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Analyze the Growth of Luxury Car Segments in Punjab

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Analyze the Growth of Luxury Car Segments in Punjab NAME: - JANESH GROVER ROLL.NO: - RT1007A09 REG.NO: - 11000795 CLASS: - B.B.A (I-sem) SUBJECT: - Micro-Economics TERM PAPER TOPIC: - ANALYZE THE GROWTH OF LUXURY CAR SEGMENTS IN PUNJAB Before we continue to the topic i would like to say thanks to Ms. Palwinder kaur Madam who gave me such an intresting topic for my research. Its my pleasure as well as golden opportunity to work on the allotted topic. At last again i would like to thanks for such a marvellous topic [Type text] Page 1 Contents Acknowledgment................................................................................................................ .................................1 Introduction........................................................................................................................ ..............................1-2 How segmentation is done?..............................................................................................................................2- 6 PUNJAB THE SUCCESSFULL PURVEYOR FOR LUXURY CARS IN INDIA...................................................................6 PUNJAB MATERIALIZE AS A NEW BAZAAR FOR CARS.......................................................................................6-8 List of luxury Cars in Punjab............................................................................................................................8- 11 Rush for Luxury cars..................................................................................................................................... .11-12 Luxury car segments to continue its growth-run in Punjab ...............................................................................12 Increasing Demand of Luxury cars.....................................................................................................................13 Reasons for growing demand of luxury cars in Punjab......................................................................................14 Luxury cars as the status symbol........................................................................................................................15 International car brands recently launched in India.....................................................................................16-17 Conclusion.......................................................................................................................... ............................. [Type text] Page 2 ACKNOLEGMENT A Luxury car is a fashion, luxurious vehicle deliberated for console and fulfillment of its owner or driver, forfeit passenger space, cargo capacity and other practical concerns for the sake of style. The luxury cars are very pricey and its price range is above Rs 20 lakhs. Hence these cars are reasonable and are favored by high income group. Luxury cars have the capability to carry at the most 6 passengers. The companies like- BMW, Daimler Chrysler, Porsche, Rolls Royce produce these cars and companies like -Aston Martin and General Motors are still planning to launch their models in the market under this segment. INTRODUCTION India set its base in the global automotive industry in 1898, with the first car rolled out in the streets of Mumbai. Since then, India has come a lengthy way. Taking into analysis the current statistics, automotive industry is now, the most energetic sectors in India. The car market of India possesses of attractive finance schemes, increasing purchasing power and a gigantic variety of Luxury car range. India being one of the profitable hubs for the car market is being a focus for auto majors from all over the world. The count of people ready to buy these high sticky label cars is gaining force. In consequence to this, almost all the abroad producer including Mercedes, BMW, Audi, Suzuki, and most recently Volkswagen have entered the battle. Ferrari’s statement to roar into the India market from 2010 and Aston Martin’s aspirations to enter the Indian market soon next year also signals that the market has just chosen up pace and there are great possibilities for these understanding vehicles to thrill the Indians. [Type text] Page 3 Secondly, Change in mind-set of the customer accounts for the unexpected acceleration in the Luxury car Market in India, as the weight has been shifted from price reflection and affordability to design, superiority and delight. The Indians who believed in habitual savings now follow an overstated approach. Stepping down to the third possible reason, coverage and obsession for speed, power and grace run on to take their seats. With more and more Car unite, demonstration, televising of Formula 1 and international motor shows happening in the country, these