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Luxury Car Market To Witness 6 Fold Growth
Luxury car sales in India during 2011-12 was just under 53,000 units. Sales during 2012-13 are expected to grow and is estimated to finish over 54,000 units. The study has revealed that the Indian rich will trigger a growth in the segment with sales crossing more than 3 lakh units by 2020.
The luxury car segment is growing much faster than the over all passenger car market. High-end cars witnessed an annual growth rate of 23.78 percent during the financial year 2012-13 while the passenger car segment's growth rate is pegged at 13.91%.
The reason behind this improved sales performance of luxury cars has been attributed to premium SUVs. Premium SUVs now constitute a large chunk of premium car sales. They contributed 56% of sales during FY 2011-12 from just 2% in FY 03-04.
The study has proved why premium car brands such as Audi, BMW, Mercedes-Benz and Jaguar are considering India as a very important market. All these car brands have established market shares in Europe and America where growth rates are stagnating. They consider India as a market where they can grow.
All these premium brands have plans to launch several new model in India in the coming years. These new models will also help the luxury car segment grow as suggested by the Frost & Sullivan study.
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