German carmaker Mercedes-Benz is targeting a 30 percent market share in the Indian luxury car segment by the year 2022. According to Mr. Debashis Mitra Director (Sales and Marketing) Mercedes-Benz India, the company plans to sell 70,000 to 80,000 cars in the Indian market by the year 2022.
Mr. Mitra stated that the Indian car market is slated to have 80,00,000 cars by 2022 in comparison to the present level of 25,00,000 cars and the luxury car segment would increase from the current 1 percent share to 4 percent our of the total cars. He added that the luxury car segment has been growing at a 50 percent Compound Annual Growth Rate (CAGR) in the period 2007 to 2011.
Commenting on the future strategy and plans of Mercedes-Benz for the Indian auto industry, Mr. Mitra stated that the company has new generation compact car launches planned for each year till 2015 to capture a larger share of the market.
Mercedes-Benz is currently competing for a larger share in the Indian luxury car segment with players such as BMW, Audi and Jaguar.