Luxury car sales in India surge to record high, up 20% YoY
- IBEF
- January 16, 2024
Luxury car sales in India reached a record high of 42,731 units in 2023, marking a 20% YoY increase. Carmakers attribute the surge to post-Covid lifestyle changes, with younger professionals opting for high-end cars. This trend is expected to continue due to rising disposable incomes. Mercedes Benz India's managing director, Mr. Santosh Iyer, reported the best-ever sales in the Indian market last year and outlined plans to launch a dozen vehicles, including electric ones, in 2024. BMW, with over 50% market share, anticipates double-digit growth in 2024. Experts suggest the shift to electric vehicles will further boost luxury car sales, driven by strong payouts, corporate earnings, and economic recovery. India's luxury car market is transitioning from explosive growth to sustained, quality-driven expansion, with a positive long-term outlook based on evolving consumer preferences and strong fundamentals, as noted by Mr. Ravi Bhatia, president of Jato Dynamics.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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