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.
この記事は Business Today India の November 10, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Business Today India の November 10, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
