In India
In a recent report by Credit Suisse, the brokerage house expected passenger vehicle sales to rise to 15 percent in FY18. Renault-Nissan is expected to challenge Maruti Suzuki.
According to brokerage house Credit Suisse, passenger vehicle sales in India would have registered double-digit growth if not for demonisation.
The financial firm also said that a good monsoon, moderate inflation and lower interest rates would boost car sales in FY18. Also, it has forecasted annual passenger sales growth at around 15 percent in 2017-18.
As per Bloomberg, Credit Suisse has divided the Indian car industry into four categories, with the country's largest carmaker Maruti Suzuki Ltd., Hyundai Motors India Ltd., Tata Motors Ltd. and the Renault-Nissan alliance emerging as the primary challengers.
Toyota and Honda have been categorised under the niche player segment as most of their cars sold in India are more than four metres long. The third category includes new entrants such as Peugeot and Hyundai's sister brand Kia.
The last group is categorised as help seekers like Ford and Volkswagen, which continue to hold a very small market share despite the fact that they have been in the India for a long time.
Credit Suisse Research Note On Indian Passenger Vehicle Companies states, "The current government is clearly focused on improving both safety and emissions standards to developed-market levels. This could mean that the cost of the vehicle would keep going up and hence affordability would not improve."
Among the four categories, the surprise inclusion is the Renault-Nissan alliance. But the brokerage firm expects the Franco-Japanese led by Carlos Ghosn will offer a stiff fight to Maruti, as it looks to launch the new Renault Duster and Nissan HBC over the next couple of years.
The Renault-Nissan Alliance has already shaken the entry-level car segment in India with the tremendous response to the Kwid. While the Renault Kwid is yet to reach heights that Maruti Alto has gained, buyer preferences have changed with the features loaded Kwid.
The brokerage house also mentioned that Tata Motors could emerge as a dark horse as the company is getting ready to launch four new vehicles in the Indian market over the next two years.
Another observation by Credit Suisse was that Indian customers are shifting towards higher variants in cars. This gives an inclination that customers prefer more and premium features in their cars.