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<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Getty/Keith BedfordIndia's millionaire population has grown by 27% in the past year, and it's just getting started.</div></div></div>Russia and China are having their day, but we may now be entering "India's decade," according to a new <a href="http://www.wealthx.com/home/">report by wealth intelligence agency Wealth-X.</a> Following India's election of a new reformist government, there are three main factors propelling its rapidly growing luxury market. <h3>1. Its millionaire population is growing like crazy. </h3>The number of millionaires in the country has risen from 196,000 to 250,000, an increase of 27%, in the past year. Wealth-X predicts 437,000 India-based millionaires by 2018, and double that amount by 2023.The key indicators for India's future economic growth are its new reformist government, well-defined legal system, and entrepreneurial spirit, according to Wealth-X. The report also notes that luxury consumption and economic inequality is more acceptable in India than in China or Brazil, on account of the country's long-standing but now-defunct caste system.<h3>2. High-end <keyword id="6354851" type="ORGANIZATION" weightage="60" keywordseo="Retail">retail</keyword> space will double and luxury imports are already on the rise. </h3>Recent years have seen an increase in luxury consumption in India. Notably, Champagne imports have risen by 6%, while general imports into the country have remained relatively flat.Retail space for luxury brands is set to double in the next three to four years, according to a <a href="http://articles.economictimes.indiatimes.com/2015-06-19/news/63617082_1_dinaz-madhukar-luxury-brands-reliance-brands" target="_blank">a report by CBRE Group</a>, the world's largest commercial real estate firm. Developments in major cities like Delhi, Mumbai, Chennai, and Bengaluru will add an expected 16 million square feet of commercial space, with luxury retailers taking an estimated one to two million square feet.<h3>3. Luxury car sales are predicted to triple. </h3>Luxury automakers are also projected to pounce on India's burgeoning upper middle class. Car sales are set to triple from 33,000 a year to over 100,000 by 2020, according to a <a href="http://www.icra.in/Files/Articles/SH-2015-Q2-1-ICRA-Passengervehicles.pdf" target="_blank">report by credit agency ICRA</a>.The report says it finds "a strong correlation between incremental affluent households and luxury car sales," and as India generates more affluent households, luxury cars sales will also climb. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/asia-earth-ice-melted-rising-ocean-coastline-china-india-2015-3">Animated map shows what would happen to China if all the Earth's ice melted</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N4a3gwdDqLMD55KdiO1psbPupBAXWBFj" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

3 reasons why India's entire luxury market is about to blow up

New Delhi, Jan 26 () High GST rates, import duties and registration taxes are limiting the growth of luxury car market in India and the government must consider reducing these in the upcoming Budget, according to German luxury car maker Audi.
The company, which saw 28.92 per cent decline in sales at 4,594 units in 2019 as against 6,463 units in 2018, said every major player in the luxury segment saw decline in sales last year and government support would help in overcoming the downturn.
"Luxury car sales are impacted by high GST rates, import duties and registration taxes, which is limiting the segment to a mere 1.2 per cent of the overall car market; when compared to other global markets," Audi India head Balbir Singh Dhillon said.
He further said, "Every major luxury car player has de-grown in volumes during 2019."
Hence, Dhillon said, "We would urge the government/GST council to reduce GST, import duties and rationalise the vehicle registration cost on luxury cars, across the country."
Indian luxury car market comprising top five players -- Mercedes, BMW, Audi, JLR and Volvo -- witnessed a total sales of 40,340 units in 2018 and is expected to see a decline in 2019. Some of the companies are, however, yet to release their up to date sales data.
Luxury car market leader Mercedes Benz had reported 11.28 per cent decline in retail sales at 13,786 units in 2019 as compared to 15,538 units in 2018, while German compatriot BMW reported 13.8 per cent dip in its sales at 9,641 units in India last year as compared with 11,105 units sold in 2018.
Dhillon further said, "Easy lending by the banks and NBFCs will help expand the market and boost the overall automotive industry."
Stating that the government has placed a definitive emphasis on electric vehicles, he, however, said setting up of necessary charging infrastructure is key to the success of the EV-centric ecosystem.
"It is also worthwhile to mention that plug-in hybrid vehicles should also be encouraged with lower GST, import duties and registration taxes. This will encourage customers to take the first step towards PHEVs (plug-in hybrid electric vehicle) and eventually move to electric mobility in India," he added. RKL MKJ

Higher taxes, other levies hurting luxury car sales; govt must address: Audi India head

German auto maker <keyword id="19911529" type="General" weightage="20" keywordseo="audi" source="keywords">Audi</keyword> is bullish on <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> but believes that till the time high taxes rationalise to a lower level, penetration of luxury cars in the country will continue to remain low compared to South East Asian countries, according to a senior company official. Audi expects growth of the luxury car market in India to moderate to low double digits in 2024 compared to around 25 per cent in 2023. "The overall car industry is growing, as well as the luxury segment is growing. Last year was one of the biggest numbers that the industry could achieve, which is also in line with the overall growth of the country," Audi India Head Balbir Singh <keyword id="20078415" type="General" weightage="20" keywordseo="dhillon" source="keywords">Dhillon</keyword> told PTI. He further said, "(India's) GDP is growing, all the parameters that you see for the growth of automotive industry is showing an upward direction. So we believe we are in the right space at a good time and it's time for India and we will continue to grow as well." Dhillon was responding to a query on how Audi is looking at India as a market for its overall growth strategy from a global perspective. On the potential of the Indian market, Dhillon said, "If I compare the Indian luxury (car) space, I would still say we are in the nascent stage. "We (industry) sold about 48,500 cars last year, which is just a little over 1 per cent of the overall car industry. So we still are very small in terms of the percentage and the Southeast Asian market." In many countries in that region the penetration of luxury cars to the overall car market is in the range of five to six per cent and in some markets as high as 20 per cent, he said. "So I think we have still a lot of area to cover," he said, adding, a rationalisation of taxes to lower level will help fuel the growth of luxury car market in India further. "We do see this trend that overall, in some point in time, the taxation structures will get rationalised (and) the industry will also grow much faster," he said. As of now, the overall tax rate (GST plus cess) on most of luxury cars are about 50 per cent, he added. "I'm sure at some point in time it will rationalise that will give us a kick-start for a very fast growth, till that it will continue to grow maybe at a lower space," he said. When asked about the outlook for the year, Dhillon said, "(Audi India) grew by almost 90 per cent last year and the industry grew by about 27 per cent. "So, we do see the industry growing also in 2024, but may not, may not be to the extent of 25-26 per cent but low double digit and we also see ourselves growing in the same range in 2024 as well." Last Audi India sold 7,931 units in 2023 as against 4,187 units in 2022. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-flat-in-2023-after-q4-boost-apple-crosses-10-million-mark/articleshow/107419298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-flat-in-2023-after-q4-boost-apple-crosses-10-million-mark/articleshow/107419298.cms" target="_blank">Indian smartphone market flat in 2023 after Q4 boost; Apple crosses 10 million mark</a><a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lead-the-segment-in-electric-scooters-in-january-2024/articleshow/107424791.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lead-the-segment-in-electric-scooters-in-january-2024/articleshow/107424791.cms" target="_blank">Electric scooter sales grow 26% in January as Bajaj, Ather jostle behind TVS and Ola</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-february-2024/slidelist/107220575.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-february-2024/slidelist/107220575.cms" target="_blank">Samsung to Nothing – The upcoming smartphones hitting Indian market in February</a>

Bullish on India; luxury car penetration expected to remain low till tax rationalisation: Audi

New Delhi, Feb 2 () Italian super sports car maker Lamborghini expects its premium luxury SUV Urus to drive future growth in India with the model accounting for 50 per cent of its sales in the country, a senior company official said.
 The company, which delivered its 50th Urus in India last year, has an eight-month waiting period on the model at present.
 "Urus is playing a big role and is contributing 50 per cent of our business. Order bank is still very healthy for the car," Lamborghini India Head Sharad Agarwal told .
 He further said, "Our future growth in India will also be largely driven by Urus while sportscar will remain at the core of our operations."
 The company sold a total of 52 units in India last year as compared to 45 units in 2018.
 Explaining why the Urus will become the mainstay for Lamborghini in India, Agarwal said, "We have not seen the sports car segment growing at a very fast pace. Urus is helping us bring new customers from premium luxury sedans and SUVs, customers who were not earlier in super luxury segment."
 The model has also brought in a whole new set of buyers who are first time buyers of the Lamborghini brand.
 "What we are seeing is the newer set of people, first-time buyers of Lamborghini are further growing from earlier 70 per cent to around 75-80 per cent. It (Urus) is actually helping us expand to reach new segment. Plus it is also helping us to expand the super luxury segment," he said.
 Reflecting on how well has Urus been received in India, Agarwal said, "The model is still on eight months waiting period. In 2019 we delivered the 50th Urus in India, in flat one year of sales of the car, which means we were delivering one Urus every week in its first year of sales in India. That's a big achievement in super luxury segment."
 He further said due to Urus the overall usage pattern of Lamborghini cars in India among its customers are changing.
 "Customers are really loving the car (Urus). On an average we have our cars which are doing around 2,500 km a year and with Urus we are on an average clocking around 8,000 km. So, people are really using the car and they are coming with different set of expectation from the car," Agarwal said.
 In India Lamborghini sells its sports cars such as Huracan and Aventador range along with the Urus. RKL MR
MR

Urus to drive future growth of Lamborghini in India

<keyword id="25952" type="CITY" weightage="80" keywordseo="Mercedes-Benz">Mercedes-Benz</keyword> plans to sell more compact cars to tap the fastest growing part of India's premium car market, a move analysts say could help the German automaker overtake rival <keyword id="6363321" type="CITY" weightage="80" keywordseo="Audi">Audi</keyword> as the country's top luxury car seller.

	Mercedes launched on Wednesday a refreshed version of its entry-level, compact car -- the B-Class -- and it plans to increase sales of such models by 50 percent this year. Compact cars made up a fifth of Mercedes' total sales in 2014.
 The share of compact cars in India's luxury market is expected to rise to 50 percent by 2022 from about 25 percent now, according Delhi-based Emerging <keyword id="2761928" type="UNKNOWN" weightage="80" keywordseo="Markets-Automotive-Advisors">Markets Automotive Advisors</keyword> (<keyword id="2351057" type="COMPANY" weightage="80" keywordseo="EMMAAA">EMMAAA</keyword>).
 Part of <keyword id="128620" type="CITY" weightage="80" keywordseo="Daimler-AG">Daimler AG</keyword>, Mercedes is closing the gap with Volkswagen-owned Audi. Last year it sold 10,201 cars in India, just 650 fewer than Audi.
 "What has helped (Mercedes grow) is the launch of new products at the bottom of the pyramid, and that is where customers are going to enter the segment in the future," said EMMAAA <keyword id="303" type="POSITION" weightage="80" keywordseo="Director">director</keyword> <keyword id="234942" type="PERSON" weightage="80" keywordseo="Deepesh-Rathore">Deepesh Rathore</keyword>.

	"This is probably the year when Mercedes would be able to overtake Audi."

	GRAPHIC: German luxury car sales in India:<a href="http://link.reuters.com/nym34w">link.reuters.com/nym34w</a>


	Mercedes plans to launch 15 models this year -- its most ever in India in a year -- and open 15 dealerships. It has also invested 10 billion rupees ($159 million) in doubling local production capacity to 20,000 vehicles a year.

	Among new launches is the CLA, its cheapest compact sedan unveiled in January to rival Audi's A3 launched last year.
 Last September, Mercedes launched the GLA, a compact luxury crossover pitted against Audi's Q3 sport-utility vehicle (SUV) and <keyword id="6355119" type="CITY" weightage="80" keywordseo="BMW">BMW</keyword>'s X1 compact car.
 "We are on full speed, we have our foot on the throttle," said <keyword id="1406117" type="PERSON" weightage="80" keywordseo="Eberhard-Kern">Eberhard Kern</keyword>, <keyword id="24973" type="POSITION" weightage="80" keywordseo="managing-director">managing director</keyword> of Mercedes-Benz India, adding sales in January and February were already 25 percent higher than the same period last year.

	Audi plans to launch 10 models in 2015, including a refreshed model of its Q3 compact SUV and the TT Coupe.

	In 2013, Audi toppled BMW as India's top-selling luxury carmaker mainly because of strong sales of the Q3, as well as the A4 and A6 sedans.
 Its A3 compact sedan, launched last year, is expected to keep growing, Joe <keyword id="28161" type="POSITION" weightage="80" keywordseo="king">King</keyword>, <keyword id="6411847" type="POSITION" weightage="80" keywordseo="head">head</keyword> of the carmaker's India unit said.
 "Audi has always been very aggressive but given Mercedes' focus on compact cars, it is on the right track to give Audi a tough fight," said Puneet Gupta, senior associate at <keyword id="17182" type="POSITION" weightage="80" keywordseo="Consultant">consultant</keyword> IHS Automotive.

Auto: This is why you will see more Mercedes on Indian roads, than other luxury cars

Ramping up its offing in the SUV segment of the Indian luxury car market, Mercedes-Benzhas has launched its <keyword id="1151560" type="UNKNOWN" weightage="20" keywordseo="GLA-Class">GLA Class</keyword> model, which is priced between Rs 32.75 lakh and Rs 36.9 lakh (ex-showroom price). 
	 “With the launch of GLA-Class, we are fulfilling the requirements of our new generation customers who want to drive an emotionally appealing luxury SUV. The GLA-Class is an important element of our product strategy globally as well in India, and it will join our existing volume drivers. The GLA-Class combines the key design values of progression and tradition, and is the SUV of the future and undoubtedly is the next milestone of our growth strategy,” said <keyword id="1406117" type="PERSON" weightage="20" keywordseo="Eberhard-Kern">Eberhard Kern</keyword>, managing director and CEO, Mercedes-Benz India. 
	 
