The slowing rate of decline of car sales is a ray of hope for the Indian auto industry. However, automakers are still suffering from a lack of demand, which is still a far cry from pre-COVID-19 levels. As the pandemic has dealt the sharpest blow to high-ticket items, the luxury car segment is possibly the worst hit and likely to be the last to recover. When saving cash and being financially prudent is the order of the day, buying a luxury car is not the highest priority for consumers. As a result, the luxury segment, which was a tiny niche to begin with, is shrinking further, with demand shifting downward to the more affordable spectrum of the market.
- Indian luxury car market has shrunk significantly due to COVID-19 pandemic
- Year-on-year sales has dropped by 59 percent in July 2020
- Mercedes-Benz India market share has increased despite a 47 percent decrease in…