To cash in on the growing demand from women drivers, luxury car brands are revising their marketing and design strategies to accommodate the ladies’ demands.
India’s luxury car market has witnessed a near ten-fold growth in the last decade, leaping to the 27th position from 48th, eleven years ago, in global ranking of luxury car sales. Despite several changes in the government policies — demonetisation, GST and hike in import duties — and an overall slowdown in the global automobile market, India is on track to reach new highs this year. Most luxury car manufacturers posted double-digit growth in the first quarter of 2018 (See left). One of the most significant growth drivers is the increased demand from women clients. The manufacturers see tremendous potential in this segment and are tweaking their marketing, sales and design strategies to tap into this emerging segment.
The percentage of women buyers of luxury cars in India is at an all-time high. They bought 14 of vehicles sold last year. This trend is in line with all the major markets across the world, witnessing stellar growth in this segment. However, the number in India is relatively smaller than that in Europe and the United States, currently at 25 and 41 respectively. This can be largely contributed to India’s dismal women-to men drivers’ ratio. According to the Road Transport Yearbook 2015-2016, only 11 women in India take the wheel. Another factor is the wide gender pay gap, currently at 67 , limiting women’s buying power.
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