Honda Plans To Double Market Share In India
By Ameya Naik
1 mins read
Published on February 12, 2018
- Honda lost its market share in India with the absence of new car launches
- Honda will launch 3 new cars in the next fiscal - Amaze, CR-V and Civic
- Significant investments planned for India over the next three years
Honda has tasted success with a lot of cars in India recently with the WR-V and of course, we cannot forget the City's contribution to the company's growing pie in India. However, the Japanese Car maker wants to make big strides in the country and it will be launching 6 new cars in the Indian market in the next three years. For this, it will be making a significant investment in the Indian market. Honda has seen its share fall from 7 percent back in 2014 to about 5 per cent in 2017 and the company has lost out to new car launches in new segments by companies like Maruti Suzuki and even Hyundai.
In the fiscal year 2018-19, Honda will launch 3 new cars in India and this includes the new CR-V, the Civic and even the new-age Amaze. Considering that the annual passenger vehicle sales in India crossed 3 million units last year, Honda really has to make a mark in the country and with the next generation of the Amaze it plans to do exactly that.
Yochiro Ueno, Managing Director, Honda Cars India said, "With the Amaze, we will tap the volumes market and we are sure that the car will be successful because of the package on offer." But the Amaze is not the only car that will bring in all the moolah. The Civic badge makes a return to India after 4 years and it's because of public demand more than a portfolio addition. "Our customers have been asking for the Civic in India and we actually have no option but to respectfully accept their demand and that's why the badge makes a return to India."
However, given the fact that the company is utilising only 70 percent of its annual production capacity of 300,000 units in India, there need to be additions made to the portfolio to drive the demand and of course the production too. The company's global line-up is different and hence it's a bit difficult for the carmaker to bring all those cars here and now considering that the tax on CKD units has gone up, well, it's left with little choice.
To become a big player in the market, Honda will have to improve its market share significantly and it's poised to do so, "We are looking at new products for India and of course, the feasibility of global products to come here. We have a plan in place and there are significant investments that we are making in that direction." With the new investment and products, Honda plans to double its share in the Indian market. It won't be easy though, given the fact that Kia Motors is waiting in the wings to launch its new products and both Hyundai and Maruti are eyeing new segments.
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