Hyundai has midsize SUV market domination challenged by KG Mobility, Renault Korea

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Hyundai has midsize SUV market domination challenged by KG Mobility, Renault Korea

Published: 14 Oct. 2024, 09:56

Renault Korea's Grand Koleos SUV. [RENAULT KOREA]

KG Mobility and Renault Korea have made strong challenges with their new models in the midsize SUV segment, which has been largely dominated by Hyundai Motor, according to industry data Monday.

According to the Korea Automobile & Mobility Industry Association, KG Mobility's Actyon and Renault Korea's Grand Koleos, both SUV brands introduced this summer, sold 1,686 units and 3,900 units, respectively, in September.

Their combined market share totaled 24.8 percent in the total domestic midsize SUV market last month.

The joint market share of the two models has shown an increase since their launches in August. The joint share of the Actyon and Grand Koleos jumped 19.7 percentage points from the 5.1 percent reading in August.

During the same period, the market share of Hyundai Motor Group's Santa Fe and Sorento together have shown a steady decline.

In July, Kia's Sorento and Hyundai's Santa Fe held a 64.7 percent share in the segment, but following the launch of competing new models from KG Mobility and Renault Korea, their share fell to 56.8 percent in August and further down to 53 percent last month.

KG Mobility's new Actyon SUV [KG MOBILITY]

Given how the Actyon and Grand Koleos have gained a higher market share than what Hyundai Motor Group lost during the period, industry watchers suggest that the two models have also absorbed demand from noncompeting models as well.

Industry experts view the introduction of new competitive models into the midsize SUV lineup, which has remained largely unchanged for years, as a positive development that offers consumers more choices.

An industry official, however, said that while sales may spike temporarily following a new model launch, the industry at large needs to wait and see whether these models can sustain long-term consumer interest.

Yonhap