Mercedes and Audi dispatch record units this festive season

The Indian luxury car market was valued at $1.06 billion in 2021 and is expected to reach over $1.54 billion by 2027, registering a CAGR of more than 6.4 percent during the forecast period 2022-2027.

By  Storyboard18Nov 21, 2023 10:04 AM
Mercedes and Audi dispatch record units this festive season
The growth is further supported by better road infrastructure pan India, cities are being linked by expressways which coupled with high aspirations is driving demand from tier 2's and beyond.(Representative Image: Ruffa Jane Reyes via Unsplash)

Luxury carmakers Mercedes and Audi have dispatched record units this festive season as the demand for high-end cars continues to grow in the country. Mercedes-Benz India managing director Santosh Iyer said the festive season this year from Onam to Diwali has been better than last year's, owing to multiple new launches, an attractive portfolio and also strong customer sentiment, told PTI.

We have seen record deliveries during Dussehra, Dhanteras and Diwali reflecting customer enthusiasm," he said.

Iyer added that the automaker continues to have a positive industry outlook, expecting record sales this year. It however expects supply chain-related disruptions to continue to pose challenges, affecting the production and availability of SUVs, especially the GLC.

We continue to have a positive industry outlook, expecting record sales this year. However, we forecast supply chain-related disruptions to continue in the coming months as well."

Audi India Head Balbir Singh Dhillon said the company has witnessed an 88 percent growth with 5,530 units retailed in January-September 2023. "We have been operating with one of our highest-order banks in recent times. This festive period marked bigger celebrations for Audi India as we witnessed our highest-ever festive season sales in the last seven years," he added.

Growth was on the back of sustained demand for our best-sellers including the A4, Q3, Q3 Sportback, Q5 and S5 Sportback, Dhillon said. "Delhi and Mumbai continued to lead the demand for our products in the festive season. We also continue to witness good demand from Hyderabad, Kolkata, Chennai, Bengaluru, and Ahmedabad," he added. This year, the luxury car industry in India will surpass 2018 volumes and reach the 46,000-47,000 unit mark, Dhillon noted. "As a company, we are looking to end the year with a high double-digit growth," he added. BMW Group India President Vikram Pawah said the company has launched some powerful products both cars and motorcycles in the festive period. "We will keep this momentum going," he added.

Lamborghini India Head Sharad Agarwal said India is one of the fastest growing markets globally and has the 3rd largest millionaire population.

The Indian luxury car market was valued at $1.06 billion in 2021 and is expected to reach over $1.54 billion by 2027, registering a CAGR of more than 6.4 percent during the forecast period 2022-2027, he noted.

"This growth is driven by the evolution of customer taste and preferences and hence the automobile segment is seeing substantial expansion with increasing demand for luxury cars with advanced tech and safety features," Agarwal stated.

The growth is further supported by better road infrastructure pan India, cities are being linked by expressways which coupled with high aspirations is driving demand from tier 2's and beyond, he added. "For Lamborghini itself today more than 25 percent of sales is from non-metro cities," he said.

The 89-day festive period this year between August 17 and November 14 saw overall passenger vehicle retail sales cross the 10 lakh mark. The 71-day festive season last year had witnessed sales of around 8.10 lakh units.

First Published on Nov 21, 2023 10:04 AM

More from Storyboard18

How it Works

Unregulated information & fake news can create disaster of un-imaginable proportion: VP Jagdeep Dhankhar

Unregulated information & fake news can create disaster of un-imaginable proportion: VP Jagdeep Dhankhar

How it Works

Advertisers start compliance with 'self-declaration certificate' norm, more than 6K entries uploaded

Advertisers start compliance with 'self-declaration certificate' norm, more than 6K entries uploaded

How it Works

Self-Declaration Certificate mechanism comes into effect: All you need to know about guidelines, applicability

Self-Declaration Certificate mechanism comes into effect: All you need to know about guidelines, applicability

How it Works

Newsdrum turns two, reveals expansion plans on the back of technology and AI

Newsdrum turns two, reveals expansion plans on the back of technology and AI

How it Works

Bollywood's comeback king? Shah Rukh Khan climbs brand value ladder while Virat Kohli holds strong: Report

Bollywood's comeback king? Shah Rukh Khan climbs brand value ladder while Virat Kohli holds strong: Report

How it Works

IAS expands brand safety and suitability measurement for YouTube

IAS expands brand safety and suitability measurement for YouTube

How it Works

YouTube testing server-side ad injections to prevent ad blockers

YouTube testing server-side ad injections to prevent ad blockers

How it Works

DoT announces R&D proposals- 5G Intelligent Villages and Quantum Cryptography

DoT announces R&D proposals- 5G Intelligent Villages and Quantum Cryptography