Asia Bizz: Swedish car manufacturer Volvo is plans to make its presence a little prominent in the Indian market. The company looks to India as a long term strategic market and is now planning to introduce more vehicles in the luxury car segment in order to grab a bigger share.
Despite the overall crisis in the automobile industry, the luxury car segment has continued to grow in the year 2011. By the year 2020, the luxury car segment is projected to be 1.5 lakh units per year.
The company plans to grab 15 percent share in the segment by selling 20,000 units per year by the end of the decade. Volvo has plans to introduce another model in the first quarter of next year as they aim to become one of the most popular auto makers in the country.
In the year 2011, Volvo India sold 320 units and aims to double the number by the year 2012. As far as the global market is concerned, Volvo has a strong presence and is known for its high safety standards. In terms of the luxury market segment, Volvo has enough capability to give a tough fight to the auto majors like Mercedes, Audi and BMW in the segment. On the other hand, in order to achieve the set target the company needs to invest a lot in terms of service stations, brand building and sales.