The luxury car market in India currently remains very small, accounting for less than 2 percent of the total passenger vehicle market.
Luxury car manufacturers Mercedes-Benz, Audiand BMW Strong sales are expected during the festive period this year as demand for high-end cars continues to show an upward trend in India.
In an interaction with PTI, Mercedes-Benz India Managing Director and CEO Santosh Iyer said that luxury car This segment is expected to have its best performance ever this year, with holiday season shopping playing a significant role in overall performance.
He noted that the festive season typically gives double-digit sales growth, which helps the automaker average single-digit growth from the previous quarter. “So, in that sense, on an average, we can get double-digit growth during the festive season,” Iyer said.
Talking about the industry at large, which still remains a very small share of the total passenger vehicle market in the country, he said the segment is heading for record volumes this fiscal year, but not all players are witnessing growth.
“Some (companies) are even declining, some are stagnant and facing headwinds, but because we are the major player in the market, we still feel the luxury car market “We should be over 50,000-51,000 cars this year,” Iyer said.
The luxury car market in India currently remains very small, accounting for less than 2 percent of the country’s total passenger vehicle market.
Audi India Head Balbir Singh Dhillon said the carmaker expects positive purchasing trends to continue through the festive season. “Our best-selling models – the A4, A6, Q3, Q3 Sportback, Q5, Q7 and the newly launched Q8 – continue to drive strong demand,” he added. The company is equally optimistic about the e-tron range, the e-tron GT and the RS e-tron GT, Dhillon said.
BMW Group India President Vikram Pawah said the fundamentals of the Indian economy are strong and consumer confidence in the luxury segment is increasing. “For BMW Group India, the order bank is strong and we are making all efforts to expedite deliveries to our customers. Coupled with additional bookings around Diwali and Dussehra, we are confident of closing the year on a high note and registering impressive growth,” he said.
He noted that the group is witnessing very strong demand for products across all segments. Pawah said that in the run-up to the festive season, the company has introduced several special editions of its existing model range. The festive season usually begins with Onam and ends with Diwali every year.
(This story has been selected from a media outlet and remains unedited by Times Now)
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