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7 Unexpected Facts About Luxury Car Sales In India Statistics 2022 | Luxury Car Market Share In India
- A few years later, the Covid-19 pandemic’s effects on the planet have come back with a vengeance. The market for luxury vehicles has recovered pre-pandemic sales levels and is expected to continue to expand. The Indian luxury car market, which was valued at USD 1.06 billion in 2021, is anticipated to grow by 7% CAGR to USD 1.54 billion by 2027. - Source: Internet
- The Indian government revised its luxury car-specific GST system in 2017. The luxury automobile market recovered, and the sales number was back on track in spite of this and the moderate rise in total sale volume. For all of the luxury automobile manufacturers in the Indian market, 2017 ended up being the most suitable year. - Source: Internet
- The automotive industry’s worst setback occurred in 2016. Demonetization is the primary justification. Of course, the reduction in diesel car sales during the first half of the year also played a part. Thus, the industry experienced a significant decline in sales volume for the first time in ten years. - Source: Internet
- A new India and a new breed of businesspeople were developing. Companies have started giving graduates from prestigious universities and institutions larger and healthier salary packages. All of this increased the number of high-net-worth individuals, expanding the pool of potential purchasers. The country’s tier 2 and tier 3 cities saw economic expansion and development, which increased demand for luxury vehicles in these areas as well. - Source: Internet
- “Since Covid, the market has made a significant recovery. One of the most acceptable requests we have ever seen in India is what we are seeing right now. We completed about 4,000 automobiles during the first quarter and currently have an order bank of about 5,000 cars. Santosh Iyer, vice president of sales and marketing for Mercedes-Benz India, stated, “We have never witnessed such a high booking, order bank. - Source: Internet
- The introduction of electric cars is the other area of the luxury automobile industry that is creating a stir with the younger generation. It is a desirable purchase since electric vehicles are supported by cutting-edge technology. Most luxury automobile manufacturers are entering the electric vehicle market and preparing to localize their products to lower consumer costs. - Source: Internet
- International corporate companies have always been drawn to the Indian market. The Maharajas of yore, the ultimate buyers of luxury consumer products, serve as a historical display of their long connection with the luxury and lifestyle goods business. Several companies have enjoyed great success, whether in the fields of fashion, accessories, beauty, health, or automobiles. - Source: Internet
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