Sales of luxury cars in India declined by about 15% last year — the steepest drop in more than a decade — as a slump in economic activity, high import duty and expectation of a reduction in goods and services tax rates weighed on demand.
As per industry estimates, 34,500 to 35,500 luxury cars were sold in the country in 2019, compared with 40,340 units sold in 2018.
Luxury vehicles account for less than 1.2% of the overall automobile market in India, compared with 13% in China and 10% in the US. India has more than 350,000 millionaires, but the market size is yet to cross 50,000 units a year.
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