India’s luxury car market is set for significant growth in the coming years, and Tata Motors-owned Jaguar Land Rover (JLR) is poised to capitalize on this trend. According to JLR India officials, the company expects to outpace the segment’s growth this fiscal year, driven by increased localization, an expanded product range, and a growing base of high-net-worth individuals (HNIs) in the country.
In the 2023-24 fiscal year, JLR India achieved an impressive 81% sales growth, with 4,436 units sold. The company aims to double its business in India over the next three years, driven by initiatives such as local assembly of Range Rover and Range Rover Sport models, which will help reduce prices and increase accessibility.
JLR Managing Director Rajan Amba expressed confidence in the company’s ability to outperform the industry’s projected growth rate of 20-25% over the next few years. He cited reports indicating that the number of HNIs in India is expected to double between 2023 and 2027, creating significant headroom for the premium car segment to expand.
Amba believes that the Indian luxury car segment could double in size within five years, reaching 48,000 units per annum. To achieve this, JLR plans to enhance brand visibility through initiatives like the Range Rover House, expand its sales network, and introduce a diverse range of internal combustion engine and battery electric vehicles to cater to evolving customer preferences.
The company is also focusing on expanding its sales network into new regions, with plans to add more showrooms to its existing 25 outlets. While JLR is committed to growth, Amba emphasized that the company will prioritize steady expansion and ensure the profitability of its partners.
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