Volvo India targets to become the third largest luxury car maker in India by 2020
Volvo Auto India, the Indian arm of Swedish automakers Volvo Car Corporation has set itself a target of becoming the third largest luxury car maker in India by 2020. To ensure its position in the market and to gather greater attention in the eyes of customers, the company will be launching new products at entry level in the luxury segment even as they go ahead in increasing their dealer networks across the country.
India is expected to become the third largest car market in SE Asia for Volvo Auto. Currently India trails behind countries like China, Japan, Singapore, Malaysia and Korea. India is emerging as a major contender for cars in the luxury segment. Here the luxury car market is expected to reach 150,000 by 2020 and Volvo Auto India expects to touch annual sales of 20,000 by that period. This will be a huge step for a company that is currently selling only 326 units last year while targeting 800 units this year.
The company hopes to launch a new model every year for next couple of years and price their products in the Rs.20 lakh range. Volvo is getting set to launch a new product at the Paris Auto Show after which it will be launched in India by early 2013. Volvo currently sells their S80, S60 and SUVs XC90 and XC60 in Indian markets which will soon be joined by S90.
In a bid to increase their scope the company is tying up with designer Ritu Beri and Lakme Fashion Week besides holding a host of golf tournaments to create awareness for their products. Volvo Cars will be official car partners for the Lakme Fashion Week with the theme ‘Designed Around You’. Volvo cars will showcase inspired lines on the ramp at the Fashion Week while they also serve as means for transportation for both participants and officials.