Hyundai Motor India Aims to Achieve 15% Market Share in the Near Future
Hyundai Motor India, India’s second-largest car manufacturer, recently debuted on the stock exchanges. Through the introduction of new electric vehicles and a robust localization strategy, Hyundai Motor India (HMI) aims to penetrate the EV segment, as it targets the sale of 15% market share in the near future. This IPO has become the largest in the country to date, leaving behind the Life Insurance Corp’s Rs 21,000-crore IPO two years ago.
According to the Precedence Research’s detailed report, the india electric vehicle market size was evaluated at USD 11.36 billion in 2024 and is predicted to achieve around USD 1,053.10 billion by 2034. The India EV industry is expanding at a double-digit CAGR of 57.3% from 2024 to 2034.
The company plans to make a grand entry into the Indian electric vehicle market with its four new models, and the plan was revealed ahead of its launch of the Hyundai IPO in India. Tarun Garg, COO of Hyundai Motor India, stated that HMI’s ability and foundation would drive market growth, especially its upcoming models, among which Creta Electric has paced up customer expectations.
Unsoo Kim, HMI’s Managing Director, stated that India’s EV market is in its early stages of electrification at around 2% penetration. With its Kona Electric launch in India, Hyundai has been the first OEM in India’s passenger vehicle market to enter the EV segment. Currently, Hyundai’s Ioniq 5 is the only working product in India. In contrast, US and Korea are at 10%, Europe is at 20% and China is at more than 38%. He also stated that India’s EV market will be at its peak, driven by government initiatives and evolving consumer preferences.
The company has learned from its Kona experience that 85% of customers are charging at home or at the office and that customers currently are slightly hesitant to take their vehicles on highways. This important factor helped HMI to focus on DC charging infrastructure and battery pack. In India, Hyundai is not only limited to the EV market but also includes CNG and flex-fuel vehicles. Garg stated that HMI will change its strategy based on customer demand. He also mentioned that entry-level CNG penetration continues to grow. This is because it has already had a great impact on Aura and Exeter.
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