Moving on the way of progress, the Swedish auto manufacturer ‘Volvo’ is aiming high to achieve the 15 percent share of the Indian luxury car segment by 2020 with the sales target of 20, 000 units per year, addressed by a senior official of the company. On Wednesday, the company introduced a new variant D3 diesel in its existing Volvo S60, Volvo S80 and Volvo XC60 cars in India. The price range of this new variant starts from Rs 23.2 lakh and goes up to Rs 33.2 lakh in India.

Company is planning to buzz the Indian marketplace with the launch of a new global model somewhere in Q1, 2013. The Managing Director of Volvo Auto India, Tomas Emberg has said that the fastest growing Indian auto market has wide business scope for the company. Volvo keeps growing with its constant efforts and has established a fine grip over the market.

Now, the company is focused towards the Indian luxury car segment and targeting to achieve the 15 percent share by 2020. According to some speculations, the luxury car segment is expected to reach upto 1.5 lakh units a year by 2020 and the company is intend to make it upto 20, 000 units by the end of every year, he added further.

In the previous year, Volvo Auto India has reported the total sales of 320 units and all prepared to increase it upto 800 units by the end of this year. Emberg has also said that the company is seeking to take a lead over the dominance of the three major luxury car makers including BMW, Audi and Mercedes-Benz. To grab the top position by 2020 Volvo has to face a tough competition with these three rivals.

He said that in the next few years the supremacy of the German auto brands over the Indian luxury car segment will get feeble against the emerging new premium car manufacturers like Jaguar Land Rover, Lexus and Porsche. The Japanese automaker, Lexus has announced to enter in the growing Indian auto market.

Along with this, the Jaguar Land Rover with the strong support of Tata Motors is all set to make a sensational appearance. These auto brands will be the major game players in the Indian luxury car segment by 2020, he said.