Shifting generational mindset fuels luxury car boom in India

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♦ Luxury car sales expected to reach 1,200-1,300 units in 2023

♦ Mercedes-Benz and Audi luxury models witness long waiting periods

♦ BMW Group India registers over 21% growth in car sales

New Delhi: The shifting ‘generational mindset’ in India is fuelling the growth in luxury goods consumption and super-expensive cars are no exception. According to industry data, the sale of luxury cars from brands like Lamborghini, Ferrari, McLaren and Aston Martin are experiencing robust demand in the domestic market.

Industry experts say that 1,200-1,300 luxury cars are likely to be sold in the Indian market this year. In 2023, sales more than doubled to 1,000 units in the top-end car segment.

According to reports, Lamborghini has sold all cars allocated for the Indian market from its Italian headquarters. Its cars like Huracan, Urus and Revuelto are in the price Rane of Rs 5 crore-Rs 10 crore. Other luxury brands like Ferrari, McLaren and Aston Martin are also seeing robust growth. The luxury models from Mercedes-Benz and Audi now have waiting periods of up to a year, with prices ranging from Rs 2.5 crore to Rs 4.5 crore.

Aston Martin recently launched the new sports car ‘Vantage’ at Rs 3.99 crore (ex-showroom) in India. According to the automaker, it boasts a muscular physique and unmistakable presence, with design cues inspired by Aston Martin’s legendary One-77 supercar.

BMW Group India posted a strong performance in the January-June period, witnessing a boost of over 21 per cent in car sales fuelled by high demand for its sports activity vehicles, luxury class and electric cars.

BMW luxury class vehicles registered a growth of over 17 per cent, contributing 18 per cent to total sales. The BMW X7 was the highest-selling luxury class model. According to Vikram Pawah, President, BMW Group India, the strong affinity for our vehicles is driven by our competitive edge in exclusive mobility paired with unmistakable driving pleasure and best-in-class innovations.

German luxury car manufacturer Audi recently launched two new cars under its Bold Edition — Q3 and Q3 Sportback, in India. According to the latest wealth report by Knight Frank, India is likely to see more ultra-wealthy individuals, with those possessing a net worth exceeding $30 million to reach 19,908 by 2028 — up from 13,263 in 2023.