Auto industry experts are of the opinion that the luxury car segment in India is likely to witness the slowest growth in sales in last 10 years since 2003. The reason for the speculation is the hike in import duties, devaluation of the Indian rupee and the hike in the price of petrol fuel, all factors contributing to increase in prices of luxury cars in India.
Mr. Andreas Schaaf Managing Director BMW India has stated that the luxury car segment in India may not witness a double-digit growth in the fiscal 2012-13 in contrast to a more than 30 percent compounded annual growth rate (CAGR) seen in the recent years in the segment.
BMW India which had a target of 30-40 percent growth in the 2012-13 fiscal has revised its estimates to about 10 percent, states Mr. Schaaf. Voicing similar sentiments, Mr. Peter Honegg MD Mercedes Benz India stated that the company expects minimal growth in the fiscal.
The January-June 2012 period has seen a growth of 9 percent in comparison to the growth of 35-40 percent in the same period in 2011 and 80 percent in 2010.
