Hyundai Motor is South Korea's largest car maker and sixth largest car maker in the world. Hyundai Motor India Limited (HMIL) is the second largest and the fastest growing car manufacturer in India. Santro, Getz, Accent, Elantra, Sonata Embera and Tuscon are the most successful brands of HMIL. The company is an ISO 14001 for its sustainable environment management practices.
India, in auto sector, is turning to be a sourcing base for the global auto majors. The passenger car and the motorcycle segment is set to grow by 8-9 per cent in coming couple of years, says the ICRA report. The industry is likely to maintain the growth momentum picked up in 2002-03.
The ICRA's analysis points on the auto sector that the passenger car market in the country was inching towards cars with higher displacements. The sports-utility-vehicle (SUV) that was getting crowded everyday, would witness intense competition as many SUVs had been competitively priced, the report said.
Honda, Suzuki, General Motors and Hyundai, the global automakers had already launched their premium SUVs in the market to broaden their portfolio and create product excitement in the segment estimated at about 10,000 units annually.
In the two-wheeler segment, according to the report, the motorcycles would clock 11.5 per cent rise during 2004-2007 over its siblings-scooters and mopeds. Scooters sales would decelerate and mopeds would also see the same. Overseas market would present huge opportunities for the two-wheeler makers.
The commercial vehicles are likely to grow at a CAGR of 5.2 per cent. Heavy commercial vehicles market would rise at 5.5 per cent and sales of light buses and trucks would achieve 4.7 per cent growth. For the tractors, the report predicts a growth at 4.6 per cent.
The Indian auto parts industry is significantly fragmented with a large number of players having a turnover of less than US$10 million per year. The industry directly employs about 2,50,000 people and has an annual turnover over US$ 56.3 billion.