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Volvo aims 5% luxury market share by 2020

Volvo aims 5% luxury market share by 2020

Snapshot: According to Volvo India Managing Director, Tomas Ernberg, Volvo is eyeing a 5% market share in the luxury segment.

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Volvo India is on a constant growth path and they are planning big for the coming years. Volvo sold 936 units in 2013, followed by a solid 1200 units in 2014 and now they are planning to increase the sales number by 2000 units in 2015 (a healthy 70% soar in sales). While these figures represent only 1% of the luxury market share where the Volvo competes, they have set some high goals for 2020.

According to Volvo India Managing Director, Tomas Ernberg, Volvo is eyeing a 5% market share in the luxury segment - that's roughly 10000 units annually by 2020. As the part of their expansion strategy, Volvo will start the local assembly of cars in India to reduce the cost of the vehicles. Currently, Volvo is bringing cars through CBU (completely built unit) route which attracts lots of duties.

Volvo entered India in 2007 with 5 dealerships initially and has plans to increase the toll by 22 dealerships by the year end. Volvo currently sells S80 and S60 sedans, XC60 and XC90 SUVs, along with the V40 Cross Country in the country. The future lineup for the Swedish automajor include V40 hatchback, S60T6 sedan and XC90 sports utility vehicle this year.

One of the major selling point for the company is safety and the Volvo cars are synonymous with the word safe. Infact, the new XC90 is coined as the safest SUV in the world. But, Volvo is not refraining itself to safety and they are also marketing the luxury value and brand ownership value of the Volvo cars.

Click here to know more about Volvo's future plans in India!

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