Trade Resources Company News Hyundai Boosting Commercial Vehicle Wing

Hyundai Boosting Commercial Vehicle Wing

Hyundai Motor Group (HMG), which incorporates Hyundai and Kia brands, is injecting manpower and resources to boost its commercial vehicle (CV) wing for the low-volume, high-margin truck and bus sector.

The carmaker is also bolstering its CV business with focus on regions for product development, global design center and output hub in South Korea.

Frost & Sullivan's Executive Outlook of Hyundai's Global Commercial Vehicle Market Activities has revealed that HMG's CV market share is capable of growing from 2.5% in 2014 to 4.1% by 2022.

It has been observed that boosting South Korean Won beyond 1150 to 1100 per US dollar is likely to affect market development.

Frost & Sullivan automotive & transportation senior research analyst Silpa Paul said: "With a largely untouched overseas market, the company's CV shipments will more than double over the 2014-2022 time period.

"Across geographies, the medium-duty and heavy-duty (HD) series of Hyundai Mighty, Hyundai HD series and Hyundai Xcient, will receive maximum technological focus in order to increase the powertrain range, improve fuel efficiency, and add connectivity-linked safety and convenience features at competitive prices.

"Although HMG is a relatively unknown force in the CV market, strong brand value, combined with design and feature-addition marketing strategies will catalyze HMG's growth in the global CV market"

From 2014 to 2022, only 18% of HMG's CV incremental annual sales is expected to be registered from Europe and North America, while 76% is likely to be reflected in China, the Association of Southeast Asian Nations, the Middle East and South America.

Source: http://manufacturing.automotive-business-review.com/news/hmg-boosting-commercial-vehicle-wing-130815-4646417
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