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What is the Hidden Potential of the Market?
Together, India, China, and Russia have produced a significant number of millionaires over the past 10 years. However, China and Russia's luxury car consumption is much higher than India's. This research service looks to uncover the hidden dynamics of the luxury vehicle market in India. It also seeks to analyze and determine market potential. The study aims to provide insights on key trends that will influence future market potential.
Executive Summary—Key Findings
Increased wealth accumulation in India’s metro cities will be key to the growth of the luxury vehicle market
1 - As a result of the phenomenal growth posted by the sport utility vehicle (SUV) segment, the luxury vehicle market witnessed a compound annual growth rate (CAGR) of % from 2009 to 2013, which is higher than the CAGR registered by the overall industry.
2 - Engines that are sized between and cc are not preferred; smaller engines that are sized upto cc are gaining popularity.
3 - Delhi NCR* and Maharashtra constitute % of the total dealerships of luxury car makers such as Mercedes, BMW, Audi, JLR, and Volvo.
4 - The high net worth individual (HNWI) population is likely to increase 6.5 times by 2020. The real estate sector is anticipated to play a major role in this growth.
While more than % of these millionaires reside in key Indian metros, a little over % are located in other smaller cities.
5 - Traditionally, the demand for luxury vehicles has come from the north, west, and south zones of the country. However, the rapidly developing eastern states, such as Bihar and Orissa, are also expected to contribute to future market expansion.
6 - The Indian luxury hotels industry also contributes to luxury vehicle volumes. It is expected to grow rapidly between 2012 and 2020.
The aim of this study is to analyze and determine the potential of the luxury vehicle market in India.
-To identify the key trends and changes being witnessed in the market
-To provide an understanding of the key drivers and restraints that will impact market potential
-To offer market forecasts and to understand actual market potential
-To identify key regions that will be crucial for growth and help the market achieve its actual potential
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