By definition, a luxury car means an expensive vehicle which is designed to provide higher comfort levels to the driver and the passengers. Today, the Indian car market is beginning to grow out of its stages of infancy. With the foray of an ever increasing number of international car makers into the Indian market, the Indian market is emerging as a lifetime opportunity for major Automotive companies worldwide. Also with the growing number of HNI (High Net Individual) in India, more and more luzuxry car makers are setting up their shops here. The luxury car market in India is growing at a rate of 25% year on year (YOY). This is the major reason why the luxury car makers like Mercedes Benz, Audi, BMW, Bentley, and Rolls Royce etc. have started selling cars in India.
With a price tag of more than Rs. 20 Million, luxury cars are accessible to a very few and select customers. Well this is what the customers of luxury cars actually want and demand i.e. “Exclusivity”. The Indian economy is growing at a phenomenal growth rate. This means that the average consumer has more disposable income to spend on things like the luxury cars.
Car manufacturers like BMW which sell the BMW 523i and 730ld models are receiving a lot of acceptance with the Indian consumers. Even at prices which stand at ` 4,414,100 and ` 9,233,820, there is no scarcity of buyers. These German luxury cars are at the very epitome of quality and for the Indian millionaires, provide the pampering luxury that they crave for. Besides BMW, other major German manufacturers are also doing the same in India. Mercedes Benz was one of the initial car makers that set shop in India, identifying the market potential. Today as more and more car makers perceive India as a great opportunity, the consumers are going to get an ever increasing array of options.
This all started in the 1990’s when we were introduced to one of the biggest economic reforms in the history of modern India. Today when the rest of the world is under recession, we here in India are witnessing a new luxury car launched almost every quarter. After almost 3 decades since the launch of the humble Maruti 800, we have now entered an era where India is said to be on the road to become the largest luxury car market in the world. The 139,835 millionaires in India in 2009 growing at a 19.7% rate YOY (Year on Year) are going to fuel the growth of the Luxury car segment for the years to come. May it be Mercedes Benz or the famous BMW’s, India is providing all of them with demand.
