Luxury carmakers Mercedes-Benz, Lexus, and Audi are confident that sales momentum will continue during the ongoing festive season, as demand remains strong for high-end cars. They anticipate that the luxury car segment could achieve its highest-ever volumes in a year by 2023. In an interview with PTI, Santosh Iyer, the Managing Director and CEO of Mercedes-Benz India, expressed optimism about the promising festive season compared to the previous year.
“This year, the festive season is spread across four months, and we are starting on a very positive note, from Onam onwards,” he stated. With strong demand driven by recent launches and positive customer sentiment, Mercedes-Benz expects the growth momentum to continue. Naveen Soni, President of Lexus India, also highlighted the growth of the luxury car market in the country.
“This year, the demand for high-end cars has brought cheer to the industry. Luxury cars are experiencing healthy growth as a market segment,” he said. The increasing number of high net-worth individuals, millennials, disposable incomes, and well-traveled consumers, along with stable economic growth, are fueling this growth, according to Soni. He mentioned that Lexus has already surpassed its 2022 sales and expects strong momentum during the festive period. Customer sentiments are positive, and fresh bookings remain robust.
To provide greater value to customers during the festive season, Lexus has introduced a limited edition of its sports coupe, the LC 500h. The automaker has also started accepting bookings for the new-generation LM multipurpose vehicle, said Soni. He added, “This is a new category for Lexus in India, and we are confident that it will redefine the ultra-luxury mobility experience.” Balbir Singh Dhillon, Head of Audi India, reported a strong growth of 97% in the first half of the year, having retailed 3,474 units.
“Our SUVs have witnessed a growth of 217%, and our performance cars have grown by 127%,” Dhillon noted. With the festive season, the company anticipates continued demand and growth. Dhillon mentioned that models like A4, A6, Q3, and Q5 are experiencing strong demand. He further highlighted Audi’s wide electric vehicle portfolio in the segment and is confident in good demand for their electric range during the festive season. Audi has recently launched the Q8 Limited Edition for the festive season and plans to introduce more products during this period.
“Evolving demographics and favorable economic conditions are driving growth in the luxury car market,” Dhillon stated. The company is on a growth path and expects to achieve high double-digit growth by the end of the year. It is projected that overall domestic passenger vehicle sales will surpass the 1 million mark during the festive period, which spans 68 days from August 17 to November 14.