Luxury Car Sales Anticipated to Surge This Festive Season
The luxury car market in India is poised for remarkable growth during the upcoming festive season, with major manufacturers such as Mercedes-Benz, Audi, and BMW expressing high expectations for sales. As consumer confidence rises and the overall demand for luxury vehicles continues to increase, these brands are gearing up for what could be a record-breaking period.
Insights from Mercedes-Benz India
According to Santosh Iyer, Managing Director and CEO of Mercedes-Benz India, the luxury car segment is on track to achieve its best performance ever this fiscal year. “The festive season is crucial for our sales strategy, usually leading to double-digit growth which helps balance the single-digit growth of the previous quarters,” Iyer remarked. He emphasized the potential for significant sales volumes, predicting that the luxury car segment could surpass 50,000โ51,000 units in 2023, despite the segment accounting for less than 2% of Indiaโs total passenger vehicle market.
Challenges in the Luxury Market
Despite the optimistic outlook, Iyer noted that not all market players are faring well, with some experiencing stagnation or decline. The luxury segment is still relatively small compared to the broader passenger vehicle industry, which poses challenges for sustaining growth across the board.
Audi’s Positive Outlook
Echoing similar sentiments, Balbir Singh Dhillon, the head of Audi India, expressed confidence that positive purchasing trends will persist through the festive season. “Our flagship models, including the A4, A6, Q3, Q3 Sportback, Q5, Q7, and the newly launched Q8, continue to drive robust demand,” Dhillon stated. He also highlighted the encouraging response to their e-tron range, particularly the e-tron GT and RS e-tron GT, as the brand seeks to tap into the electrifying luxury segment.
BMW’s Assurance on Consumer Demand
Vikram Pawah, President of BMW Group India, reaffirmed the strength of the Indian economy and increasing consumer confidence in the luxury segment. “Our order backlog remains strong, and we are maximizing efforts to expedite deliveries to our customers,” Pawah said. With special editions of existing models introduced ahead of the festivities, BMW anticipates that additional bookings during Diwali and Dussehra will contribute to substantial growth.
Summary of Expectations in the Luxury Segment
| Brand | Key Highlights | Sales Expectations |
|---|---|---|
| Mercedes-Benz | Expecting strong festive sales, aiming for 50,000-51,000 units this year. | Double-digit growth expected during the festive season. |
| Audi | Positive trends for best-selling models and e-tron range. | Optimistic about sustaining sales increases. |
| BMW | Strong orders and new special editions launched for the festive season. | Expecting impressive growth driven by Diwali and Dussehra bookings. |
Conclusion
The luxury car market in India is clearly heading for an exciting festive season, with manufacturers prepared to meet the growing demand. As economic conditions improve and consumer confidence rises, luxury carmakers are optimistic that this festive period will solidify their positions in the market and contribute to long-term growth.
