The Indian arm of Mercedes-Benz, German automotive marque, has announced intentions to launch four New Generation Compact Cars in the premium passenger car market of the country over a span of two years. The upcoming cars will comprise B-Class Sports Tourer, compact A-Class, compact sedan and a small Sports Utility Vehicle (SUV).
Indian car aficionados will have to shell out some Rs. 25-30 lacs from their pockets, in order to get behind the wheels of any of the yet-to-be launched cars. Mercedes-Benz India is eyeing to capture the imagination of younger audience in the country, with the future additions to its portfolio being perky and having a stylish avatar.
Underlining the company's marketing strategy, Debashis Mitra, Director, Sales and Marketing, Mercedes Benz India, said, “Young users means a fast-changing cycle of cars, or newer ways of acquiring them.” The upcoming cars are expected to be pitched towards younger crowd of the country and will have sublime good looks and a whole array of new features.
According to Mitra, the youth population in luxury car market stands at 25,000 at present and will exceed 3 lacs by 2020. Mitra also said, “The bigger chunk of this Indian luxury car market will come from young consumers.”
In order to engage the car loving audience in the country, the German firm has devised a 'Self-leasing' scheme, according to which, Indian customers can have a Mercedes-Benz in their garage by paying a monthly rental. Interestingly, the 'Self-leasing' Mercedes-Benz customers will be paying Rs. 1 lac every month for a period of two or three years with the tariff comprising leasing, insurance, warranty and service fees.
The Self-leasing scheme will give the car aficionados an option of switching to different of their favourite 'Three pointed star' models. Interestingly, around the globe some 50 per cent of the owners lease their luxury vehicles. Mitra further appealed the affluent sections of Indian society to try the self-leasing plan, which comes with no down payment and added, “This makes affordability come home and you can keep changing cars every few years since you never really own the vehicle.”
Reportedly, of the 2.4 million passenger car vehicles running on Indian roads, the luxury cars account for only 1 per cent of the overall share. Experts believe that by the year 2020, luxury and premium vehicles in the country will contribute about 3-4 per cent of the overall market pie chart, and the Indian car market will be standing at 7-8 million vehicles.
