INDIA'S LUXURY CAR market is speeding ahead, even as the broader auto industry faces chal-lenges. With key players like Mercedes-Benz and Škoda Auto Volkswagen India and its prestigious brands like Audi, Porsche and Lamborghini, driving growth, the demand for high-end vehicles is accelerating at a record pace. What was once considered a niche market, is now expanding rapidly, fuelled by changing consumer preferences, rising disposable incomes and better infrastructure.
India's luxury car market, defined as vehicles priced above Rs 50 lakh, remains a relatively small part of the overall auto industry-just over one per cent by the end of the first half (H1) of 2024.
However, this segment is growing significantly. According to Soumen Mandal, Senior Analyst at Counterpoint Research, "India's luxury car market accounted for just over one per cent of the total market by the end of H12024. However, it has been growing significantly over the past few years. In 2024, annual luxury car sales are projected to exceed 50,000 units, with a year-on-year growth of 56 per cent." Mandal highlights several factors fuelling this growth.
"The increasing number of high-net-worth individuals (HNIS), easier access to vehicle loans, and ayounger demographic's preference for luxury vehicles are expected to drive this growth, helping the luxury car segment outperform the overall passenger car market," says he. Mandal predicts that with lower car penetration in India compared to countries like the United States, China and Germany, the luxury segment could capture five per cent of the overall market by 2030.
Growing TEV Segment
Esta historia es de la edición November 16, 2024 de BW Businessworld.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 16, 2024 de BW Businessworld.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
SHAPING INDIA'S ENTREPRENEURIAL LANDSCAPE: KEY INITIATIVES AND CHALLENGES AHEAD
THE Hon'ble Finance Minister made history in July 2024 by presenting her seventh budget, surpassing the record previously held by Morarji Desai. Beyond this historic milestone, the budget stood out for its trans-formative measures aimed at fostering India's entrepreneurial ecosystem.
BUDGETING IN UNCERTAIN TIMES
AFTER last year's parliamentary elections, the Budget for FY2026 was presented in July 2024, which provided a glimpse of the government's priorities. In a few weeks, the government of India (GoI) will table the Union Budget for FY2026, which is expected to expand on these plans, and provide the new medium-term fiscal path as well.
A VISION FOR 'VIKSIT BHARAT'
INDIA stands at the threshold of a transformative journey toward 'Viksit Bharat' by 2047.
Constitutional Musings
A LEGAL DOCUMENT, even if it sets down the constitution of a country, is at the end of the day, just that – a document.
Turning Stress into Strength: A Path to Purposeful Living
Khera on transforming stress into strength, fostering resilience, purpose for meaningful living, and other insights from his new book Live While You're Alive
BUDGETING FOR BETTER FUTURE
AFFORDABILITY challenges persist for homebuyers; tweaking tax relief on home loans and capital gains in the Union Budget could significantly improve housing accessibility.
"NORTH AMERICA IS OUR LARGEST MARKET
Sona Comstar fully supports the government's vision for localisation and self-reliance in manufacturing under the PLI scheme, asserts SUNJAY KAPUR, Chairman, Sona Comstar & Deputy Chairman, CII Northern Region, during a chat with ASHISH SINHA. Excerpts from the interview
MAHAKUMBH 2025
NOTWITHSTANDING the never ending debate about the beginning of the festival - year and founder - and the dates when it is to be held, there's general agreement that it was started by the 8th Century vedic scholar, philosopher, saint and teacher of Advaita Vedanta Adi Shankara Acharya and that the 12 yearly celebration dates are synchronised with every completed revolution of the planet Jupiter (Brahaspati); also that the venue is mostly in the river bank towns of Prayagraj (Allahabad) at the confluence of Ganga, Yamuna and the mythical invisible Saraswati, Haridwar (Ganga), Nasik (Godavari) and Ujjain (Shipra).
CATALYSING INDIA'S DIGITAL-FIRST ECONOMY: THE SMART WEARABLES PERSPECTIVE
INDIA'S electronics industry is set to play a key role in the nation's economic growth with domestic production expected to reach $300 billion by 2026.
"THE DELHI MODEL OFFERS THE SUREST ROAD MAP TO BUILDING A DEVELOPED INDIA"
JASMINE SHAH, then vice-chairman of the Delhi government think-tank, the Dialogue and Development Commission, conceived the idea of writing a book about the Delhi Model of governance while Aam Admi Party (AAP) convenor and Delhi's former chief minister Arvind Kejriwal and his former deputy chief minister Manish Sisodia were both at Tihar Jail for the alleged liquor scam in the state. By the time The Delhi Model – A Bold Road Map to Building a Developed India was released, campaigning for the Delhi legislative assembly elections were in full swing. The AAP leader though, stole some time out to discuss the book with BW Businessworld 's Madhumita Chakraborty. Excerpts:
