The India luxury car market size reached US$ 1.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
Luxury cars are classified as passenger and conventional vehicles designed with advanced applications and equipment to provide passengers with enhanced comfort. As compared to standard medium-sized automobiles, they offer superior competence, possess high-quality interiors, and are equipped with leather seats and progressive devices, including maps, sensors, cameras, anti-kidnapping heartbeat monitor, and upgraded suspension. Additionally, luxury cars have trunk hinges, starlight headliners, and entertainment and safety systems, which offer optimal safety and better service while enhancing overall vehicle performance. Commercially available in the internal combustion engine and electric propulsion types, luxury cars are gaining immense popularity in the Indian market.
India Luxury Car Market Trends:
With the substantial expansion in the automotive sector, there has been an increasing demand for autonomous premium luxurious cars with advanced features and security arrangements, which represents one of the primary factors driving the market growth in India. This can be further attributed to rapid urbanization in the country, inflating disposable incomes, changing preferences, and the growing safety concerns amongst consumers. In line with this, rising environmental consciousness has prompted the Government of India (GoI) to promote the uptake of luxury electric vehicles (EVs) as a sustainable mode of transportation for cutting down carbon emissions, which, in turn, is acting as another growth-inducing factor. Moreover, the emerging trend of purchasing used luxury cars due to their easy access to financing, lower entry price, and minimal annual maintenance contracts is contributing to the market growth. Additionally, the large-scale integration of artificial intelligence (AI)-enabled vehicle systems, personal voice assistance, retina recognition, hands-free connectivity, and global positioning systems (GPS) is propelling the market growth. Other factors, such as the fuelling trend of vehicle customization and strategic collaborations amongst key players to engineer luxury cars with embedded electric vehicle components, are creating a positive outlook for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the India luxury car market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on vehicle type, fuel type, price range and engine capacity.
Breakup by Vehicle Type:
- Sports Utility Vehicle
Breakup by Fuel Type:
Breakup by Price Range:
Breakup by Engine Capacity:
- Upto 3,000 CC
- Above 3,000 CC
Breakup by Region:
- North India
- West and Central India
- South India
- East India
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||Vehicle Type, Fuel Type, Price Range, Engine Capacity, Region
||North India, West and Central India, South India, East India
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Key Questions Answered in This Report:
- How has the India luxury car market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the India luxury car market?
- What are the key regional markets?
- What is the breakup of the market based on the vehicle type?
- What is the breakup of the market based on the fuel type?
- What is the breakup of the market based on the price range?
- What is the breakup of the market based on the engine capacity?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the India luxury car market and who are the key players?
- What is the degree of competition in the industry?