After carving a niche for itself in hatchback and sedan segment, local arm of South Korean auto maker, Hyundai is now contemplating foraying into new segments in India including compact SUV and compact MPV divisions. Sources close to the development have revealed that Hyundai could come up with a new compact SUV and compact MPV in domestic market within next two years. However there is yet no clarity on which product will be rolled out first, the compact SUV or the compact MPV. But company insiders have foreshadowed at SUV coming first followed by the compact MPV. Tapping into new segments will further expand Hyundai’s presence in Indian automotive industry and will help it increase its market share in the exponentially growing domestic market.
In the beginning of this year, Hyundai marked its entry in the thriving compact sedan segment with its new Xcent. The response for the vehicle has been overwhelming as Hyundai has already delivered 30,000 units of the compact sedan so far in India. India has witnessed sea change in customers’ buying trend in last couple of years, car buyers are now opting for premium cars, compact sedan and compact UVs as car makers have come up with pocket friendly options in these segments. The compact UV segment has a strong potential as its popularity is rising rapidly. Officials at Hyundai believe that roll out of new vehicles and overhauling existing vehicles will help the company increase its market share by one per cent each year.
