Luxury car market in India is poised for record sales in 2023 after stellar H1 numbers
- IBEF
- July 18, 2023
With the major three brands, Mercedes-Benz, BMW, and Audi, achieving record figures in the first half of 2023, the Indian luxury automobile category is on track to reach all-time high sales this year.
Mercedes-Benz, a German luxury automobile manufacturer, had its best-ever first half of the year sales in India with 8,528 units, up 13% from 7,573 units in the same period last year. Similarly, BMW Group also reported record sales of 5,867 luxury vehicles across its BMW and MINI brands during the time, registering its best half-yearly sales in India. Furthermore, Audi, another German luxury automaker, reported a 97% increase in retail sales in India in the first half of 2023, from 3,474 units in the January-June period of 2022 to 3,765 units in 2023.
Audi India is estimating that the sale of the whole luxury cars segment would reach 46,000-47,000 this year.
As per Mr. Vikram Pawah, BMW Group India President, along with new launches and models fuelling growth, the strong economy of India is also a key driver in the robust growth in the luxury segment.
Mr. Santosh Iyer, Managing Director and Chief Executive Officer (CEO) of Mercedes-Benz India, added that other factors in the growth momentum include the stock market being at an all-time high, corporate India earnings also reporting good growth, stronger bonuses and payouts, and many companies purchasing cars.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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