Tuesday, May 06, 2008

Indian Car Market Saw 102.69% Sales Growth in Luxurious Car Segment

If you have a slightest idea about Indian car market, then you might know that India has a price sensitive market where price plays a big role among the consumers. However, the trend now seems to be changing. For many years, Indian car market was not an appropriate place for luxury cars. However, last year the luxury car segment has seen a substantial growth of 102.69%, which tells the current market trend.

Actually, Indian economy is growing fast. Moreover, their stock market and real state business is getting stronger. So, many people have money at their hand to spend some more for luxury and the young generation is driven by luxurious life style. Luxury cars like BMW, Mercedes are doing well in the market at this moment. Mercedes has experienced 58.5% growth in its C-class and S-class sales in the first quarter of this year.

Cartradeindia reported:

On one hand, companies are offering more choices in the luxury segment while on the other hand, people are having more disposable income. This segment has seen an enormous growth of 102.69% in the last financial year 2007-08 as compared to the previous one in 06-07.

"The booming stock market and real estate sector in India have helped several people make their fortunes out of it. This has resulted in more people splurging on top-end brands like BMW," says Peter Kronschnabl, president, BMW India.

Though it is true that not all of Indian popularity has got the blessings of economic growth in the country, there are now more millionaires and billionaires in the country that means the luxurious car segment of Indian market will see some more successes in the coming quarters of the year. So, the luxurious car makers will not be more interested to enter into Indian car market.