German luxury carmaker Audi on Wednesday said it expects India to be one of its top 10 global markets by 2016 and as one of its top 5 markets by 2021. The company aims that the luxury car market, which at present accounts for a mere 1.2% of India’s overall passenger car market, would get to 5% (225,000 units per annum) by 2019.
“We have already exceeded our annual sales target of 8,000 units per annum announced at the start of the year with a month to spare. So unlike some of our competitors, we remain confident of the Indian market,” said Michael Perschke, head, Audi India.
“Our sales have grown by 58% this year so far, that makes India the fastest growing luxury car market for us globally. This is the reason why India already is strategically one of our top 10 markets even if it is not there yet in terms of absolute sales.”
Audi has closed in on premium car market leader BMW this year and has overtaken Mercedes Benz for the No. 2 slot. It said it does not intend to launch its hatchbacks — A1 and A3 — in a hurry.
“I do not think there is enough pull for a luxury small car yet. But I am willing to be proven wrong,” Perschke said. “There is nothing that stops us from launching A1 but I think the market is not ready yet. If given a choice I would rather have the sedan A3 instead.”