With India forecast to be world's fastest growing major economy by 2016-17, super luxury car maker Rolls-Royce is gearing up to tap the country's billionaires with new models, including new convertible and a potential SUV.
The company that sells a range of super luxury cars with starting prices ranging from Rs 4.5 crore to Rs 9 crore is confident that India, which is projected to be "home to the fourth-highest number of billionaires in the world by 2023", to be one of its key markets.
The IMF's prediction that India will become the world's fastest growing major economy by 2016-17 and World Bank's forecast of 6.4 per cent GDP growth this year along with the new government's fast-paced reforms that will address key areas such as infrastructure, make the future growth prospects in India excitingly promising, Rolls-Royce Motor Cars, Asia Pacific Regional Director Paul Harris said.
"The luxury car market in India will certainly be boosted by these factors in addition to the projection that India will be home to the fourth highest number of billionaires in the world by 2023," Harris told PTI.
Stating that Mumbai and Delhi are expected to record the highest rate of growth in their ultra high net worth individuals, he said: "There's huge market potential to be tapped on and we are well poised to meet demand for super luxury cars as our presence in these two great cities are well established."
When asked about plans for launching new models in India, Harris said: "We will, as confirmed, bring a new convertible Rolls-Royce to the markets soon and as has been confirmed, continue to look into the potential that exists in other new segments like the opportunity offered in the SUV segment, but only if appropriate for Rolls-Royce."
While he did not elaborate the timeline for the launches, the convertible Rolls-Royce is widely expected to make global debut next year.
At present, Rolls-Royce sells Ghost Series II with price starting at Rs 4.5 crore, the Wraith at Rs 4.6 crore upwards, the Phantom starting at Rs 8 crore and the extended wheel base version of the Phantom with price starting at Rs 9 crore in India.
The prices go up depending on the level of customisation that a buyer wants.
When asked about sales in India, he said: "As a policy, we do not talk about sales numbers. Since our entry into India in 2005 we have grown quickly but sustainably and are continuing to invest in India, a market with great potential."
He said India is one of the top five markets in the Asia Pacific region for Ghost. India-bound Ghost automobiles are also among the most bespoke in the world.
The company had launched the Ghost Series II in India in November last year.
