Amba, the Managing Director of Jaguar Land Rover, shared insights into the company's strategies aimed at accelerating growth in the luxury car sector. He highlighted that Tata Motors owned Jaguar Land Rover is poised to expand faster than the overall luxury car segment by leveraging initiatives such as increased local production to bring down prices and expanding the sales network across India. The company is set to kick off local assembly of Range Rover and Range Rover Sport in India and experienced an impressive 81% sales growth in the 2023-24 fiscal year, reaching 4,436 units, compared to the previous fiscal year.
Amba underscored that amidst an estimated doubling of high net-worth individuals (HNIs) between 2023 and 2027, there is significant potential for growth in the premium car segment. He projected that in five years, the domestic luxury car market could double from its current annual size of 48,000 units. By introducing a blend of internal combustion engine and battery electric vehicles, Jaguar Land Rover aims to meet the varied demands of customers in the evolving automotive landscape. Amba mentioned the importance of increasing visibility, desirability, and brand growth through expanding the sales network, creating unique experiences like the Range Rover House, and gradually increasing the size and presence of their cars on the roads.
In terms of sales network expansion, Amba highlighted a plan to venture into new regions, indicating a shift from their traditional presence in 21 cities. He emphasized a strategic and steady brand growth approach, ensuring partner satisfaction and profitability while considering the scope for growth beyond the existing network. Despite not providing specific details on the exact number of outlets to be established, Amba expressed a commitment to measured growth to maintain partner satisfaction and profitability as they embark on expanding the brand's presence across various regions.