Volvo foresees India to be its third largest market in Asia in next five year

Saturday 12 March 2011, 00:00 AM by Vikas Yogi

Volvo Car Corp, the Swedish luxury car-maker, said on Friday that India is expected to become its third largest car market in the Asian region following China and Japan by year 2016. The company is gradually building-up its presence in the Indian market as a part of its future expansion plans on the country.

As per a statement given by Volvo Car Malaysia (President Asia Region) Goran Larsson to PTI, "The way the Indian luxury car market is growing, we expect it to become the second largest in Asia after China by 2020. We have every interest to take part in this growth."

The Swedish car maker currently has a minimal presence in the Indian market in terms of volume. However, it aims to gradually grow over the premium and long term.

In year 2010, Volvo managed to sell 130 cars in the Indian market as against overall luxury market sales of around 15,000 units. As per Volvo Auto India Managing Director Paul de Voijs, the Indian car market segment could touch about 1,30,000 to 1,40,000 units by 2020.

De Voijs added that the company is very optimistic that the market will continue to grow and gradually Volvo will also become a significant player. "The idea is to offer the best of the products at the right price", he said.