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From Hyundai Motor India's point of view, the Eon is more than just an entry-level car.
Till five years ago, first-time car buyers were barely 33 per cent of the customer base. This number has since increased to 50 per cent, thanks to a rapidly growing number of young professionals with greater disposable incomes.
“We have been studying the change in customer preferences over these last 4-5 years as part of the exercise for the Eon,” Mr Arvind Saxena, Director (Sales and Marketing), told Business Line .
Hyundai gleaned from its feedback that while fuel efficiency remained top priority, modern day buyers did not worry so much about price (as they did five years ago) so long as the model concerned was right on top in design, styling, comfort, safety and space.
Customer preference
“If these features are in place, today's young customer does not mind paying more. There can, of course, be no compromise on mileage which continues to be the prime mover,” Mr Saxena said. This feedback was critical to making the Eon a reality and grabbing the eye of the entry-level buyer.
It was also getting increasingly clear that Hyundai's customers across different segments (right from the i10 to the Verna) were opting for the more expensive versions. This convinced the company that it was on the right track with the Eon.
With the car now officially launched, Mr Saxena believes that the bigger story has only begun. “We finally have access to the entry-level buyer segment and will pull out all stops to ensure that they spend their entire life with our Hyundai range. We also have exciting products lined up for the future,” he said.
It is this new India that the Korean automaker is targeting with the Eon as the first step in a longer journey. Observers say the pricing makes sense from the viewpoint of staying in the premium space. “Getting all-too cheap can make it difficult for any company to attract customers to its other pricey products,” they add.
It will be interesting to see to what extent the Maruti Alto will be impacted as a result. Hyundai is clearly no pushover and younger India is more than aware that it is a big global brand straddling across Europe and North America. The Eon has the potential of becoming a key game-changer in the entry-level segment.
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