Since its September 2023 launch, the Honda Elevate SUV has had a big impact on the Indian auto industry. With 30,365 units sent to dealers between August 2023 and February 2024, it was recognized as Honda Car India's second-best-selling model. Elevate's performance has improved Honda's standing in the very competitive midsize SUV market by proving the appealing qualities of the brand to Indian consumers.
Export Success to Japan
A noteworthy achievement of the Honda Elevate is its export performance, particularly to Japan. Honda has exported nearly 7,000 Elevate SUVs to Japan where it is marketed as the WR-V (Winsome Runabout Vehicle). The WR-V shares the same 1.5-liter four-cylinder petrol engine as the Indian model but features unique specifications customized to the Japanese market, such as an all-black interior and a specific infotainment system. This export success underscores the global appeal of the Elevate.
Impact on Honda's Market Share
The Honda Elevate has significantly contributed to Honda Cars India's market share in the utility vehicle segment, which has grown from 0.27% to 1.32% in the April 2023 to February 2024 period. Elevate growth can be attributed to its robust performance and its capacity to effectively rival well-known models such as the Hyundai Creta and other vehicles in its category. The successful launch of Elevate has moreover shown Honda's understanding of the evolving SUV industry and its ability to effectively fulfill client demands.
Future Outlook and Export Strategy
Honda's export strategy for the Elevate aims to position India as a key export hub for SUVs, serving the growing global demand for these vehicles. With the WR-V set to go on sale in Japan in March 2024, Honda aims to achieve monthly sales of 3,000 units, translating to an annual target of 36,000 units. If successful, this might result in a significant rise in export volumes for Honda Cars India in FY2024 in addition to further confirming the company's standing in the global market. The dedication of Honda to utilizing its Indian manufacturing capabilities to satisfy worldwide demand is emphasized by this strategic strategy.
Honda's commitment to building high-end SUVs that appeal to customers in India as well as abroad is shown by the success of the Elevate. Honda's future growth and expansion goals are expected to depend extensively on the Elevate due to its outstanding sales performance and export achievements. Honda is a leader in both domestic and international auto markets and Elevate is proof of the company's ability to grow and adapt to changing market conditions.