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India: A young luxury car market

India: A young luxury car market

Aparna Dutt Sharma, Chief Executive Officer, IBEF

Mar 24, 2014 12:34 PM

The Indian luxury car market is one of the youngest in the world in terms of the average age of the car buyer. The rising aspirations of the young Indian buyer have played a critical role in keeping the average age of the luxury car consumer around 35 years, lower than the global average of 43-45 years. With almost all major players present in the domestic market, the Indian luxury car market has been registering strong growth over the past few years. German luxury carmakers like BMW, Mercedes-Benz, Audi et al hold close to 95 per cent of the total Indian luxury car market.

While it has been seen that emerging economies register a lower average age of the luxury car buyer, it is important to note that India's luxury car demographic is among the youngest even in the emerging markets. Factors like expanding the product range in the entry level segment and strong marketing push from luxury carmakers have played an important role in attracting the young Indian consumer. The used car segment and network expansion in non metro markets could be expected to sustain this trend in the coming years.



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