Volvo aims at 15 per cent share in luxury car segment in India

The Swedish car manufacturer Volvo looks at India as a long term strategic market and plans to introduce more vehicles in luxury car segment, to grab a bigger share here. The luxury car market has continued to grow in 2011 despite the overall lull in the automobile industry. The luxury car segment is projected to be a 1.5 lakh units a year market, by 2020.

Volvo plans to grab a 15 per cent share in this segment by selling over 20,000 units per year by the end of the decade. The car maker will introduce another model in the first quarter of next year, as they aim to become one of the top three payers in India.  

Volvo India sold 320 units in 2011, and aims double their numbers in 2012. Volvo has a strong product range in the global market, which is well known for its high safety standards. Purely from the product aspect, Volvo has enough firepower to take on the mighty Germans (Audi, BMW and Mercedes) in the luxury car segment. However, the Swedish car maker will have to invest a lot in to brand building, sales and service centers in order achieve the set goals.