With its huge population and the emergence of the young, neo-rich entrepreneurs, the luxury car OEMs find great potential for their expensive products in India. Sales of luxury cars, both ICE and EV, have been on the rise and they are set to soar. “Apart from traditionally wealthy families, a new group of achievers has fast emerged in India with a global outlook. They are well-travelled and have an eye on luxury products. Young entrepreneurs and leaders are actively shaping demand for the luxury car market in Tier II and Tier III cities. With the rise in disposable income, they are not hesitant to spend on luxury products and services”, Vikram Pawah, told ETAuto in the CEO’s Take 2024.