People love to buy the latest products. The taste of car lovers also changes from time to time. Buyers now prefer to buy a luxury car with advanced features. This trend also affects the economy of India. The various analyses show it boosts the economy of a country.
The sales of luxury cars were affected because of less footfall in showrooms. Most car manufacturers stop their production of a car because of COVID-19. There was a lockdown. It also affects the growth of the economy.
India is an enormous market for vehicles. It keeps it possible for luxury cars. There are several notable manufacturers in the country.
They launch various models in different price ranges with attractive offers. These cars come with the latest and advanced features. Now, people have preferred to buy these cars because it is cost-effective.
Market Trends
Multiple studies show that the market for luxury cars in India was 1 billion $ in 2020. It will increase to over USD 2 billion in the coming years. Many luxury car brands such as Audi, BMW, Mercedes-Benz, Porsche, Bentley have seen growth in their sales in the past year. These brands come with new models at affordable prices. There has been a pandemic in the last two years but there is growth in sales of luxury cars.
1: Luxury SUVs
There has been slow growth in the last few years because of several factors. There are many reasons, such as different taxes imposed as GST, liquidity pressure, slow economic growth. It has a slow growth rate, but sales of luxury cars are increasing. It is because of the latest trends in Luxury Sedans & Hatchbacks.
2: Local Assembled
Many brands BMW and Volvo manufacture in India. It increased the growth of BMW by 50% because they locally assembled it. They launched X1 & X3 variants. It launches multiple variants with an affordable price range.
3: Safety Features
Volvo was the leading name that saw dramatic growth in sales. It had come with a new lineup of its SUV cars. New luxury cars come with advanced safety features. Volvo XC40 is the only car that has radar-based safety features. It comes with a steering Assist that activates speeds above 50 kmpl. It helps in times of crashes.
Jaguar Land Rover has also seen growth in its sales. It has sales in 50% of the country. It boosts the economy of India. It came with multiple models that increased its sales.
4: Competing Landscape
The luxury car companies have seen multiple issues in the last few years. The regular modifications of tax policies, financial market growth, and many other factors. Mercedes-Benz, BMW, Audi, Jaguar Land Rover, Lexus, Volvo are leading names in the car market. It has seen significant growth in the last few years.
Lamborghini is an Italian luxury car that also sees significant growth in its sales in India. The reports show they sold 26 units last year in India. In 2020, they sold only 13 units. This change also continues this year. It also added new models of the Huracan variant.
5: Eco-Friendly Features
The market is looking for cars with eco-friendly features. There is a lot of pollution in India. Customers are more informed about these issues. They prefer to purchase cars with Eco Mode or Air quality control and others. These features are regularly available in luxury cars. It is also reasonable to change trends to buy SUV vehicles.
Conclusion
The sale of luxury cars is increasing constantly. It is effective for the growth of the economy. When the automobile industry has boosted, it is helpful for the Indian economy.
