As the Indian automobile industry collectively struggles in the worst sales slowdown in decades, Hyundai Motor has reported an increase in its market share. While the South Korean manufacturer's market share stood at 15.6% in April-August 2018, it has now increased to 18.36% in the same period this year registering a growth of 2.76%. Hyundai has said that the newly launched Venue compact SUV and Grand i10 Nios are spearheading this growth in sales. In addition to the success of these two, Hyundai has also reported an increase in exports from India.
While Hyundai India's exports stood at 1,05,768 units in the period from January to August in 2018, the number grew to 1,22,518 in the same period this year registering a growth of 15.84%. From April to August last year, Hyundai exported 71,645 units, which increased to 86,300 units in the same period this year, a 20.46% growth.
Hyundai's increase in market share comes at a time when the auto industry in India is witnessing a major slowdown. According to SIAM data released earlier this week, domestic passenger vehicle sales have been on the decline for the 10th consecutive month, falling from 2,87,198 units in August last year to 1,96,524 units last month registering a 31.57% decline. Domestic car sales were down 41.09 percent to 1,15,957 units compared to 1,96,847 units in August 2018.
In July this year, Hyundai announced that the prices of its cars would increase by up to Rs 9,200 across all its models in the lineup starting 1st August. Hyundai Motor India said that the increase in input costs due to new enhanced safety regulations in cars by the government is the reason behind this price hike.
Hyundai Motor India launched the Venue in May this year as its first-ever subcompact SUV and also the country's first Internet-connected car as well. The Venue gathered immense popularity, so much so it took the top spot in India's best-selling sub-compact SUVs dethroning Maruti Suzuki Vitara Brezza.
Hyundai sold 9,585 units of the Venue in July compared to Maruti selling 5,302 units of the Vitara Brezza. The total unit sale of Hyundai Venue since May 2019 stood at 25,397 in July, overtaking the Vitara Brezza by a substantial margin at 22,954 units.
Another rival to one of Maruti's best-selling hatchbacks Swift and Ford Figo was launched in August this year. Hyundai Grand i10 Nios boasts of slightly larger dimensions and a more elaborate list of features at prices starting at Rs 4.99 lakh (ex-showroom).