Luxury car in indian market. India luxury vehicles market outlook 2017 2025 has been prepared based on an in depth market analysis from industry experts. 3 decades of double digit gdp growth has made chinese wealthier than indians. The report covers the competitive landscape and current position of major players in the india luxury vehicles market. With indias current gdp growth rate it will take decades to reach such exponential growth in indian luxury car market.
Indian luxury car market youngest in world nandini sen gupta indias demographics have turned the country into one of the youngest luxurypremium car markets in the world. Mercedes benz india and bmw group india recorded their highest ever annual sales in 2017 at 15330 units and 9800 units respectively. The india luxury car market is expected to register a cagr of 24 till 2023. This makes the country one of the youngest luxury car market thus a lucrative market for luxury car manufacturers to grow.
Luxury car market in india has registered a fair amount of growth in the last few years and is growing at the rate of 25 per year. The average age of luxury car owners is 35 years in the country compared to 43 45 years globally. According to the 2017 data luxury car sales stood around 40000 and india became the 27 most attractive luxury car market in the world source. In 2004 mercedes benz was the 1st luxury car brand to formally enter the indian market this was followed by bmw in 2006 and audi in 2007.
Mercedes benz is the best selling luxury car maker in india followed by bmw and audi. Indian luxury car market size is close to 40k units now but in china audi alone sold more than 5 lakh cars 46k monthly average in 2017. Its fair to say luxury cars never go out of fashion and the craze for high speed and extravagance is not lost among car owners in india. Indias luxury car market hit a new peak.