Luxury Car Market Boom in India: High-End Brands Witnessing Robust Demand
The luxury car market in India is currently experiencing a significant boom, with high-end brands like Lamborghini, Ferrari, McLaren, and Aston Martin reporting robust demand. This surge in sales can be attributed to a generational mindset shift, with more Indians willing to splurge on luxury goods, including super-expensive cars.
According to industry data, there has been a substantial increase in the sale of luxury cars in India, with experts predicting the sale of approximately 1,200-1,300 luxury cars in the market this year. This marks a significant leap from 2023 when sales more than doubled to 1,000 units in the top-end car segment.
Luxury car manufacturers like Lamborghini have reportedly sold out all cars allocated for the Indian market. Models like the Huracan, Urus, and Revuelto, priced between Rs 5 crore and Rs 10 crore, are in high demand. Other luxury brands like Ferrari, McLaren, and Aston Martin are also experiencing strong growth, indicating a healthy market for luxury vehicles in India.
Mercedes-Benz and Audi’s luxury models are facing waiting periods of up to a year, with prices ranging from Rs 2.5 crore to Rs 4.5 crore. This high demand and extended waiting period further highlight the growing appetite for luxury cars among Indian consumers.
Aston Martin recently launched its new sports car ‘Vantage’ in India, priced at Rs 3.99 crore. The car boasts a muscular physique and unmistakable presence, with design cues inspired by Aston Martin’s legendary One-77 supercar.
BMW Group India has also reported a strong performance in the first half of the year, with a boost of over 21 per cent in car sales. This growth is fueled by high demand for its sports activity vehicles, luxury class, and electric cars. BMW’s luxury class vehicles registered a growth of over 17 per cent, with the BMW X7 being the highest-selling model.
The surge in luxury car sales in India is also linked to the increasing number of ultra-wealthy individuals in the country. According to the latest wealth report by Knight Frank, the number of individuals possessing a net worth exceeding $30 million is expected to reach 19,908 by 2028, up from 13,263 in 2023.
This trend of increasing luxury car sales is not unique to India. Historically, luxury car sales have seen a surge in various markets worldwide during periods of economic growth and increasing wealth. As the world’s economy continues to recover and wealth increases, the luxury car market is expected to thrive even further.