Country's largest exporter of passenger cars and the second largest carmaker, Hyundai Motor India recently said that the company may look at the option of relaunching the premium sedan, Elantra in the Indian market, which was phased out in 2007.

It is to be mentioned here that the product was phased out because of the fact that it wasn't able to make its presence in the Indian market and gained a poor consumer response. Company's Senior Director Y K Koo recently said that the company is weighing the option of relaunching the product in the Indian market.

Notably, Hyundai phased out luxury sedan Elantra in 2007 after it was not been able to match the likes of the unit sales garnered by products like Skoda Octavia, Honda Civic and Toyota Corolla.

Koo also pointed out the fact that the market for premium segment in which Elantra fits in, is just 3 per cent of total market size of cars in the country.

However, there is no denying that the segment is growing very fast and is expected to contribute a significant chunk of the unit sales to many automakers present in the country.