The premium car market in India has registered a fair amount of growth in the last few years. A premium car is a luxurious automobile which effectively blends cargo capacity and passenger space for the sake of style and grandeur.
The various reasons for the growth of the premium car market in India are:
- The economy of the country is rising as a result of which the people have more disposable income which they are spending on buying premium cars.
- The government have reduced the import tariffs and also relaxed equity regulations with regard to the automobile industry in India. This has reduced the prices of automobiles giving a boost to the premium car market in India.
- The IT boom in the country has resulted in the youth earning high pay packages. This enables them to buy premium cars, which have further boosted the premium car market in India.
- Many loan schemes have been launched by the financial institutions and automobile manufacturers, giving a boost to the market of premium car in India.
- Toyota Motors which manufactures the Toyota Camry model
- Skoda Auto which manufactures the Skoda Octavia, Superb, and Laura models
- Honda Motors which manufactures the Honda Accord, Civic, and City ZX models
- Ford Motors which manufactures the Ford Mondeo model
- Mitsubishi which manufactures the Mitsubishi Lancer model
- Audi India which manufacturers the Audi A4, A8, and A6 saloon models