The Registrations of Hyundai vehicles in United States of America attained a value of 622,269 Units in 2020
The indicator recorded a historical decline (CAGR) of 2.19% between 2017 to 2020, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
Vehicle industry in the United States post pandemic
The US car manufacturing industry has been declining in value and volume terms in recent years. The industry suffered a steep decline in 2020 amid the COVID-19 pandemic. The industry looks set to recover in the forecast period. The US car manufacturing industry declined in value during the historic period, largely as a result of decreasing demand. This was particularly significant in 2017, after the country’s real GDP growth decelerated in 2016, the lowest since the financial crises of 2008/2009. Demand has also been affected by US end-buyers increasingly opting for larger nine-seater SUV’s. Declining demand for US manufactured cars in key export destinations, such as Canada and Germany, also impacted the US car manufacturing industry negatively.
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 will make whatever management adjustments are necessary to improve the profitability of our operations. We will also 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 our worldwide management system by pursuing a detailed and integrated strategy in terms of products, production, and sales in each of our major markets. This will allow us to respond proactively to the differing needs of customers around the world. We will also continue to open new markets, including the ASEAN region, where rapid economic growth is expected to occur. In addition, we will strengthen our strategic directions in relation to our future core business areas.
Another of our goals is to establish a detailed roadmap that will allow us to introduce a large number of electric vehicles by 2025. This will begin with our next-generation fuel cell electric vehicle and will also include EVs with significantly increased mileage ranges. Our goal here is to firm up our position as a leading maker of eco-friendly vehicles at a time of their increasing popularization.
Vehicle registration scenario
Hyundai has consistently remained consistent in eighth and ninth position from 2015-2020. However, GlobalData predicts its ranking to drop a spot during the forecasted period.
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