The Registrations of Hyundai vehicles in India attained a value of 423,642 Units in 2020
The indicator recorded a historical decline (CAGR) of 7.04% between 2017 to 2020, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
Vehicle industry in India post pandemic
The Indian car manufacturing industry has fluctuated between growth and decline in value and volume terms in recent years. The industry suffered a particularly steep decline in 2020 amid the COVID-19 pandemic. The industry looks set to recover in the forecast period. A key feature of the Indian industry during the historic period was the Indian government’s sudden decision to announce demonetization. The economic alarm that was ignited as a consequence of the government’s actions ultimately struck the country’s car manufacturing industry, as the sale of cars hit a 16-year low in December 2016. Though sales have recovered, it was on the back of heavy discounts in order to boost demand. As such, even though volume consumption levels recovered in the aftermath of the demonetization, the value of the market was not able to grow at the same pace.
Hyundai Motor Co (Hyundai) is an automobile company. The company designs, develops, manufactures, and distributes motor vehicles, trucks, buses, special utility vehicles and chassis, trains, and automotive parts. Hyundai also provides vehicle financing and credit card processing services. Hyundai markets products under Veloster, Venue, Azera, i40, Elantra, Tucson, Accent, Kona, Creta, Sonata, i20, ix20, and other brands. It has operations across North America, Asia Pacific, Europe, and other regions. The company has manufacturing facilities in the US, Russia, China, Korea, Turkey, India, Czech Republic, and Brazil. Hyundai is headquartered in Seoul, South Korea.
Products & Services
Its products and services widely range into Cars, Passenger Cars, Sedans, Hatchback, SUV, Eco, Sports Utility Vehicle, Commercial Vehicles, Special Transport, Special Vehicle, Bare Chassis, Auto Parts and Accessories, Power Trains, Financial Assistance and Services, Car Services, Logistics, and Card Processing.
The company offers a wide variety of brands like – Centennial, Genesis, Genesis Coupe, Veloster, Azera, Santa Fe, i40, Elantra, Accent, etc.
Corporate Strategy
The company focuses on development of new products, technologies, and businesses. It also aims to upgrades its products, production, and sales across the world; an enhance the markets for strengthening its future core business areas.
The global economy is witnessing deepening uncertainties these days. They include a prolonged low growth trend and concerns about the growth of trade barriers in major countries. The automobile industry is also facing a wave of rapid change, due to accelerating technological innovations and intensifying competition. In response to this landscape, Hyundai Motor is making whatever management adjustments are necessary to improve the profitability of its operations. The company is also taking initiative to lead future innovations in the automobile industry by continuously expanding our R&D activities and investing in new technologies and businesses.
These steps will include upgrading its worldwide management system by pursuing a detailed and integrated strategy in terms of products, production, and sales in each of its major markets. This will allow to respond proactively to the differing needs of customers around the world. It also continues to open new markets, including the ASEAN region, where rapid economic growth is expected to occur.
Another of its goals is to establish a detailed roadmap that will allow it to introduce a large number of electric vehicles by 2025. This will begin with their next-generation fuel cell electric vehicle and will also include EVs with significantly increased mileage ranges. The goal here is to firm up their position as a leading maker of eco-friendly vehicles at a time of their increasing popularization.
Vehicle registration scenario
Hyundai has consistently remained dominant with second position, after Maruti in total vehicle registrations in India from 2015 to 2021. Globaldata predicts its ranking to remain consistent during the forecasted period.
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