Volvo XC60 contributed 30% to the brand’s total sales volume in India; aims to double market share with increased localised production
Volvo has experienced significant growth in Indian market in 2017, as the Swedish luxury car manufacturer has posted 25% YoY sales growth with more than 2,000 cars sold this year. The XC60 SUV played crucial role in the growth strategy of the brand with around 30% of the total sales volume attributed to this model.
What’s more interesting is, not only in domestic market but in the global market too this brand has experienced significant growth in 2017. As the automaker said during launch of the new XC60 SUV last week, 2017 has been a very good year for the auto major both in India and in international market. In the global market, Volvo has touched half a million sales mark and in domestic market the brand has posted positive result for fourth consecutive year.
Despite facing challenge after demonetisation and implementation of GST, Volvo has been able to continue its growth story in the domestic market, where other luxury car brands like Mercedes-Benz and BMW have a strong hold. The Swedish brand says it experienced tough time till October 2017, but November came bearing good sales result for the company.
The company now aims to double the sales volume in domestic market with increased localised production. Volvo currently assembles the S90 and XC90 models locally at its Bangalore facility. In coming months, the company is expected to expand the localisation of its products to achieve competitive pricing that would result in more sales and more market share as well.
Presently, Volvo holds 5% market share in Indian luxury car market and the brand aims to increase it to 10% by the end of this decade. The company is betting big on the XC60 luxury SUV to achieve the goal. Also, the XC40 would play key role in Volvo Auto India’s growth strategy as well.
Also, as we reported earlier, the auto major is aiming to launch its first all-electric car in India in 2019. From 2019, the band will manufacturer only electrified vehicles that will include plug-in hybrid, hybrid and pure electric cars. With India thriving towards zero emission mobility under the Mission EV 2030 strategy, Volvo targets to grab a good share in the country’s EV market.