Models pose by Kia's latest concept cars, the Stinger GT and Kia SP SUV, at the 2018 Auto Expo in Uttar Pradesh near New Delhi.

Toyota also rolled out its compact sedan, the Toyota Yaris, which is set to hit the Indian market later this year. The Yaris is expected to enter the competitive sedan segment with attractive prices, as many Indians prefer more affordable cars.

In a market where most cars cost less than 10,000 US dollars, and luxury cars only make up a little more than 1 percent of cars on road, German auto makers BMW and Mercedes-Benz are looking to increase sales and expand their share of the luxury market by appealing to young, wealthy Indians.

Mercedes-Benz launched the Mercedes-Maybach S 650 saloon with a price tag more than 420,000 US dollars, making it one of the most expensive cars to be launched during the 2018 India Auto Expo.

The Mercedes-Maybach S 650 is fitted with a new V12 M 279 engine that produces a whopping 630 horsepower and 1000 Nm torque.

The plush interiors include massage chairs and a leather steering wheel with wooden inserts.

The BMW Group has also launched some high-end vehicles to appeal to different tastes and budgets.

The newly launched BMW 630i Gran Turismo Sport Line features frameless windows and a 258 horsepower, 2.0-litre, turbocharged, four-cylinder petrol engine, and is priced at more than 90,000 US dollars in the Indian market.

President of BMW Group India, Vikram Pawah, is enthusiastic about the new launches, but says very few Indians currently own luxury cars:

"The luxury car market is very, very small compared to the world standards. There is still a lot of headroom for us. We are sitting at 1.2 percent of the total auto industry. You know, we can get up to five percent, eight percent, ten percent level. So there is a long way for us to go in India. But the journey has started. That's the good news."

BMW also launched the M4 Coupe for fans of sports cars, with a starting price of more than 200,000 US dollars.

Another reason why luxury car makers can expect sales to rise, is the increasing number of millionaires in India, which is set to grow by 65 percent to 305,000 by 2020, according to Credit Suisse.

IHS, a London-based solutions and analysis firm, has also predicted the sales of luxury vehicles in India to double in the same period.

According to IHS Automotive, luxury vehicle sales in India stood at 35,300 units in 2015 and is expected to grow to 87,300 units by 2020.

But Pahwa believes the Indian government has to decrease taxes on vehicles, especially luxury vehicles, for sales to increase.

"Unfortunately, we know that the luxury car has been taxed very, very heavily. And again, in the recent budget as well, we saw some increase further, you know, for some imported parts to be taxed further. Obviously, these things doesn't (sic) help in consumer sentiment," he says.

Mercedes-Benz, Audi, and BMW, who collectively hold 95 percent of the local luxury car market, have set up plants in India and ramped up production to offer their products at more competitive prices.

Prabhjot Singh Bhatia, a wealthy businessman who owns more than one German car and has his eyes set on another, says he feels slightly cheated while buying high end cars in India.

"A nice Beamer (BMW) M3 or maybe an M5, those are going to cost you like around one and half crore (230,000 US dollars) here in India. But if you buy the same thing, somewhere else, maybe in the U.K., maybe the same car you're going to get for 50 or 60 lac rupees (about 80,000 to 90,000 US dollars). So, the prices of the cars here are roughly I would say, two-and-a-half times, three times what we get outside India," says Bhatia.

But for those who think luxury cars are expensive in India, superbikes are a slightly cheaper alternative.

The premium bike segment is one of the fastest growing in the Indian auto industry and is expected to grow by more than 20 percent annually till 2022, according to TechSci Research, a market research company.

This Kawasaki Ninja H2 SX is available for a little more than 32,000 US dollars.

But for those who can't yet afford to take home the hottest of wheels from the six-day long event, can get a small slice of luxury by purchasing miniature versions of their favourite cars.