Indian market could be Volvo’s third largest market in Asia by 2016

Volvo is looking at the potential of India as a growth market for luxury cars. The company predicts that by 2016, India will be Volvo’s third largest market in Asia. Presently, Volvo’s share of the market is small but there is expected growth over the next five years. “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,” said Goran Larsson, president for the Asia region for Volvo Car Malaysia. Industry experts believe the luxury car market in India could reach 130,000 to 140,000 units by 2019. Larsson also indicated that the company intends to offer both hybrid and electric vehicles for the Indian market. Volvo cars is owned by China’s Geely Motor. (March 12, 2011)