150 Mercedes-Benz cars booked in a single day in a tier II city
Luxury cars drive ahead in ‘rich’ India
Posted: Thu, Oct 14 2010. 1:00 AM IST
As top brands line up new luxury models for Indian buyers and invest in local manufacturing, analysts say the segment is set to grow exponentially in coming years. At the lower end of the range, luxury cars typically cost Rs.25-28 lakh [US$ 62,000 apprx.].
Some 1.8 million cars were sold in India in 2009, of which less than 1% were luxury cars.
This growth will take place on the back of the swelling ranks of high net worth individuals (HNIs) in the country. “In 08-09, India had 84,000 HNIs, which grew by 50.9% to take the number to 126,700 HNI Indians,” according to the world wealth report, co-released by Capgemini and Merrill Lynch Wealth Management in September.
Other high-end car brands, such as Audi and Jaguar Land Rover (JLR), are also looking to scale up their presence.
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