India Luxury Car Market 2023 | Industry Share, Size, Growth and Forecast 2028
IMARC Group, a leading market research company, has recently releases report titled, “India Luxury Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the India luxury car market share, size, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the India luxury car market?
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.
What is India luxury car?
A luxury car is classified as a passenger and conventional vehicle designed with advanced applications and equipment to provide passengers with enhanced comfort. It offers superior competence, possesses high-quality interiors, and is equipped with leather seats and progressive devices, including cameras, maps, sensors, an anti-kidnapping heartbeat monitor, upgraded suspension, etc., as compared to standard medium-sized automobiles. In line with this, a luxury car has starlight headliners, trunk hinges, and entertainment and safety systems, which provide better service and optimal safety while enhancing overall vehicle performance. It is commercially available in the internal combustion engine and electric propulsion types. Consequently, a luxury car is gaining extensive traction in India.
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What are the growth prospects and trends in the India luxury car industry?
The expanding automotive sector and the growing consumer safety concerns are primarily driving the India luxury car market. Additionally, the launch of various favorable policies by government bodies to promote the utilization of premium electric vehicles (EVs) as a sustainable mode of transportation for cutting down carbon emissions is further catalyzing the market growth. Besides this, the escalating demand for luxurious autonomous cars with advanced features and security arrangements, on account of the inflating levels of disposable income, is acting as another significant growth-inducing factor. Moreover, the emerging trend of purchasing used luxury cars, owing to their lower entry price, easy access to financing, minimal annual maintenance contracts, etc., is augmenting the market growth across the country. Apart from this, they are also integrated with personal voice assistance, artificial intelligence (AI)-enabled vehicle systems, retina recognition, hands-free connectivity, global positioning systems (GPS), etc. Furthermore, the introduction of variants that are embedded with electric vehicle components is anticipated to fuel the India luxury car market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
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.
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