1 week Ago
Korean auto major Hyundai Motor is looking at consolidating its presence in the country’s fast-growing SUV segment with the launch of three-row SUV Alcazar . Tarun Garg, Chief Operating Officer (COO), Hyundai Motor India said there is an increase in demand for three-row SUVs with buyers travelling longer distances, and often with families. This has led to robust increase in sales of three-row vehicles, which now comprise about 15% all SUVs sold in India, from about 12.
5% three years back. Overall, they account for about 7.5% of all passenger vehicles sold in the country.
“There are many customers who are travelling longer distances with families for weekend trips, especially since the pandemic, which has led to a spurt in demand for larger vehicles”, Garg said, adding, “(Now) We have 1.1 million customers for the Creta, and these customers want to upgrade. The Alcazar will complete our line-up.
” Garg was speaking on the sidelines of the launch of the Alcazar priced upwards of Rs 14.99 lakh (ex-showroom). The Alcazar is available in both petrol and diesel fuel options.
The outgoing version of the vehicle saw as much as 60% of its sales come in from the diesel option. Interestingly, in a market where demand for entry-level small cars have been on a freefall, sales of three-row SUVs like Mahindra XUV700, Mahindra Scorpio, Tata Safari have nearly tripled in the last three years to close at 335,208 units in CY2023, prompting carmakers to rev up their plans in the segment. There are currently six-odd models on sale in this category including the Kia Carens , a multi-purpose vehicle which has emerged as a more affordable option to Toyota’s best-sellers Innova and Innova Crysta.
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C.P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program Garg said the entry variants of the Alcazar particularly will open up a new segment in the market.
“Many customers because of their lifestyle/ usage have been wanting to move in a three-row vehicle. There is a demand for a larger vehicle at the price point of the entry variant of the Alcazar .” In addition to Hyundai, Maruti Suzuki and Toyota too are readying seven-seater versions of the Grand Vitara and the Hyryder for launch in 2025.
Kia too will take the covers of a seven-seater EV based on popular model Carens next year, industry sources informed. (You can now subscribe to our Economic Times WhatsApp channel ).
