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12 Facts Luxury Car Sales In India Statistics 2021 | Despite robust demand in ‘22, luxury car sales far from record high
- The improvement in luxury car volumes in CY2021 notwithstanding, the segment sales still remain well below the all-time high, which was recorded in CY2018 the improvement in luxury car volumes in CY2021, the segment sales still remain well below the all-time high, which was recorded in CY2018—when 39,640 vehicles were sold. “The sales of luxury cars are expected to reach all-time levels over the next two years, aided by the recovery in demand for the segment. Notwithstanding the strong demand, the supply chain shortage will continue to act as a hindrance to the recovery prospects of the industry,” Gupta adds. - Source: Internet
- However, the silver lining is that this segment—which fell sharply than the mass-market segment—bounced back better than the latter. “The decline in the volumes of the luxury car segment was higher than the mass-market segment as such on account of the disruptions caused by the Covid-19 pandemic. As such, the bounceback in the segment’s volumes has been healthier as well, leading to higher sales growth than the mass-market segment.” - Source: Internet
- Luxury cars are significantly expensive compared to traditional vehicles, owing to their advanced and luxurious features such as superior quality parts and expensive material used in them. In addition, the cost of building a car with luxury options and features is higher than building a car with generic features. Furthermore, as luxury cars are sold in very low volumes, a good portion of the selling price goes toward the covering of its developmental costs, which, in turn, makes these types of vehicles even costlier. Thus, high cost of luxury vehicles is anticipated to hinder the market growth. - Source: Internet
- Consumers are inclined toward comfort while driving due to increase in their purchasing power. Luxury vehicles are majorly made by using latest technologies, best materials, and powerful engines. In addition, luxury vehicles offer technologies such as satellite radio, intelligent remote entry, and adaptive cruise control, which provides comfortable driving experience. Further, features such as active suspension, executive rear seats, remote start, and massaging seats are provided in luxury cars for enhanced comfortable driving experience. Thus, growth in demand for comfortable and luxurious driving experience is anticipated to propel the growth of the luxury car market. - Source: Internet
- Key players including Volkswagen AG, Daimler AG, Lexus, Infiniti, BMW AG, Volvo Car, Audi AG, Aston Martin Lagonda, Tesla, and Ferrari N.V., and others hold major luxury car market shares. - Source: Internet
- It is with this potential that Dhillon hopes the government would further facilitate the ease of owning luxury vehicles. “We strongly feel that this is an opportune moment for the Government to use this positive sentiment as a springboard to bring about reforms like rationalization of Duties/GST/Cess/Road Tax structure on luxury cars, which in turn will help the segment to grow and see its full potential,” he adds. Looking forward, Dhillon expects double-digit sales growth this year—on the back of sustained demand for Audi products, a strong order bank and new launches—including the recently launched Audi Q7 and Audi A8L in India. Audi has also announced that it will bring back its beloved Q3 SUV back to the Indian market. The love for Q3 did not stop even after it was shelved in 2020, as according to Dhillon, the Audi Q3, along with the Audi Q5, continue to dominate the pre-owned Audi car market. - Source: Internet
- The global luxury car market size was valued at $495.7 billion in 2018 and is projected to reach $733.2 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026. Asia-Pacific accounted for the highest share in 2018 and is expected to be the highest contributor to the global luxury car market, in terms of revenue, during the forecast period. - Source: Internet
- Factors such as rise in demand for luxury vehicles and increased demand for comfortable driving experience boost the growth of the luxury car market. However, high cost of luxury cars is anticipated to hinder the market growth. Further, production of electric luxury cars provides a remarkable growth opportunity for the market players operating in the luxury car market. - Source: Internet
- These positive signs also indicate the turnaround, and the consequent recovery trajectory, the luxury car market in India. The sales of the luxury car market in India were derailed by the onset of the pandemic and the nationwide lockdown—with dwindled footfall in showrooms, halted production and supply-chain disruption to curtail the spread of the virus. According to ICRA, the market contracted by almost 50% over CY2019-CY2020 — from annual volumes of about 39,640 in CY2018 to about 19,439 in CY2020. - Source: Internet
- The global luxury car market is segmented on the basis of vehicle type, fuel type, and region. On the basis of vehicle type, it is divided into hatchback, sedan, and sports utility vehicle. By fuel type, it is categorized into gasoline, diesel, and electric. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. - Source: Internet
- The number of sales of electric vehicles are exhibiting remarkable growth, owing to stringent emission mandates by governments of various countries and rising need for fuel-efficient vehicles. As the sales of electric vehicles is spiking, many leading automakers like Tesla are introducing new range of electric vehicles. In addition, in 2019, leading luxury and high-end luxury & performance car brands such as Mercedes-Benz, Porsche, Royce, and Bugatti announced released their own luxury electric vehicles to meet emission standards. Thus, production of electric luxury vehicles to meet stringent emission standards provides a remarkable growth opportunity for the players operating in the luxury car market. - Source: Internet
- Luxury cars can be defined as passenger vehicles that are intended to provide passengers with advanced features, high quality, higher level of equipment, and enhanced comfort. Luxury cars are available in all vehicle categories such as hatchbacks, sports utility vehicle, sedans, and even minivans. In addition, luxury cars offer features such as automatic safety features, entertainment systems, and integrated seat massagers. Moreover, luxury cars are expensive compared to traditional automobiles and have typically high-end material and finishes on interior and exterior of the car. - Source: Internet
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