Luxury car makers Mercedes and Audi launched record units this season as demand for high-end cars continues to grow in the country.
Driven by brisk sales throughout the year, the luxury car industry in India is expected to post its best ever performance this year.
In an interaction with PTI, Mercedes-Benz India Managing Director Santosh Iyer said that this year’s Christmas season from Onam to Diwali was better than last year, due to multiple new launches, attractive portfolio and strong customer sentiment.
“We saw record deliveries during Dussehra, Dhanteras and Diwali which shows the enthusiasm of the customers,” he noted. Iyer said the automaker continues to have a positive outlook on the industry, expecting record sales this year. However, he expects supply chain disruptions to continue to pose challenges, affecting the production and availability of SUVs, particularly the GLC.
“We continue to have a positive outlook on the industry, expecting record sales this year. However, we predict supply chain-related disruptions will continue in the coming months as well.”
Audi India Head Balbir Singh Dhillon said the company has seen 88 percent growth with 5,530 units retailed in January-September 2023.
“We are operating with one of our highest order banks in the last few years. This festive period has been a great celebration for Audi India as we have seen our highest ever sales in the Christmas season in the last seven years,” said he.
The growth was a result of continued demand for our best sellers including the A4, Q3, Q3 Sportback, Q5 and S5 Sportback, said Dhillon.
“Delhi and Mumbai continued to lead the demand for our products during the Christmas season. We continue to see good demand from Hyderabad, Kolkata, Chennai, Bengaluru, and Ahmedabad,” he said.
This year, the luxury car industry in India will surpass 2018 numbers – and reach the 46,000-47,000 unit mark, Dhillon noted.
“As a company, we are trying to end the year with high double-digit growth,” he said.
BMW Group India President Vikram Pawah said that the company has launched some powerful products – both cars and motorcycles during Christmas.
“We will keep this momentum going,” he said.
Head of Lamborghini India, Sharad Agarwal, said that India is one of the fastest growing markets in the world and has the 3rd largest population of millionaires.
The Indian luxury car market was valued at USD 1.06 billion in 2021 and is expected to reach over USD 1.54 billion by 2027, registering a CAGR of more than 6.4 percent during the forecast period 2022-2027, it revealed noticed.
“This growth is driven by the evolution of customer taste and preferences and hence the significant expansion of the car segment and increasing demand for luxury cars with advanced technology and safety features,” said Agarwal. The growth is further supported by better road infrastructure across India, connecting cities with expressways coupled with aspirations that are driving demand from tier 2 and beyond, he said.
“For Lamborghini itself today more than 25 percent of the sales are from non-metro cities,” he said.
In the 89-day festive period this year between August 17 and November 14, retail sales of total passenger vehicles crossed the 10 lakh mark.
Around 8.10 lakh units were sold during the 71-day festival season last year.
Latest Business News
Denial of responsibility! vismuseum.org.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at firstname.lastname@example.org The content will be deleted within 24 hours.