Booming Luxury Car

Luxury car market in India has grown at an accelerated pace in the past couple of years.Researches and studies have revealed that the luxury car market is growing at a steady speed of 25% per annum with more and more numbers of luxury cars entering Indian car market. Moreover, it is not only the luxury brands that are creating a benchmark in the Indian industry but also the affluent class people who are keen to splash cash for the cachet of exclusive cars.
Statistics show that in 2001-2002 there were nearly about 20,000 families in India with an annual income of more than Rs 1 crore and they used to spend some of their income on luxury cars. By 2005, the number of families earning more than Rs 1 crore rose to about 53,000. Even the World Wealth Report 2005-06 has recorded a growth of 19.3 percent in the number of high net-worth individuals in India in the year 2005. It is expected that by the end of 2010, nearly about 1,40,000 millionaires are expected to be found on Indian streets.