The soon to be launched SUV
Creta shares a platform with the latest i20 and its interior is expected to
have elements in common with the hatchback. The platform is also expected to
spawn a compact multi-purpose vehicle (MPV) which will likely hit the markets
in 2017. This has been stated by Anil Sharma, Principal Analyst, IHS
Automotive.
IHS based in the US, provides
information and analysis to support the decision-making process of businesses
and governments in various industries that includes automotive.
According to IHS forecast, the
sale of B segment SUVs in India which stood at 36,823 units in 2013, could
cross 3,95, 183 by 2018.
A brief note prepared by IHS
Automotive said that Hyundai is the latest entrant in the compact SUV segment
where Renault and Ford have made massive inroads with their Duster and EcoSport
SUVs launched in the last couple of years. Following the success of these
models, several automakers have firmed up plans to bring their contenders in
the markets.
“We expect localisation
efforts, limited competition in the niche segment, and a well-entrenched
dealership network will help Hyundai in winning market share from rival brands.
IHS Automotive forecasts domestic sales of the B-segment Creta to touch 44,000
units which will potentially grow to 89,000 units next year,” the note said.
As such, the note added that Hyundai will be
the first automaker among newcomers to penetrate the compact SUV segment. Based
on the PB platform which also underpins the next-generation i20 hatchback and
Verna sedan, the Creta is Hyundai's first B-segment SUV in India. Since it
shares a platform with the latest i20, the interior of the SUV is expected to
have elements in common with the hatchback. The platform is also expected to
spawn a compact multi-purpose vehicle (MPV) which will likely hit the markets
in 2017.
The Creta will be produced at
Hyundai's Irungattukottai plant in Chennai, which will also supply the model to
several key markets in South Asia, the Middle East and Africa, Europe, and
South America, according to IHS Automotive data.
Compact SUVs have hit the
sweet spot defined by constrained urban spaces and the preference for a
commanding view of road. While limited seating capacity render them ineffective
for rural markets, these vehicles make perfect sense in urban markets which are
characterized by growing number of nuclear families. According to IHS
Automotive estimates, sales of B-segment SUVs in the country is expected to see
a massive jump in coming years as more and more models are introduced. We
estimate 14 new nameplates will be introduced in the market by 2018 with Maruti
Suzuki, Hyundai, and Mahindra emerging as big winners. It is important to note
that these figures do not include Renault Duster and potentially other
nameplates due to classification differences, the IHS Automotive note said.