Companies

Luxury car market set to clock 50% growth in 2011

PTI Chandigarh | Updated on March 15, 2011

Swedish car maker Volvo has said that the size of luxury car market in India is expected to grow by over 50 per cent to 20,000 units during the current year.

“I feel the size of luxury cars (priced over Rs 20 lakh) here (in India) is expected to be 20,000 units in 2011 against 13,000 units last year,” the Volvo Auto India Managing Director, Mr Paul de Voijs, told reporters during the launch of its S60 version here today.

Describing India as a potential market for luxury cars, Mr Voijs said the luxury car market would account for three per cent of the total passenger cars by 2020 with an expected volume of 1.5 lakh units.

“During the last five years, the luxury segment here grew from 0.16 per cent of the total car market to 0.6 per cent in 2010. And now it has grown to 0.7 per cent till February this year,” he said while emphasising on the steady growth in luxury car market in India.

Last year, the company sold 130 units in the Indian market, he said while refusing to share details regarding company’s expectation in terms of volume from the market this year.

Volvo, which entered India three years ago, has plans to expand its dealership network in five cities, aimed to strengthen its position in the luxury segment here.

“We will open new dealerships in Bangalore, Chennai, Kolkata, Jaipur and Ahmedabad this year,” he said.

At present, the company has network in Delhi, Mumbai, Chandigarh, Coimbatore, Hyderabad, Kochi and Pune.

“New Delhi, NCR are the biggest market for us, followed by Mumbai and Hyderabad,” he said.

Volvo has currently four premium models XC90, XC60, S80 and S60.

Published on March 15, 2011

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