Luxury car mkt to mark 20K units in 2011 - Volvo

Volvo, the Swedish luxury car manufacturer has today said that the Indian luxury car market is lined up with great opportunities in the year 2011.

Commenting on the same he said that the Indian luxury car market is expected to display a tremendous growth of 50 per cent which will amount to straight 20,000 units as against that of last years sales. Addressing the issue, Volvo Auto India MD Paul de Voijs has commented that he is expecting the capacity of luxury car market to reach a mark of 20,000 units in 2011.

He also said that these cars include the one priced above 20 lakh which were lying at 13,000 units sale in year 2010. The statement was made at the launching ceremony of its super luxury sedan, Volvo S60. Vojis has pointed the Indian auto market to be full of potential for the luxury car makers. He also stated that the Indian luxury car market will amount to 3 per cent of total passenger car market by year 2020 by displaying a tremendous sale of 1.50 lakh units. He said that within a period of past 5 years a stunning growth of 0.16 per cent is observed in the Indian luxury car segment as against the total car market to 0.60 per cent in 2010.

He also pointed out that till the month of Feb 2011 it has displayed a growth of 0.70 per cent. Thus we see a trend of faster growth in this market. In the Indian auto market, Volvo was able to sell a total of 130 units in the year 2010. On questioning about the company's expectation in terms of total sales in the year 2011, he denied to make any comments. Volvo made its official entry in Indian auto market three years ago and now it is planning to have a better dealership network in atleast five cities which will help the company in targeting better sales here. Vojis has also commented that they will soon come up with dealerships in Chennai, Bangalore, Kolkata, Jaipur and Ahmedabad in year 2011.