Luxury Sports car sector buzzing in the domestic market

The luxury cars are ideally the chauffeur driven cars meant for the elite people more than for a common man. But of late, it has been observed that the luxury car brands are into sport car manufacturing with the launch of Audi R8 with V10 engine in February followed by Lamborgini’s LP 700-4 launch in March, this year. Now, the sports car lovers are eagerly waiting for the launch of Jaguar XKR-S, which was globally unveiled in Geneva Motor show in March, this year.

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A senior executive of Deloitte has expressed that the sports cars are a person’s individual choice to make up his mind to invest a lot of money on it, which is solely passion-driven, that one may pursue at his leisure,  rather than a functionality-driven.  With the brands like Maserati and Ferrari showcasing their leading products in Indian auto market, there is a growing demand in this segment of auto market. It is due to the various options available for the Indian customers who are more ready than ever to invest their money to pursue their interests is driving the auto market right now.

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According to the auto market experts, the sudden demand in the luxury cars segment might not continue to grow and will stagnate after a while with only 15-25 car sales per brand in an year limited to the metros due to low affordability in India, but is going to be a brand-shaper for the auto companies. With the otherwise flattened auto market, the gaining popularity of the sport cars is a welcome change. The globally acclaimed premium brand Rolls-Royce sold 70-80 cars last year which is an accomplishment as per Indian standards with its price tag of Rs 2.5 to 4 crores.

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The auto market experts also say that the sales of the sports cars in India might not add volume as it is a relatively new concept in India, but this is mainly for the elite who might wish to boost up their image in the public. It is for those who want to define themselves with a notion, and the celebrity with the sports car in the background will satisfy their need to meet that perception. Ashish Chodria of Shreyans Group, who claim to be the dealers of the top sports brands like Ferrari, Maserati and Porsche says that there had been a significant growth in the luxury cars demand in the past four years with last year alone recording 70% growth and it has continued in this year as well with encouraging response in the luxury sports car sector.

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There are certain theories as to why the market dynamics are changing so rapidly. The demographics are for one. It has been observed that India is one of the youngest countries in the world with an average age group of the population being 27 years young. Apparently, India has the lowest median age when compared to other countries like China with 35 years, US at 37 years, Russia recording 39 years and UAE touching 40, which is very promising being a luxury car buyer or a Mercedes buyer with increasing disposable income. It might not come as a surprise, if tomorrow India becomes the largest luxury car market with such encouraging statistics.

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