Premium Size Car Market in India

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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.

Cars belonging to this segment usually have a carrying capacity of 5 passengers. The prices of the premium cars in the Indian market range between Rs 7-15 lakhs. As the premium cars are expensive, the manufacturers of these cars target the high-income group of people and there are a lot of such takers in the Indian car market.

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.
The various automobile companies manufacturing the premium car for India are:
  • 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
The premium car market in India has grown over the last few years as a result of the increasing spending power of the aspirational Indian populace and the attractive auto-loan schemes launched by the car companies in association with banks and financial institutions.

Last Updated on 4/23/2015