	With the launch of GLA Class in India, the German luxury car major noted that it has made SUV in the luxury car segment much affordable. Currently, the entry level SUV from the Mercedes stable is the ML250, priced about Rs 55 lakh. “We are very confident that the SUV will redefine the segment and make an important contribution to the product offensive of Mercedes-Benz in India,” added Kern. The auto maker hopes to tap a sizable chunk of the consumer base below that price point. 
	 
	The company has claimed that the GLA Class has already received over 600 pre-launch bookings within 18 days. 
	 
	It’s worth noting, the luxury auto major has registered a sale of 9,003 cars last year in India and is aiming double digits growth this year.

Mercedes Benz Launches New GLA Class, Aims To
Capture SUV Market

Italian <keyword id="19946118" type="General" weightage="20" keywordseo="luxury" source="keywords">luxury</keyword> carmaker <keyword id="20673655" type="General" weightage="100" keywordseo="Maserati" source="keywords" meta.keywordsubtype="org" meta.entityname="Maserati" meta.hostid="153" meta.entityid="Maserati">Maserati</keyword> believes <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has the potential to be among its top ten global markets in the mid term with the country's <keyword id="20041662" type="General" weightage="20" keywordseo="entrepreneurs" source="keywords">entrepreneurs</keyword> driving its sales, according to the company's Head of Overseas Markets, <keyword id="22976712" type="General" weightage="20" keywordseo="philippe-claverol" source="keywords">Philippe Claverol</keyword>. The company, which on Friday launched its <keyword id="22975850" type="General" weightage="20" keywordseo="granturismo" source="keywords">GranTurismo</keyword> model with prices starting at Rs 2.72 crore, is also studying the feasibility of introducing its <keyword id="19906970" type="General" weightage="20" keywordseo="electric-vehicle" source="keywords">electric vehicle</keyword> range in India. "Maserati is a luxury brand, so we don't look at huge volume for us. A big market for us is a market where we sell 500 cars a year... but I think in mid term, in few years, I think in India, we can reach this kind of 500 (units a year)," Claverol told PTI here on the sidelines of the launch. He, however, said volume isn't "an objective in itself" for Maserati. He further said,"I know who are the top markets of Maserati worldwide. I think India can become one of the top 10 markets for Maserati in the mid term." Currently, North America, Italy, Switzerland, China, Japan, Australia, Taiwan and the UAE are the top global markets for Maserati and India with less than 50 units sold last year is still a small market, he added. Yet, Claverol said, India is an important market for Maserati. "It is a land of entrepreneurs. A vast majority, 80 per cent of our customers in India are entrepreneurs," he said. Also, India is a country with a lot of appreciation for luxury products, he said, adding "we feel that there is a good match". In order to enhance its presence in India, Maserati is expanding sales network, he said. Maserati already has a <keyword id="20400384" type="General" weightage="20" keywordseo="dealership" source="keywords">dealership</keyword> in Mumbai and opened a new one on Friday here in the national capital and will open one in Bengaluru later this year, Claverol said. "We see that the North India market is bigger actually than the Mumbai market and we also think that Bengaluru is the third pillar. This dealership expansion is also because we want to go where the markets are in terms of volume," he said. Asked about plans for launching electric vehicles in India, Claverol said Maserati has the electric version of the conventional engine models under the Folgore range globally and the company will study the feasibility of bringing it in India. "We will, with our partners, start to look at how is the market, how to train our people, how to train the technicians, how to analyse, how to build the right offer, the pricing, the charging solution, and so on, and then, once we will be ready, we will look at the pricing, and we will obviously try to launch the Folgore range as well," he said. Asked about the timeline for a possible launch of the electric range, he said,"The sooner, the better. The cars are available."

You Searched For "luxury cars in india" and got 7 results

3 reasons why India's entire luxury market is about to blow up

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Higher taxes, other levies hurting luxury car sales; govt must address: Audi India head

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Bullish on India; luxury car penetration expected to remain low till tax rationalisation: Audi

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Auto: This is why you will see more Mercedes on Indian roads, than other luxury cars

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Mercedes Benz Launches New GLA Class, Aims To Capture SUV Market

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India has potential to be in Maserati's top 10 global markets in mid term: Co-official

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