India Luxury Car Market to Grow at 5.49% During 2024-2032, Fostered by Expansion in Automotive Sector

April 13, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled "India Luxury Car Market Report by Vehicle Type (Hatchback, Sedan, Sports Utility Vehicle), Fuel Type (Gasoline, Diesel, Electric), Price Range (Entry-Level, Mid-Level, High-End, Ultra), Engine Capacity (Upto 3,000 CC, Above 3,000 CC), and Region 2024-2032," the India luxury car market is expected to grow at a CAGR of 5.49% during 2024-2032. Luxury cars refer to personal vehicles that are intended to provide passengers with advanced features, high quality, a higher level of equipment, and enhanced comfort. It is equipped with leather seats, maps, cameras, and upgraded suspension and engines that offers improved comfort, superior quality, and innovative services compared to economy and mid-sized cars. It is also integrated with high-end audio systems, advanced navigation, and entertainment systems, as well as the latest safety features. Additionally, it has trunk hinges, starlight headliners, and entertainment and safety systems, which offer optimal safety and better service while enhancing overall vehicle performance. It is often built using high-quality materials, such as wood, and high-grade metals, which contribute to its luxurious feel. 

India Luxury Car Market Trends:

The market in India is primarily driven by the expanding automotive industry. Furthermore, 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. Moreover, several major companies are heavily investing in developing vehicles with advanced features using cutting-edge technology, such as advanced driver assistance systems, infotainment systems, and connected car features, which can enhance the driving experience and provide added convenience and safety, thus providing a boost to the demand. In line with this, continuous technological advancements, including the integration of the Internet of Things (IoT) and real-time information solutions in all-EV charging station systems for electric luxury cars, are fostering the overall market. Additionally, continual developments of the latest smart mobility technologies, such as retina recognition, autonomous driving, and personal voice assistance, are acting as another growth-inducing factor. The market is further driven by other factors, such as strategic collaborations amongst key players to engineer luxury cars with embedded electric vehicle components, rapid urbanization, inflating disposable incomes of individuals and extensive research and development activities. 

Market Summary: 

  • On the basis of the vehicle type, the market has been divided into hatchback, sedan, and sports utility vehicles.
  • Based on the fuel type, the market has been segmented into gasoline, diesel, and electric.
  • On the basis of the price range, the market has been bifurcated into entry-level, mid-level, high-end, and ultra.
  • Based on the engine capacity, the market has been classified into up to 3000 CC and above 3000 CC.
  • On the basis of the region, the market has been categorized into North India, West and Central India, South India, and East India.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Vehicle Type, Fuel Type, Price Range, Engine Capacity, Region
Region Covered North India, West and Central India, South India, East India
Customization Scope 10% Free Customization
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India Luxury Car Market to Grow at 5.49% During 2024-2032, Fostered by Expansion in Automotive Sector
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