Toyota IMVs Under Double Assault

IMV that refers to “Innovative International Multi-purpose Vehicle” is a Toyota platform for SUVs, pickups & light trucks that uses ladder frame chassis construction and is applicable to models including Hilux, Fortuner and the Innova. You might have often noticed Indus Motor Company (IMC) using the word IMV on various occasions including their public notices & price lists.

Related: Toyota Fortuner: Old vs New

Two of the three above mentioned vehicles are available in Pakistan and were doing relatively good until recently. Since a couple of years however, the duo has started to face competition directly as well as indirectly and the result is a huge decline in sales.

The Fortuner SUV which sold 4,186 units in FY2017-18 saw 2,609 units sold in FY2018-19 witnessing a 38% decline, however in FY2019-20 the sales dropped to just 1,163 units registering a further 55% dent in sales.

Related: 2020 Toyota Hilux Facelift Debuts in Thailand

Similarly the Hilux pickup truck which sold 7,470 units in FY2017-18 saw a 19% decline with 6,070 units in FY2018-19 but then in FY2019-20 the sales got reduced to just 3,748 units rendering a further 38% decline in sales.

Toyota Hilux is starting to feel the heat in presence of Isuzu D-MAX range of pickup trucks, the market share of which is constantly on a rise. The D-MAX had 6.2% share of the pickup truck market in FY2018-19 which increased to 14.9% in FY2019-20. One can argue that the sales of Hilux got reduced due to overall market slowdown, however if that’s the case the sales of D-MAX should also have been reduced by 38% or so, however surprisingly its sales increased by 64% in FY2019-20.

Related: Isuzu D-MAX Attains Highest-Ever Market Share Against Toyota Hilux

Toyota Fortuner on the other hand is being troubled by Kia Sportage, which cost almost half the price and offers an exceptional value for money as a fully loaded urban SUV. The only advantage Toyota Fortuner might have is its ladder on frame chassis and high ground clearance which makes it useful in off-roading conditions, however as far as the urban mobility is concerned the Sportage remains a preferred choice due to its comfortable urban drive, passenger contentment and perhaps the sportier looks too.

As far as the features & equipment are concerned, the Sportage offers almost everything which is there in the Fortuner. In almost half the price, the Sportage AWD gives you Dual Airbags, Electronic Stability Control, Downhill Brake Control, Hill-Start Assist Control, Vehicle Stability Management, ISO Fix Child Anchorage, Anti-Lock Braking System, Panoramic Sunroof, LED Projector Headlamps, LED DRLs, LED Tail Lamps, Parking Sensors & Rear View Camera, 8” Infotainment with Android Auto & Apple CarPlay with Bluetooth, Playable Videos and WebLink, Automatic Dual Zone Climate Control, Air Purifier, Electric Parking Brake, Cruise Control, Rain Sensors & Engine Immobilizer etc. Similarly the top-spec Isuzu D-MAX offers almost everything that comes available with the top-spec Hilux Revo.

Related: Will Toyota Fortuner Touch PKR 1 Crore Mark in Pakistan?

In terms of price the Toyota IMV range is considerably expensive than the other two newer products in the market and that’s probably one of the key reasons behind the declining sales. In lesser amount of money both Isuzu D-MAX and Kia Sportage seems to be punching above their weights and have started to give Toyota IMVs a run for their money.

As evident from the comparison above, the price difference is quite significant which justifies why more & more people are going for the Isuzu D-MAX and Kia Sportage alike. Indus Motor Company might have to come up with a Plan B to tackle the declining sales and must consider price reduction in order to make the IMVs attractive to the buyers again. What is your take on the declining sales of Toyota IMVs particularly in presence of the above mentioned newcomers, let us know with your comments.