According to the latest report by IMARC Group, titled "India Luxury Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the India luxury car market is expected to exhibit a CAGR of 6.40% during 2022-2027. Luxury cars are gaining widespread popularity among consumers due to their superior features, such as entertainment systems, integrated seat massagers, and automatic safety features. They are manufactured using high-end materials and finishes and help provide drivers and passengers with enhanced convenience. These cars are in high demand among individuals with a higher disposable income due to their elegant look and outstanding features. These cars are technologically advanced and have high-quality components to provide aesthetic appeal and maximum comfort to the users and passengers.
India Luxury Cars Market Trends:
The market in India is primarily driven by the inflating per capita income levels of the masses. In line with this, the shifting consumer preference from sedans to luxury SUVs is significantly contributing to the market growth. Furthermore, continual technological innovations in luxury cars, including the integration of these vehicles with artificial intelligence (AI), hands-free connectivity, and global positioning systems (GPS), are influencing the market. Apart from this, the growing popularity of electric luxury cars due to an enhanced focus on sustainable development is creating a positive outlook for the market. Moreover, the leading market players are adopting new strategies to establish a strong foothold in the market. Besides this, the rapid development of various automobile features, such as personal voice assistance, autonomous driving, and retina recognition, is anticipated to accelerate the sales of luxury cars across the country. Additionally, the escalating demand for pre-owned luxury cars due to the improving living standards of individuals is further providing a boost to the market.
- On the basis of the vehicle type, the market has been segmented into Hatchback, Sedan, and Sports Utility Vehicles.
- Based on the fuel type, the market has been categorized into gasoline, diesel, and electric.
- Based on the price range, the market has been classified 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 divided 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 detailed profiles of the key players operating in the market.
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