Luxury carmakers, including Mercedes-Benz, Lexus, and Audi, are anticipating robust sales momentum during the ongoing festive season in India. The demand for high-end cars remains strong, driven by factors such as recent model launches, buoyant customer sentiment, and an increasing number of high net-worth individuals and millennials.
Mercedes-Benz India’s Managing Director and CEO, Santosh Iyer, expressed optimism about the festive season, which spans four months this year, and noted a positive start from the Onam festival onwards. Mercedes-Benz expects the growth momentum to continue.
Lexus India’s President, Naveen Soni, highlighted that the luxury car market in India is on a healthy growth trajectory. Factors such as rising high net-worth individuals, millennials with disposable incomes, and a stable economy are contributing to this growth. Soni mentioned that Lexus has already exceeded its 2022 sales and expects strong momentum to continue during the festive season.
Audi India’s head, Balbir Singh Dhillon, reported a 97% growth in retail sales during the first half of the year, with strong demand for SUVs and performance cars. Audi expects this demand to persist during the festive season, driven by models like A4, A6, Q3, and Q5, as well as its electric vehicle portfolio.
Overall, the luxury car segment in India is poised for a potentially record-breaking year in terms of sales volume, driven by favorable economic conditions, evolving demographics, and heightened customer sentiment. The festive season, spanning from August 17 to November 14, is expected to contribute significantly to passenger vehicle sales in India, with the industry set to cross the 10 lakh-unit sales mark.