Luxury Car Market in India

Luxury car market in India has registered a fair amount of growth in the last few years and is growing at the rate of 25% per year. A luxury car is a luxuriously styled automobile which is designed to give satisfaction and comfort to its owner.

A luxury car typically has carrying capacity of 6 passengers. The luxury cars in the Indian market are very expensive, with price tags that start from ` 20 lakh. Hence, luxury cars can only be afforded by the people who belong to the high income group and there are a lot of such takers in the Indian automobile market

The various reasons for the growth of the luxury car market in India are:

• The economy is rising in the country which has given the people more disposable income which they are spending in buying luxury cars.
• Various loan schemes have been launched by the automobile manufacturers and the financial institutions. This has made it very easy for the people to buy luxury cars and this has boosted the luxury car market in India.
• With the IT boom in the country many youngsters are earning high pay packages which enable them to buy luxury cars. And this have further given boost to the market of luxury car in India.
• The government have formulated many polices such as the relaxation of equity regulations and the reduction of import tariffs pertaining to the automobile industry. These have helped to reduce the prices of the luxury cars, which in turn have led to the growth of the luxury car market in India

The various automobile companies manufacturing luxury cars for India are:

• BMW manufacturers the BMW 530i and BMW 760li models
• Rolls Royce manufactures the Rolls Royce Phantom V 12 model
• Porsche manufactures the 911 Carrera, 911 Carrera S, and Cayman S models
• Daimler Chrysler manufactures the Mercedes Benz C and E class models
• Bentley manufactures the Bentley Range and Bentley Continental models

Luxury car market in India have grown over the last few years. That it continues to grow more efforts must be made by the Indian automobile industry and the government of India. And only then the luxury car market in India will be able to reach its heights.

Last Updated on 4/24/2015