Hyundai Motor India Ltd (HMIL) has been witnessing an increase in its market share in the SUV segment.

Its market share in SUVs has risen to 26 per cent in 2020 from 11 per cent in 2015.

The company has been increasing its portfolio of SUV offerings that include the Venue, the Creta, the Tucson and the Kona Electric together with the newly launched six and seven-seater Alcazar.

The previously launched SUVs were contributing 45 per cent to the company’s sales.

“Now, with the addition of the Alcazar, we expect it to grow even further,” Tarun Garg, director, sales, marketing and service, HMIL, said during a virtual meet after the launch on Thursday.

The Alcazar is placed between the Creta and the Tucson and is priced in the range of Rs 16.30-19.99 lakh. The Alcazar will compete with the likes of the MG Hector Plus (Rs 13.62 lakh-Rs 16.37 lakh), the XUV 500 (Rs 14.13 lakh-Rs 18.76 lakh) and the Tata Safari (Rs 14.99 lakh-Rs 20.56 lakh).

The Alcazar had received 4,000 bookings in 10 days before its launch.

On the nature of the demand, Garg said: “We have launched the Alcazar in three trims and the bookings are equally divided among the three trims. About 55 per cent of the bookings are for diesel.”

The price difference between the petrol and the diesel variant of the Alcazar is just about Rs 20,000.

On the waiting period for the Venue and Creta, Garg said: “It is about four to eight weeks.”