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The Booming Luxury Car Market in India

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Praveen Kumar:

Almost every sector is eying India as a potential investing hub, and automobile sector is no exception. Besides being still a developing country, it shouldn’t be a surprising fact that Indian ranks world number 3 in terms of the number of millionaires. This era of development in India has been at its best, despite recession, strong fundamentals of Indian economy have managed to post a decent GDP growth last year.

Increase in disposable income of the people has led to a different lifestyle. Now, the mindset of Indian consumer is a lot different. Previously, Indian consumers used to check the prices of everything they bought. Now, the consumer looks at the experience of the company during the buying process. More than price, Quality matters. This paradigm shift has also changed the way companies look at India. Slowly and steadily the luxury car market, you can do a car reg check to be sure, which was in a very nascent condition in India, is now counting on big revenues from the country’s customers.

Of late, there had been a steep increase in the luxury car market. Year 2009 recorded a whopping 25% growth in the luxury car market. It would be news for many of us that India ranks number 1 in exporting automobile components. The German machines which have fame all over the world use components which are imported from India.

New entrants like Volkswagen are going to heat up the competition even more. Currently the fight is in between BMW and Merc. Despite being a late entrant in the Market, BMW has been successful in capturing a considerable amount of market share. But, this fight between just two companies is not going to stay for long as new players are entering the Indian market.

Is India a dream place for companies? There are clear indications from the current market scenario that luxury car market in India is bound to grow. Last year Rolls Royce’s Phantom, a sublime luxury masterpiece was priced around 4 crores and 35 cars were sold. In the late December 2009, Rolls Royce launched its new model GHOST which is expected to be even highly priced and will receive more orders.

This increased demand for luxury cars, is not something that spurt all of a sudden. The gradual development of the Indian economy and the increased disposable income has influenced people to make a status symbol with respect to their cars. Luxury sedans are available from the price range of Rs. 20 lakhs, which are mostly preferred by the first time buyers in this segment. The achievers, who adapt to the latest happening and like to be dominant, are always quick in buying the heavy priced sedans.

One of the major reasons for the increasing number of Luxury car’s buyers is because of the multinational companies who pay very lucrative pay packages to its employees. These highly lucrative earning enabled these youngsters to buy luxury cars. This has further given a boost to the industry.

Besides the consumer behaviour, the Government also played a prominent role in this. The government formulated polices pertaining to imports of the country and equity regulations has helped the luxury car making companies to operate in India in a better way. The reduction in import tariffs in the automobile industry has helped these companies price their cars at a lower price as compared to what they used to be.

Luxury car market in India has grown tremendously over the last few years. To maintain this growth in India, the Indian automobile industry and the Government of India has to make some serious efforts.

The writer is a correspondent of Youth Ki Awaaz and also a student of MBA from IIFT.

You must be to comment.
  1. CarFan

    Now that we are starting to see car industry in India booming I wonder whether this boom could be maintained with a car scrappage scheme like in the UK.

  2. Harshit Shrivastava

    After 20 years of breakneck growth China would pass the title of the world’s fastest growing big economy to India this year. India’s domestic demand-driven growth model is playing a catalyst role in attracting foreign investments during last 10 years. “India has reached a sweet spot—rare in the history of nations—in which it could finally be launched on a double-digit medium-term growth trajectory,” the government’s Economic Survey said. “This trajectory would allow the country to attain the fundamental objectives of ‘wiping every tear from every eye’ of the still poor and vulnerable, while affording the opportunities for increasingly young, middle-class, and aspirational India to realize its limitless potential.
    We at Indian Market Eye (IME) provide all the insights and intelligence you need to know about major emerging Indian Sectors at a single platform published by trusted market research agencies. We cover all the major industry sectors including Electronics & Semiconductor, Healthcare, Automotive & Transportation, Consumer Goods and Energy & Power. Our aim is to provide our audience with latest and updated market information and figures released by well-known market research brands in the country.
    IME is first of a kind market research information sharing website based on fastest-growing Indian industries. Check out our website for more information or send us a mail if you have any relevant information.

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Now as an MH Fellow with YKA, she’s expanding her impressive scope of work further by launching a campaign to facilitate the process of ensuring better menstrual health and SRH services for women residing in correctional homes in West Bengal. The campaign will entail an independent study to take stalk of the present conditions of MHM in correctional homes across the state and use its findings to build public support and political will to take the necessary action.

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A student from Delhi School of Social work, Vineet is a part of Project Sakhi Saheli, an initiative by the students of Delhi school of Social Work to create awareness on Menstrual Health and combat Period Poverty. Along with MHM Action Fellow Sabna, Vineet launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society.

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A former Assistant Secretary with the Ministry of Women and Child Development in West Bengal for three months, Lakshmi Bhavya has been championing the cause of menstrual hygiene in her district. By associating herself with the Lalana Campaign, a holistic menstrual hygiene awareness campaign which is conducted by the Anahat NGO, Lakshmi has been slowly breaking taboos when it comes to periods and menstrual hygiene.

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