deluxe coupés have created an urge in drivers to experience console and power at the very sametime. Also, lower interest rates and good conditioned roads are some of the steps taken by the Indian government which stimulate the demand for ultra-luxury cars in Indian market. Now, wounding into the future, we can obstinately say that, with the real GDP growth of India (8.8% in 2006) being outstanding, there are specific forecast of increasing count of Luxury car buyers. Growth in the luxury segment has been helped by an economy going up at nearly 9 percent on average in the last four years, and the entry of new company and launches from the likes of BMW, Mercedes-Benz, Porsche and Audi. Therefore, the picture seems to be apparently pompous that the ’Global Indians’ are all ready to catch the Luxury Car market to an all-new high and it has been well said – “For a lavishness car to remain one, its skin tone have to stay ahead of the pioneering curve”. This marks the beginning of a risky race between money and over- spending, which may go on forever. HOW SEGMENTATION IS DONE? A market segment consists of a group of customers who share a alike set of wants. The marketer does not create the segments; the marketer’s job is to identify the segments and decide which one(s) to target. Segment advertising proffers several paybacks over mass promotion. The company can create a more fine-tuned artificial goods or service offering and price it properly for the mark segment. The company can more easily select the best sharing and contact channels, and it will [Type text] Page 4 also have a clearer portrait of its opponents which are the companies going after the same segment In the context of automotives sector, we would be classifying in the following ways: - ∗ Based on the price of the car ∗ Based on the length of car ∗ Based on the user BASED ON THE PRICE OF THE CAR On the basis of price of car we can segment the car in following ways: - . Economy segment The economy segment of car range up to Rs. 2.5 lacs. The productions in the segment are Maruti 800, Alto and the newly launched product of TATA motors i.e. NANO. Mid-Size segment The Mid-size segment of car ranges from 2.5 lacs to 4.5 lacs. It includes the product like Hyundai santro, Maurti Zen, Tata Indica etc. Luxury car segment The luxury car segment of car range from 4.5 lacs to 10 lacs. It includes the product like Honda city, Hyundai Verna, Mahindra Scorpio etc . Super Luxury segment The super luxury segment of car ranges above 10 lacs. This segment satisfies the elite class of the society. It includes the products like Skoda Laura, Honda Accord, BMW, Mercedes, and Audi etc. BASED ON THE LENGTH OF CAR . A segment- cars that are less than 3.5 meters long (800, Omni) [Type text] Page 5 . B segment- cars between 3.5 meters to 4 meters long (Zen, SX4, santro) . C segment- cars between 4 meters to 4.5 meters long ( Verna, Honda City, Ford fiesta) . D segment- Cars that are more than 4.5 meters long (Mercedez, Sonata, Accord Skoda) BASED ON THE USER Segmentation of automotive division is also based on the user of the products. Like the example of TATA motors, when it observed that their product ‘INDICA’ is used extensively by the Taxi operators, it came up with a new model of the car having Round Tail Lights to distinguish it from the car having vertical tail lights used by the individual buyers. Individual Buyers . Government / non- government . Taxi Operators institutions P UNJAB THE SUCCESSFULL PURVEYOR FOR LUXURY CARS IN INDIA Punjab has stood one of the best sellers for the luxury cars sales in spite of having the GDP growth rate of 5% which is just about high than the national expansion rate of 9% and the agriculture growth rate of mere 2%. The real-estate rumble in Punjab touched high and the proprietor made quite good bucks by selling their lands and the quick earned money played a task on spending on luxury cars. BMW trade extra than 90 cars in less than 6 months while Daimler is expecting to sell 200 units during its financial year. Ludhiana holds the label of highest number of Mercedes and the number is on the rise. Other top models like Skoda and Corolla are also much admired [Type text] Page 6 brands in the state. Volvo has appointed a new dealer location in Chandigarh. The research shows that regardless of the overall picture of economy expansion in Punjab where state has slither to 6th slot in terms of per capita income and many industrial units transfer to neighboring states due to tax and other be short of of capital, the car market is still up and growing. NRI money is also singing a role in giving rise to the luxury car market and easy accessibility of back credits have also given a push to this growth. P UNJAB MATERIALIZE AS A NEW BAZAAR FOR CARS Ludhiana/Chandigarh, Nov.27 (ANI): Having been punch hard by global decelerate, the
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