The company, which has already received around 23,000 bookings for its recently launched Creta, has 17 percent market share in the Indian passenger vehicle market.
"We expect to gain 1 per cent market share immediately due to the response we have received for Creta. Going ahead, we will gain around 3 per cent market share in the passenger vehicle segment in the next fiscal, taking our share to over 20 per cent," Hyundai Motor India Senior Vice-President Marketing and Sales Rakesh Srivastava said.
With Creta, it entered the full-fledged volume segment of SUVs to add to its portfolio of Santa Fe in premium category and with sports-styled i20 Active in the compact segment.
In the domestic market, Hyundai Creta will compete with Ford Ecosport, Renault Duster, Nissan Terrano and Mahindra Scorpio, Mahindra XUV500 and Tata Safari Storme, which are in the price range of Rs 6.75 lakh to Rs 15.99 lakh.
The company launched the five-seater Creta on July 21, priced between Rs 8.59 lakh and Rs 13.6 lakh. The 1.6 litre petrol variants of the SUV are priced between Rs 8.59 lakh and Rs 11.19 lakh, while the diesel versions will come in the range Rs 9.46 lakh to Rs 13.6 lakh.
"We have a strong presence in compact and sedan segments. In SUV segment, we have SantaFe and i20 Active and now with Creta we have substantial presence in this vertical too," Srivastava said.
Indian passenger vehicle segment is estimated to be around 25 lakh units per annum.
"We are doing in the range of 36,000-37,000 units per month, translating to around 17 per cent market share in the segment," he added.
The company sold 4.11 lakh units in the country last year. Its production capacity across two plants stands at 6.8 lakh units per annum, which can be further raised to 7 lakh units.
On company's plans to set up a new manufacturing plant in the country, Srivastava said: "We want to get clarity on important issues like GST and land acquisition before going ahead with a third plant."