Hyundai Motor India expects SUV sales to account for 65 per cent of its overall volumes in 2024, while it gears up to enter the EV segment early next year, aiming to garner 20 per cent of its total sales by 2030, its COO Tarun Garg said on Tuesday. The automaker, which got around 60 per cent of its overall volumes from sports utility vehicle (SUV) sales last year, plans to invest Rs 7,000 crore on its second plant at Talegaon, according to Maharashtra Deputy Chief Minister Devendra Fadnavis. The company officials however declined to comment on the matter. "Last year, SUVs accounted for 60 per cent of our total volumes.This year, we expect it to touch the 65 per cent mark," Garg told PTI in an interaction.
Key Points
1. Rising Popularity of SUVs in India: A Driving Force
The decision to target 65% SUV sales by 2024 underscores the growing preference for SUVs among Indian consumers. Hyundai has observed a shift in buyer preferences, with SUVs gaining traction not only in urban centers but also in tier 2 and tier 3 cities. The versatility, higher ground clearance, and the commanding road presence of the SUVs make them an attractive choice for a diverse range of the consumers, from the young professionals to the families. By aligning their sales strategy with this trend,and the Hyundai aims to capture a significant share of the flourishing SUV market in the India.
2. Hyundai's Successful Stint with SUVs: Learning from the Past
Hyundai's success in the Indian automotive market, particularly with models like the Hyundai Creta and Hyundai Venue, has been instrumental in shaping the company's sales strategy. The Creta, in particular, has consistently been among the top-selling SUVs in India since its introduction.
3. EVs Take Center Stage: A Vision for Sustainable Mobility
Hyundai's commitment to sustainable mobility is evident in its target to achieve 20% EV sales by 2030. The shift toward the electric vehicles aligns with global efforts to the reduce carbon emissions and the combat climate change. India, with its burgeoning population and i the ncreasing urbanization, and in this grappling with the environmental challenges, and making the adoption of the electric vehicles a crucial steps toward a greener future.
4. Infrastructure Development and Government Support
Achieving a significant market share in the EVs necessitates a supportive ecosystem, and the Hyundai recognizes the importance of the infrastructure development and some government incentives. The company is likely to collaborate with the stakeholders to contribute to the expansion of the charging infrastructure,and some addressing one of the key concerns among potential EV buyers.
5. Investment in R&D: Innovation for the Indian Market
Hyundai's commitment to these ambitious targets is underpinned by substantial investments in research and development (R&D). The company aims to the introduce innovative technologies and the features tailored to the specific needs of the Indian consumers. This approach which are involves the understanding in the unique challenges and some requirements of the Indian automotive market, and it is ensuring that Hyundai's SUVs and EVs resonate with the local preferences and some expectations.
6. Consumer Education and Awareness: Shaping Perceptions
A significant aspect of Hyundai's strategy involves consumer education and awareness campaigns. As the market transitions which are toward SUVs and EVs,and the Hyundai recognizes the importance of the shaping consumer perceptions and the dispelling myths associated with these some technologies. The company aims to the proactively communicate and the benefits of the SUVs, such as safety, the comfort, and versatility, as well as the advantages of EVs, and some including environmental sustainability and cost savings in the long run.
Hyundai's targets of achieving 65% SUV sales in 2024 and 20% EV sales by 2030 in India reflect a strategic vision that aligns with global trends and local market dynamics.