India, Volvo's 3rd Largest Market In 5 Years

By By: Vicky.in

Published: Thursday, March 17, 2011, 18:20 [IST]

For the Swedish car company Volvo the current growth rate in the Indian market promises a new status. The company sees the potential by which the country"s market will become its third largest market in Asia by 2016. This could further make the country its second largest by the end of this decade, said its President for Asia. He admitted that in the proportion of the growth in the luxury car market in India, Volvo still has not earned that much of share but there has been promises to reach the peak in another five years.

He made it clear that the luxury car market in India seems to be clumsy and could not reveal exact volume of the target. He said by 2016, India will be on top priority for Volvo after China. The sale volume for 2010 with Volvo was 130 units from the net volume of 15000 units. The MD for Volvo Auto India said for his part, the current growth indicates the luxury car market to reach 130000 - 140000 by the end of this decade. He expressed the hope that there are possibilities for sustained growth so that Volvo will become a significant player. He said the company will offer the best products at the right price.

In an expansion spree, Volvo India has just launched its S60 sedan in both petrol and diesel version at the price tag of Rs27lakhs and Rs34 lakhs respectively. This S60 sedan has with it the world"s first pedestrian detection technology having complete auto brake for preventing accidents with pedestrian casualties. He said in tune with the conventional safety aspect, Volvo is offering this feature that too at affordable and reasonable price. The company has a benchmark for gradual growth in the market. The President for Asia further claimed that in addition to expanding the portfolio, Volvo is aiming to offer alternative fuel technology, hybrid versions and electric version for the Indian market. These could be made possible, he added, when the government gets due incentives converting the price benefit to the customers.

Article Published On: Thursday, March 17, 2011, 17:38 [IST]

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