Indian life style has changed in big way now with people spending huge amount of money lavishly for luxury and comfort.
India is the fourth largest market in Asia offering an excellent opportunity to the auto industry. The car makers are on the board of satisfying the customer’s demand of sporty, progressive, and sophisticated vehicles. In the last five years the luxury car segment in India has tripled, witnessing the growth of whopping growth of 25% last year. A little briefing reveals that in the year 2006 more than 5,000 luxury cars were sold compared to 3,000 in 2005 and just 1,000 in 2004. The 2007 figures are very impressive.
Indian standard of leaving has rose so high that an average rich Indian is no longer satisfied with the normal cars and like to be pamper and spoil themselves with luxury and style enjoying a superior lifestyle. Perhaps these expectations are molding the new class of affluent Indians to possess top brand vehicles, regardless of their prices.
The World Wealth Report 2005-06, India recorded the world's second fastest growth at 19.3 percent in the number of high net-worth individuals in 2005. Launched in 1980, Maruti 800, was a market leader with 42 percent of market share. But the increased demand of bigger and better cars has resulted in the market for large cars see an amazing growth of 27 percent in recent years.
Foreseeing the Indian market potential, major luxury carmakers are targeting by setting up their offices in India to cater to the rich peoples’ fancy for trendy and luxurious cars. Mercedes and offer a starting price of Rs. 25-30 Lakh, whereas the Maybach lures the consumers to pay as much as Rs. 5 crore to drive in the lap of luxury. Now BMW is also planning to come out with small cars in India, which is definitely going to click the India. Other major players like Volkswagen, Volvo, , Rolls Royce Phantom, Bentley, and Porsche have already joined the luxury car revolution in India.
Although the craze for luxury cars is visible all across India but is interesting to Punjab tops the list and remains one of the best sellers for luxury cars. According to reports, BMW sold 90 cars within six months of its launch, while Tai-Pan Traders Ltd (the dealer for Mercedes-Benz) sold more than 550 Mercedes in Punjab. It is the high demand for luxury cars in this state is attributed to rising land prices; it is estimated that most of the owners of these luxury cars are those that have benefited from the real estate boom.
