Tata Motors' Jaguar Land Rover division anticipates growing faster than the luxury automobile market this fiscal year as it strengthens localization and broadens its product offering. The firm had an 81% increase in sales at 4,436 units in the 2023?24 fiscal year compared to the FY23 period. The company plans to start local production of the Range Rover and the Range Rover Sport in India. Over the following three years, the manufacturer wants to triple its operations in India. Rajan Amba, managing director of Jaguar Land Rover (JLR), noted that the premium automobile market expanded by around 20?25% during the previous fiscal year. For the upcoming several years, the firm anticipates that the growth rate will stay at this level. The automaker's representative stated that initiatives like enhanced localization of products, which would lead to a reduction in prices, and expansion of the sales network in the country would help the company grow faster than the industry. Citing reports, Amba, noted that the number of high-net-worth individuals (HNIs) is expected to double between 2023 and 2027, and thus there is a lot of headroom for the growth of the premium-end car segment. Amba also stated that in five years' time, the domestic luxury car segment should double from the current size of 48,000 units per year. He said that as the company builds up and puts more and more cars on the road and gets more visibility for its cars, that will add to the desirability and growth of the brand. Furthermore, he mentioned that it is a sequential process as the automaker continues to create various experiences, like the Range Rover House, and expands its sales network. He also said that as the company grows in size, it starts to get new allocations from the headquarters. He noted that the company plans to keep introducing both internal combustion engines and battery electric vehicles to cater to customer demand, and that they are not shying away from bringing everything that is being offered outside into India because they are finding tremendous consumer support. When asked about the sales network, Amba said the company would be undertaking expansion in new regions. He explained that they have been largely constant for the last four or five years with 25 showrooms, but now is the time to start looking at expansion. However, he did not elaborate on the number of outlets the automaker intends to set up going forward. Lastly, Amba stated that the company is not in a hurry to grow the brand but instead wants to grow it steadily and make sure that their partners are happy and profitable. He mentioned that they are only present in 21 cities, so there is still a lot of scope for expansion.