India's newly recognised status as an emerging economic power is visible not only in its shiny shopping malls, its growing appetite for luxury goods, its urban housing boom but also in its zooming craze for swanky vehicles.

Consider it a sign of the times that at least half a dozen new luxury cars - ranging from the Toyota Landcruiser, the Mitsubishi Prado, the Bentley Arnage and the Audi A6 - have rolled out on Indian roads in as many months.

Many automobile companies from across the globe are waiting in the wings to cash in on the rising incomes and aspiration levels among the country's 200 million upwardly mobile middle class.

If automobile industry experts are to be believed, at least half a dozen more luxury car models may turn up the heat on Indian roads in the months ahead.

Some of the major new launches in the near future include Rolls Royce Phantom with a price tag of Rs.35 million and the Aston Martin V8 Vantage costing Rs.11 million, say experts.

"The luxury car market has really come a long way in India. No one could have imagined that we will have such easy access to cars like Audi A6 and Rolls Royce in the domestic market so soon," said New Delhi-based auto expert Tutu Dhawan.

"Although India will continue to be predominantly a small car driven market, the launch of a slew of dream machines will surely rev up the growth in the luxury segment in the coming years," Dhawan told IANS.

"For luxury carmakers, India is virgin territory and the potential is huge. After China, India has become their focus point mainly due to the higher economic growth and increasing prosperity."  

As India's economy, one of the fastest growing in the world, expands at a scorching pace, the country is also producing millionaires and billionaires at a rate not seen before.

According to a recent study, while the number of Asian billionaires shrank from 136 in 1996 to 111 now, India has climbed from three to 13 in the same period, mainly on the back of a boom in IT services sector.

Riding on the back of the economic transition, the luxury car market has seen a major change in the last couple of years, despite high duty structure and poor infrastructure.

Analysts say while the share of economical hatchbacks in the domestic car market has come down from 60 percent to 20 percent in the last couple of years, luxury cars' contribution has risen from five percent to 20 percent.     
 
The segment recently got a major boost with the return of Rolls Royce to Indian roads after a gap of 50 years. Once the preferred car of the Indian royals, the car is now being targeted at the new age millionaires.

"India is witnessing major economic growth and we are happy to bring the (Rolls Royce) Phantom at this time as Indians know how to appreciate quality," says Colin Kelly, regional director (Asia Pacific) of Rolls Royce Motor Cars.

The launch of Rolls Royce comes close on the heels of global automobile major Audi of the Volkswagen group unveiling executive-class saloon A6 as part of its strategy to corner a larger share of the luxury car market.

The newly designed A6, with a showroom price of Rs.4.2 million, is one of its most important models highlighting the design evolution for Audi's brand.

Audi currently sells its top end luxury flagship model A8 and TT Coupe in the domestic market. The company started selling cars in India by importing them as completely built units since November last year.

"We are confident that with this car, we will be able to maximise sales opportunities and establish the A6 as the most progressive car in the luxury performance segment," says Michael Weber, Audi's country manager (India).

Toyota Kirloskar Motor, a joint venture between Toyota Motor Corporation and India's Kirloskar Group, launched the luxury Landcruiser in the Indian market late last year with a price tag of about Rs.4 million.

India's car market expanded by 18 percent in fiscal 2004-05 aided by the launch of a slew of new models by local as well as overseas companies.

--Indo-Asian News Service