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Premier car segment

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  • 1. Premier car segment. An Indian perspective The luxury car segment in India has been growing at a CAGR of 30%, for the past decade. But this year the rate would not be able to touch double digits. Rise in excise duty, depreciation of rupee and the rising petrol prises, are some of the factors driving consumers away. Luxury cars, account for less than 2% of India's 2.2-million car market, grew by just 9% in the first six months of 2012 with sales of around 12,000 units. In 2011 the premium segment recorded sales of 23000 units. The industry had expected a sale of 30000 units. This year in the month of May, this segment recorded a negative growth, the first time in the last seven years. Analysts however expect the Indian luxury car market to cross 50,000 units annually in the next five years from now. The basic attribution of this demand can be given to the rising number of High Net worth Individuals (HNI’s) in India. The HNI population in India stands at 1.5 million. The HNI index in India is growing at around 15% to 16% per year. Though after the stock market crisis a good chunk of the HNI’s have been erased. Many experts also feel that with increasing number of BMW, Audi and Mercedes on the Indian roads, somewhere the exclusivity factor associated with these brands say, 5-10 years ago, has gone down and hence, many consumers who have the money – between Rs. 1 crore and Rs. 5 crore – to spend and want exclusivity, are looking at brands like Aston Martin, Ferrari and Lamborghini, to the desired exclusivity they want out of the purchase. India being home to around 4% of the world’s billionaires the market for super premium segment looks bullish. The Indian premium car market (experts opine) would take another 3-4 years to mature and in the meanwhile the real competition would be fought in the 30 lakh to 1 crore segment in India. Saurabh chowdhury pikumoni phukan Niharika Ashish aggarwal Preeti gahlot Shivani pendharkar Vishnu mohan