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Expect sales to grow faster than industry this fiscal: JLR India
The company, which is set to commence local assembly of Range Rover and Range Rover Sport in India, witnessed a sales growth of 81 per cent in 2023-24 fiscal year at 4,436 units, as compared to FY23.
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Tata Motors owned Jaguar Land Rover expects to grow faster than the luxury car segment this fiscal, as it bolsters localisation and expands product range, according to a top company executive. (Image: JLR)
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The company, which is set to commence local assembly of Range Rover and Range Rover Sport in India, witnessed a sales growth of 81 per cent in 2023-24 fiscal year at 4,436 units, as compared to FY23.
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The automaker aims to double its business in India over the next three years.
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!["The luxury car segment grew in the range of 20-25 per cent last fiscal. We expect that the growth rate will remain in this range for the next couple of years. And we anticipate to beat this growth rate," Jaguar Land Rover (JLR) Managing Director Rajan Amba told PTI in an interaction. Initiatives like enhanced localisation of products, which would lead to reduction in prices and expansion of sales network in the country would help the company in growing faster than the industry, he added.](https://images.moneycontrol.com/static-mcnews/2024/05/20240527091446_DroneShot-RangeRover-House-1_.jpg ""The luxury car segment grew in the range of 20-25 per cent last fiscal. We expect that the growth rate will remain in this range for the next couple of years. And we anticipate to beat this growth rate," Jaguar Land Rover (JLR) Managing Director Rajan Amba told PTI in an interaction. Initiatives like enhanced localisation of products, which would lead to reduction in prices and expansion of sales network in the country would help the company in growing faster than the industry, he added.")
"The luxury car segment grew in the range of 20-25 per cent last fiscal. We expect that the growth rate will remain in this range for the next couple of years. And we anticipate to beat this growth rate," Jaguar Land Rover (JLR) Managing Director Rajan Amba told PTI in an interaction.
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Citing reports, Amba noted that the number of high net-worth individuals (HNIs) is expected to double between 2023 and 2027 and thus there's so much headroom for the growth of the premium-end car segment, he stated.
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He noted that in five years time, the domestic luxury car segment should double from the current size of 48,000 units per annum.
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