THE LUXURY AUTOMOTIVE space is witnessing a quiet transformation. Ultrarich customers seem to be making the switch from conspicuous to conscious consumption, and they see electric vehicles (EVs) as an easy means to reduce their carbon footprint.
Unlike in the mass market segment, where the penetration of EVs hovers around 2%, EVs account for 6% of sales in the luxury cars segment. With this growing interest in EVs in the luxury segment, carmakers too are stepping up their offerings as they look to meet demand.
"Indian customers, especially in the luxury segment, are increasingly adopting EVs because of increased awareness of sustainability, environmental consciousness, and cutting-edge technology," says Balbir Singh Dhillon, Head of Audi India.
This trend is particularly pronounced among millennial and GenZ customers who are firsttime buyers of luxury cars. According to Vikram Pawah, President of BMW India, young Indians are the ones driving the demand for luxury EVs. For BMW India, which currently has six luxury electric cars the BMW i7, BMW i5, BMW i4, BMW iX, BMW iX1, and BMW Mini Countryman Electric-most buyers are aged below 45.
"The luxury electric segment in India is seeing very strong interest from young, successful people; 65% of BMW and Mini EV customers are aged below 45. These young achievers have a dynamic and active lifestyle and choose cars that match their personalities," says Pawah. He adds that most of them are from the manufacturing, real estate, IT, legal, and luxury goods sectors.
هذه القصة مأخوذة من طبعة November 10, 2024 من Business Today India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 10, 2024 من Business Today India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.
