Innova, Fortuner driving in big bucks for Toyota
Toyota Motor Corp’s Indian unit has consistently expanded its share of wallet locally with its Innova and Fortuner MPV and SUV, respectively. Toyota Kirloskar’s two marquee vehicles — sold in the range of Rs 10 lakh to 30 lakh — dominate their respective segments by a huge margin.
Not only have the volumes expanded, but the company has also managed to increase prices every year — and still expand its market share.
If the Fortuner enjoys over 80% share in the premium SUV space, Innova has further cemented its position as the most preferred family vehicle or MUV. In the process, the Innova has earned a distinction of becoming India’s number one revenue generating brand, with sales registering over $2 billion a year. In a market where novelty fades within two years, Toyota has managed to reinforce the Fortuner and Innova brands in India.
To be sure, the Japanese giant’s attempt to establish its credentials as a carmaker catering to all segments of the Indian market has, perhaps, trailed its leadership ambitions because of the somewhat tepid response to Toyota’s compact cars, Etios and Liva.