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We believe that a customer first decides the budget and then decides the segment/model of the car that he or she shall purchase. Hence a consumer having a budget of ₹10 Lakh may purchase either an i20 (Premium Hatch), Brezza (Compact SUV), Honda City (Executive Sedan), Kia Seltos (Mid SUV) or any other model/variant which shall fit in the budget. Gone are the days where consumers would first decide the segment and then the model – It is more of deciding the budget now and then the model is finalized irrespective of the segment basis the customer’s taste.
The Price Range Sales shall give a detailed insight on what price bands found highest number of customers. It shall also give us a glimpse on what amount the customer is ready to shell out to purchase a vehicle.
81% cars sold in Indian market were having a price tag of under ₹ 10 Lakhs (Ex-showroom)
High indirect tax rate makes India a low value car market, as major chunk from buyer’s valet goes to Government(s)
Only 6% buyers could afford a car that cost more than ₹ 15 Lakhs (Ex-showroom)
This indicates low level of purchasing power, wealth growth and higher wealth concentration in hands of few