| Luxury car market in India has grown at an | | | | towards expensive and luxurious cars. Even the |
| accelerated pace in the past couple of | | | | Government of India is supporting the entry of |
| years.Researches and studies have revealed that | | | | luxury cars by formulating policies such as the |
| the luxury car market is growing at a steady | | | | relaxation of equity regulations and the reduction |
| speed of 25% per annum with more and more | | | | of import tariffs on automobiles. These policies |
| numbers of luxury cars entering Indian car | | | | have reduced the price tags of top notch luxury |
| market. Moreover, it is not only the luxury brands | | | | cars, which have eventually led to the growth of |
| that are creating a benchmark in the Indian | | | | luxury car market in India. |
| industry but also the affluent class people who are | | | | Some of the most renowned car manufacturers |
| keen to splash cash for the cachet of exclusive | | | | designing luxury cars for the Indian market include |
| cars. | | | | BMW, Rolls Royce, Porsche, Daimler, and Bentley. |
| Statistics show that in 2001-2002 there were | | | | These manufacturers have produced a number of |
| nearly about 20,000 families in India with an annual | | | | luxury cars falling in the price range of Rs 50 lakh |
| income of more than Rs 1 crore and they used | | | | to Rs 5.5 crore. Luxury cars like Porsche Cayenne |
| to spend some of their income on luxury cars. By | | | | SUV, Bentley’s Arnage R, Mercedes Benz |
| 2005, the number of families earning more than | | | | C-Class, Porsche Carrera, Bentley, Rolls Royce |
| Rs 1 crore rose to about 53,000. Even the World | | | | Phantom, BMW 5-Series are among the hottest |
| Wealth Report 2005-06 has recorded a growth of | | | | cars in the luxury market. Infact, the entire range |
| 19.3 percent in the number of high net-worth | | | | of Mercedes-Benz and BMW cars are at the |
| individuals in India in the year 2005. It is expected | | | | highest peak. In a crowded luxury market, the |
| that by the end of 2010, nearly about 1,40,000 | | | | essence of Audi cars is also there with strong |
| millionaires are expected to be found on Indian | | | | footprints. |
| streets. | | | | Apart from all the Mercedes, BMW, Porsche, and |
| The key factors contributing to the growth of | | | | Bentley the entire range of Audi cars is also |
| luxury car market are raising economy and IT | | | | ground breaking. Audi Q7, Audi TT, and the |
| boom. Rising economy has given way to more | | | | proposed Audi R8 are a benchmark for the luxury |
| disposable income which people are splashing over | | | | segment. Hopefully, by the end of next year, |
| luxurious and high-end cars. With the boom in IT | | | | Ferrari enthusiasts will also be able to buy one of |
| industry, youngsters are earning higher packages | | | | the most expensive cars, Ferrari Modena, in India. |
| which enable them to enjoy a joyful ride in their | | | | The luxury car market is on a continuous growth |
| favourite luxury car. Apart from that easy | | | | and is expected to become the world’s |
| availability of loan and good finance schemes have | | | | largest market for luxury cars. |
| also pushed youngsters and middle class people | | | | |