Hyundai Sees India Becoming HMC's Second-Largest Market by 2030

Hyundai Motor India expects India to become its South Korean parent company’s second-largest market globally by 2030, underlining the country's growing importance in Hyundai Motor Company’s long-term growth strategy.

In its annual report, the company said India's expanding economy, rising vehicle ownership and increasing demand for technology-driven mobility would support this ambition.

"India is expected to become HMC's second-largest market globally by 2030, reflecting the country's growing economic importance, rising vehicle ownership and increasing preference for technologically advanced mobility solutions," the company said.

To support this vision, Hyundai said it plans to strengthen its position in the SUV segment while expanding its manufacturing footprint, accelerating product launches and deepening localisation.

"Manufacturing will remain the foundation of Hyundai's long-term competitiveness. Building on the addition of the Pune facility, HMIL is expanding its production footprint to create one of HMC's largest manufacturing bases globally," it said.

The company said its annual production capacity would exceed 1.1 million units by 2030, supported by smart manufacturing technologies, greater automation and increased operational flexibility.

It also plans to strengthen localisation and enhance supply chain resilience while positioning India as a key manufacturing and export hub.

Hyundai said it would maintain an aggressive product rollout to meet changing consumer preferences.

"Customer expectations are evolving, driven by premiumization, connectivity, electrification and changing lifestyles. To stay ahead of these trends, HMIL will maintain a strong product cadence with 26 planned launches between 2025 to 2030 across new models, full model changes, derivatives, facelifts, product enhancements and new nameplates," the report said.

As part of the roadmap, Hyundai said it plans to introduce two all-new SUV nameplates by financial year 2027, including a localised mass-market electric SUV and a new ICE SUV.

A slower rollout of new models, facelifts and product upgrades than rival automakers hurt its domestic business in financial year 2026, as it lost market share and fell to fourth place in India's passenger vehicle market. Hyundai had been India's second-largest carmaker behind Maruti Suzuki for 16 years.

The company also said its Vision 2030 strategy extends beyond launching electric vehicles to building an integrated EV ecosystem, supported by plans to install 600 fast-charging stations across India.

Hyundai also reaffirmed plans to enter India's luxury vehicle segment with the Genesis brand as part of its long-term growth strategy. In his message to shareholders, MD and CEO Tarun Garg said the company's Vision 2030 roadmap includes "our entry into luxury mobility with the Genesis brand which has elevated the luxury experience worldwide," alongside investments in new products, hybrid technology, battery electric vehicles and manufacturing expansion.