Luxury car segment in India, which currently accounts for 1 per cent of the overall car sales in the country, is like a growing startup and it could become decent in size only when it crosses the 5 per cent mark, Audi India head Balbir Dhillon said on Monday. He also said that the company is expecting to do better in sales performance this year after witnessing a dip in volumes in the previous year on account of supply chain issues. Audi India on Monday launched a refreshed version of its RS Q8 performance SUV in India, priced at Rs 2.
49 crore. "The luxury car industry in India is like a startup which is still growing but it's growing for sure but it is still very small. I think the (luxury car) industry will become a decent size when we cross a threshold of about 5 per cent (of the overall car market).
And I do see this will happen," Dhillon said. Stating that it was not sure how much time would it take, whether 5 years or 10 years or 20 years, to reach the 5 per level, he said it all depends on how the overall industry performs, because "from the side of demand, everything which is available right now is positive". For example, he said, India will become the third largest economy with the GDP expected to grow to USD 6 trillion by 2030 while the population of ultra-high net worth individuals or HNIs is also growing very fast.
"We expect their numbers to almost double in the next 3-4 years to 1.65 million. Also, demographically 65 per cent of the population is less than 35 ye.
