Read More>> Mumbai: India’s luxury-car sales are estimated to have slowed to 4-5% in 2018 from 17% the year before, hurt by high import duties, adverse macroeconomic environment and a weak stock market that has hit buyer sentiment.
Sales of luxury cars and SUVs in the past year are pegged to be 40,500 to 41,000 units, industry executives and market trackers said. Sales in 2017 were about 39,000 units.
At this rate, the growth is the slowest in a decade if the 2016 performance is excluded. One-off developments such as a Supreme Court-imposed ban on large dieselpowered vehicles in the National Capital Region and demonetisation had caused the market to shrink in 2016.