Hyundai India says it is gradually strengthening its brand power
Hyundai Motor India Ltd (HMIL), the country’s second largest manufacturer of passenger cars and the largest exporter since inception, has said it has attained a significant growth in enriching its brand power under the “Modern Premium Brand” direction. HMIL said it has steadily climbed up the ranks demonstrating a steady increase in awareness and preference for its premium offerings among the customers.The company noted that it has witnessed a considerable increase in sales contribution from its premium segment cars.
“The sales contribution of the premium aspirational brands (Xcent, Elite i20, i20 Active, Verna, Creta, Elantra and Tucson) has gone up from 54.19% in FY2015-16 to 60.54% in FY2017-18, and this shift is a testimony of rising customer aspirations and preference towards Hyundai products,” the company said in a statement.It further added that these models have become segment icons and have set new benchmarks in the premium products category.
Commenting on this trend, YK Koo, managing director & CEO, HMIL, said, “As a most loved and trusted brand, we have attained a remarkable growth in our brand power. The Brand Power Index increased our awareness from 77% in 2016 to 80% in 2017 in India. Our brand preference went up from 69.7% to 70.7%, and repurchase intention grew 3.2% to 76.2% in the same period. We further strengthened our commitment by creating high-quality cars along with world-class after-sales services for our customers, resulting in the top ranks in JD Power 2017 India Customer Service Index (Mass Market) study. This is a reflection of Hyundai brand trust within our customers in the Indian market.”
The company added it also achieved the top position in JD Power APEAL 2017 awards for the Eon, Grand i10, Elite i20 and i20 Active. And reiterated its commitment towards quality, by attaining the top rank in JD Power 2017 India Initial Quality Study for the Grand i10, Verna and Creta. “These wins are a testimony of Hyundai’s relentless pursuit towards highest quality and service,” it added in a statement.