Luxury cars boom in India, record sales of these brands including BMW in last six months
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Luxury cars have made a splash in India. There are so many people who like these luxury cars that during the last six months, record sales of luxury cars have been registered in the country. The segment has witnessed record sales in the first half of 2023, led by carmakers such as Mercedes-Benz, BMW Group and Audi. German auto giant BMW sold over 26,000 units across the country between January and June. After a great start to the year, all the luxury car makers are expecting 2023 to be their best year ever in terms of sales.
Most sought after Mercedes-Benz
According to media reports, in the last six months, German luxury car maker Mercedes-Benz has registered its best ever sales in India. During the month of January to June, 8,528 units of Mercedes-Benz were sold with a jump of about 13 percent. Mercedes-Benz remains on top among the luxury car manufacturers in India. Santosh Iyer, Managing Director and CEO, Mercedes-Benz India said that there is a very strong momentum right now and there is also a lot of shift towards luxury cars. So the demand is increasing and we don’t see any reason to change it.
BMW Group sold 5,867 units
BMW Group, one of Mercedes’ major rivals in India, also registered record sales of 5,867 units during the period. These also include luxury cars of the Mini brand, which also include electric vehicles. Vikram Pawah, President of BMW Group India said that we will break the record in the second half as well. It will get even better (from the first half) as supplies normalize. If all things go well, it will be a record year for us. He said that stability in the economy and demand is looking strong.
BMW on top in selling luxury EV vehicles
According to a report, despite Mercedes having more number of EV (electric vehicle) models in its portfolio, it was BMW that emerged as the leader in the segment. BMW sells the iX SUV and the i4 and i7 sedans in the country. The iX electric SUV has received the highest number of takers among all luxury EVs in India. The German auto giant now has around 50 per cent market share in this segment.
Double jump in Audi sales
Audi also registered almost double jump in sales in India. The German auto giant sold 3,474 units in the first six months this year as compared to 1,765 units last year. Around 21,000 cars have been sold in the luxury segment in the last six months and generally H2 (second half) is better than H1. Audi India chief Balbir Singh Dhillon said that this year should be better for the entire luxury car segment. Around 46,000-47,000 cars are expected to be sold this year.
21,000 cars sold so far in 2023
Around 21,000 cars have been sold in the luxury segment this year and generally H2 (second half) is better than H1. Hence, it is estimated that the entire luxury car segment should be around 46,000-47,000 cars this year. Which is certainly the highest ever, Audi India chief Balbir Singh Dhillon told PTI. The previous record was around 40,000 units in 2018, he said, after which the luxury segment suffered in 2019 due to “economic conditions” and the pandemic hindered growth from 2020 onwards.
Record sales expected in second half
Similarly, BMW Group India President Vikram Pawah said, “We will break records in the second half as well. It will be even better (from the first half) as supplies normalize. If all things remain constant, it will be a record for us.” The year will be. The demand in the economy is looking strong, the product line-up is strong, the launch of the new X5 has added to the growth and the response is strong.
Participation in India’s Economy
India’s strong economy is playing an important role apart from new launches and models driving growth on the reasons behind the strong growth in the luxury segment, he added. “We have a strong economy. Sentiment is positive, people’s earnings are increasing. We are not facing the inflationary pressures that some western countries are currently facing. For us it is still a reasonable level here. Yes, it is high but not dramatically high. Pawah said that the Indian economy and the Indian system have a solid foundation which gives us the potential for growth.
Demand for luxury cars continues to strengthen
Additionally, Santosh Iyer, Managing Director & CEO, Mercedes-Benz India, said other factors such as the stock market at an all-time high and corporate India’s earnings also registering strong growth, better bonuses and payouts and Many companies are also buying cars. Iyer said that at the moment, there is a very strong momentum and also a very conscious shift towards luxury cars. So the demand is on and we don’t see any reason to change it.
By 2030, the share of luxury cars will be 2 percent.
Optimistic on the Indian luxury vehicle market, Dhillon said, “We believe the medium to long-term growth story continues, not only will the overall car segment grow, but the luxury segment will also grow. Today, we are around 1 per cent and we believe We should reach 2 per cent of the total car segment by 2030.” When asked whether the luxury car segment in India is close to realizing its potential, Pawah said it is still far away, but we are moving in the right direction. He argued that compared to developing or newly developed Asian economies where luxury car penetration is between 5 and 8 per cent of the industry, India is still at 1 per cent.
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