It very much seems like that the expensive luxury vehicles, priced over Rs 15 lakhs and above, including sport utility vehicles and luxury sedans have caught the fancy of car enthusiasts in India. This comes in the time when major car manufacturers in the country are working on the low cost cars.
These luxury cars are so much in demand that the new products are actually overselling the actual estimated units to be sold in India, signaling a huge growth potential in the segment in India. Another interesting thing about this trend is that the once traditional markets for the segment, the US and Europe are fast turning in towards small and fuel efficient cars.
BMW India has already sold 63 units of X6 since its launch in July and another six units of Z4 in October. Thanks to this trend, BMW India’s new products are helping the company exceed its earlier set target of 3,000 units in India in 2009 against 2,908 units in 2008.
BMW India is on cloud number nine, thanks to its newly acquired position as the leader in the segment and attributes this trend to its strong product line up, market expansion and brand building exercise it has done in a while since its advent in India.
While the above mentioned cars are the cars belonging to the high-end luxury segment that revolves around Rs 50 lakh, the demand for the cars in the lower end of the segment like the Volkswagen Passat, Toyota Fortuner and Honda CR-V is also reaching new levels that were beyond expectations.
Toyota Fortuner, which was launched in August, saw a backlog of 3,100 units that were to be delivered in seven months as Toyota Kirloskar Motor’s manufacturing plant could assemble 550 Fotuners a month.
Meanwhile Volkswagen India may end up selling more Passats as against earlier target of 1,000 units.
This certainly comes as a welcome note for the luxury car manufacturers who have always have had high expectation from the emerging new Indian car market as well as the general public who are bored looking at the drab looking small cars plying around in India.
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