India Luxury Car Market Growth of 6.1% ( CAGR) during 2023-2028

The latest report by IMARC Group, titled, “India Luxury Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The India luxury car market is expected to exhibit a growth rate (CAGR) of 6.1% during 2023-2028.

A luxury car is a premium passenger vehicle designed with advanced features and technology to provide passengers with exceptional comfort and a superior driving experience. It is distinguished by its high-end craftsmanship, luxurious interiors, and a wide range of innovative features, such as advanced cameras, navigation systems, sensors, and upgraded suspension. In addition, luxury cars often boast luxurious amenities like leather seats, starlight headliners, and advanced entertainment and safety systems, ensuring optimal safety and enhancing overall vehicle performance. These vehicles are available in both traditional internal combustion engine and electric propulsion variants, catering to the diverse preferences of consumers. As a result, luxury cars have gained significant popularity in the Indian market.

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India Luxury Car Market Trends and Drivers:

The India luxury car market is primarily driven by the thriving automotive sector and the increasing emphasis on consumer safety. Additionally, favorable government policies promoting the adoption of premium electric vehicles (EVs) as a sustainable transportation option to reduce carbon emissions are further fueling market growth. The rising demand for luxurious autonomous cars equipped with advanced features and security systems, driven by growing disposable incomes, is also a significant growth factor. Moreover, the trend of purchasing used luxury cars, which offer lower entry prices, accessible financing options, and minimal maintenance contracts, is contributing to market expansion across the country. These luxury cars are equipped with advanced technologies such as personal voice assistants, AI-enabled vehicle systems, retina recognition, hands-free connectivity, and GPS. Furthermore, the introduction of electric vehicle variants in the luxury car segment is expected to drive market growth in India in the foreseeable future.

India Luxury Car Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape:

• The competitive landscape of the industry has also been examined along with the profiles of the key players.

The report has segmented the market based on vehicle type, fuel type, price range and engine capacity.

Breakup by Vehicle Type:

• Hatchback
• Sedan
• Sports Utility Vehicle

Breakup by Fuel Type:

• Gasoline
• Diesel
• Electric

Breakup by Price Range:

• Entry-Level
• Mid-Level
• High-End
• Ultra

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

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Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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