New Delhi, May 27 -- The most recent data on car ownership from NFHS-5 (2019-2021) reported that approximately 7.5% of Indian households owned a car. This equates to about 1 in every 12 households. The state with the highest car ownership was Goa, where 45.2% of households owned a car. Other states with notable car ownership percentages included Kerala (24.2%), Jammu & Kashmir (23.7%), Himachal Pradesh (22.1%), and Punjab (21.9%).

These figures highlight that around 2 crore households in India already own a basic car andaspire to upgrade their lifestyle with a bigger and better car for leisure and lifestyle purposes.

Today, affordability in terms of both money and time is a major barrier to owning premium cars.The high cost of purchase,...