India is one of the largest passenger vehicle markets in the world and vehicle manufacturers both in the passenger and luxury segment see a huge potential for sales growth in the country. While the luxury car penetration level in the country is low but leading luxury car manufacturers are betting on the markets potential.
Our analysts are of the opinion that the Indian luxury car market is set for consistent growth. Wealthy Indians consumers will continue to chase their dream cars in years ahead. The average age of luxury car owners is 35 years in the country compared to 43-45 years globally. This makes the country one of the youngest luxury car market, thus a lucrative market for luxury car manufacturers to grow. Mercedes-Benz is the best selling luxury car maker in India followed by BMW and Audi.
Launch of multiple strategically priced models at various price points coupled with smart financing schemes and a robust dealer network is boosting the sales of luxury cars in India. Historically luxury car sales have been robust in cities such as Mumbai and Delhi but players are now targeting other cities with untapped potential. The compact luxury segment is upcoming in India and in a bid to tap into the potential Audi and Mercedes are looking to launch new models in the country at competitive pricing possible due to local assembly.
By 2020 the luxury car makers are focusing to launch hybrid and electric vehicle. Indian Government plans to ease the import norm by eliminating restriction on price and compulsory local testing on luxury cars, bikes and electric vehicles. As per the proposed new rule, manufacturers can import 2500 units annually without any clearance test. This new law is expected to motivate the luxury car makers to launch new models in the segment.
Why should the report be purchased?
The report Assessment of India's Luxury Car Market 2018 highlights key dynamics of Indias luxury car market. The growing opportunity in the sector has been investigated along with capturing initiatives and performance of key players such as Volkswagen AG, Daimler AG, Bayerische Motoren Werke AG (BMW), Tata Motors Limited, General Motors Company, The Volvo Group and Porsche AG. The report contains latest industry-related opinions.
Research methodology and delivery time
Smart Research Insights has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications has been scanned and analyzed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.
The report is available as single-site single-user license. The delivery time for the electronic version of the report is 2 business days as each copy undergoes thorough quality check and is updated with the most recent information available. The dispatch time for hard copies 3 business days, as each hard copy is custom printed for the client.
About Smart Research Insights (SRI)
SRI is a research organization specializing in industry research reports and custom research. Our team of dedicated researchers with rich experience across industry segments focuses on delivering high quality analysis. Undertaking in-depth secondary research, we arrive at key insights, which are supported by data that has been analyzed impartially to present a clear picture of the industry. All recent developments and industry opinions which impact the sector dynamics are captured and used to support the research hypothesis.
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