Swedish carmaker Volvo is aiming to corner 10 percent of the luxury car market in India by 2020. In order to fulfill this target, the company is planning to launch four new cars in the country in the coming years. According to Volvo officials, the company last year sold 1200 cars in India and grew by almost 30 percent. It aims to keep that curve going upwards in the years to come.
Incidentally India is one of the fastest growing markets for Volvo. But even with that 30 percent growth rate of last year, the company currently has only 4.5 percent of the luxury car market in its kitty. It is currently in the process of expanding its footprints in the country through the dealerships and showrooms. Recently Volvo had opened its first dealership I Kolkata.
Currently Volvo offers V40 cross, V40 hatchback, XC 60 SUV and the XC 90 seven-seater luxury SUV. Recently the company had launched the S60 in India. According to Volvo India Managing Director Tom von Bonsdorff, the company is aiming to achieve the same level of competitiveness in the Indian market like its German counterparts – Mercedes Benz, BMW, Audi etc – both in terms of pricing as well as market value. The company in the coming days will launch 3 to 5 new models along with a few facelifts and will take its dealership strength to 20.