China is the world's largest auto market while India is placed third, after the US
When it comes to luxury cars though, China's lead over India is overwhelming
For instance, Mercedes sold 7.51 lakh units in China in all of 2022. The company sold 15,822 units in India in the same year
Audi sold 6.42 lakh units in China in the same year. In India, the company sold 4,187 units
Brands like Lexus, BMW and others too have a much bigger sales chart in China
The sustained rise in number of ultra-high net worth individuals in China is one major reason for the size of luxury car space here
Affordability is another factor with tax structure on luxury cars less strict than here in India
Popularity of EVs further boosting prospects for luxury car makers. Incentives on such vehicles help