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Market fit for premium cars in the Indian automotive industry
The Indian automotive industry is expected to grow to a market size of US$ 251.4-282.8 billion) by 2026, as per ibef.org. Needless to say, this is a profitable industry to operate in but it can also be a challenging one. Faced with a new product decision, an automotive giant was confused as to what to do. Known for their affordability, this car company wanted to launch a slightly premium range of cars, moving away from their typical middle class population. However, since they did best in mid-priced vehicles, they were unsure of the market they would have.
The client requested us for quantitative insights, wanting to know the size of the market if they were to launch the premium car. But, we suggested adding qualitative information such as customer opinion on premium segments of cars to enhance the data. We surveyed over 700 respondents across India and completed this task within 8 days.
With the data that we collected, we were able to give a picture of the forecasted demand and customer opinion of high end vehicles. For the client, this resulted in a value addition in the form of reduced uncertainty for their new venture. Gathering first hand information from prospective buyers, helped the client make a call about their business decision. They also felt better prepared having a future outlook on the Indian automobile market.