The steering of Maruti and Hyundai is driving the search engine to new markets in the wake of wiped out incentive scheme in Europe and the undue shake in Euro. Hyundai faced a deep dip in its export exactly a year ago, by 2.3% which the company feels hard to make up even the combined markets of South Africa, West Asia, Australia and Vietnam. Maruti had a huge reap in European market but has reduced its target for 2011 to 1.4lakh units at 5%. In reality, European market has been feeding 80% of export revenue to Maruti. The company is on the search of replacement for the lost grounds like France, the UK, Germany, Italy and the Netherlands.
The alternative markets seem to be from South Africa, Hong Kong, Chile, Brunei, Algeria, Taiwan. Till last year the European market filled its roads with almost 25% of net cars made from India. The move had been due to the fuel-efficient technology injected into such cars. Within two months of this fiscal, there has been a fall in the export to Europe from 33% (4.46 lakh units ) of 2010 to 20%. Another major factor that led to the slid in the export revenue is the fall of15% in euro value. Maruti somewhat managed this situation and is expecting the worst. But the company is diverting its focus on dollar which seems to promote the forex stability.