Luxury Cars in India
January 18, 2008The Indian economy is booming and more young business men, entrepreneurs and IT professional are coming up they prefer to spend money on the luxury cars India. The current luxury car market is an estimated 4,500-5,000 units per annum and it is believed that the market will hit 10,000 units by 2010.Daimler Chrysler entered the Indian market and set up Mercedes Benz India Ltd in the year 1994. DCIL manufactures S-series 320 L , E-series E200, E230 and E250 and C-series cars. Mercedes Benz recently launched Mercedes Benz CL and S Class (S 320CDI L) vehicles. To follow the bandwagon was Audi; it launched its first car in India in the year 2004. It sells the A4, A6, A8, RS4 and Q7 models in India. Audi’s latest launch has been its sports coupe Audi TT. Audi is targeting a sales figure of 550-650 units for 2007-08 in comparison to a total sales figure of 450 in 2006. BMW plant in Chennai assembles 5 series and 3 series sedans.
BMW imports the 7 series and X5 SUV range of cars. The company is planning to seize all opportunities for its stable of and in likelihood, BMW India Pvt Ltd, would be launching BMW Mini in 2009. UK-based luxury cars maker Bentley Motors has wheeled in two new models in the Indian market. Called Azure and Continental GTC, the two convertible models come at a price tag of Rs 3.80 and 2.10 crore (ex showroom prices) respectively. Volkswagen, owners of luxury brands like Bentley, Lamborghini and Bugatti, too said to have been working on a small car for India. The company is already in the process of appointing autoparts suppliers to ensure uninterrupted supply of parts for its small car. Triggered by the buoyant small car market, the companies want to increase their market share to about 10 per cent by 2010 from the current 3-4 per cent. Toyota, Honda and Volkswagen have forecasted optimistic growth post their small car launches in 2009 It was perceived that the super car market would hit its inflection point after 2012. However going by current growth rates, that peak may come as early as 2010.
The luxury market is growing by leaps and bounds, and nowhere is that growth more evident than India. I have a friend who travels to India twice a year, and he says that the number of luxury cars on the streets of Delhi is growing exponentially.