Luxury carmakers Mercedes-Benz, Lexus, and Audi are anticipating a continued surge in sales during the ongoing festive season, driven by strong demand for high-end cars. It is even possible that the luxury car segment could achieve its highest-ever volumes in a year by 2023. Santosh Iyer, Managing Director and CEO of Mercedes-Benz India, expressed optimism about the promising outlook for this year’s festive season as compared to the previous year. He noted, “This year, the festive season is spread across four months, and we are optimistic as we started on a very positive note, from Onam onwards.”
Mercedes-Benz attributes the strong demand to recent launches and positive customer sentiment, expecting the growth momentum to continue. Naveen Soni, President of Lexus India, highlighted that the market for luxury cars in the country is still growing. He stated, “This year, the demand for high-end cars has brought cheer to the industry. Luxury cars, as a market segment, are growing at a healthy pace.” Soni further explained that the expansion is fueled by increasing numbers of high net-worth individuals, millennials, individuals with high disposable incomes, and well-traveled consumers, along with stable economic growth. He added, “At Lexus, we have already surpassed the sales of 2022 and expect the strong momentum to continue in the coming festive period. Customer sentiments have improved, and we continue to receive strong fresh bookings.” To enhance customer value during this festive season, Lexus has introduced a limited edition sports coupe, LC 500h, and opened bookings for the new-generation LM multipurpose vehicle.
Balbir Singh Dhillon, Head of Audi India, reported a robust growth of 97% with 3,474 units sold in the first half of the year. He shared, “Our SUVs have witnessed a growth of 217% and our performance cars have grown by 127%. With the festive season, we are expecting this demand and growth to continue.” Dhillon mentioned that the company is experiencing strong demand for models like A4, A6, Q3, and Q5. With the recent launches of Q8 e-tron and Q8 Sportback e-tron, Audi now offers the widest EV portfolio in the segment. Dhillon expressed confidence in good demand for their electric range during the festive season. Furthermore, Audi has introduced the Q8 Limited Edition for the festive season and plans to introduce more products.
Dhillon emphasized that evolving demographics and favorable economic conditions are driving the growth in the luxury car market. He stated, “The company is on a growth path and expects to close the year with high double-digit growth.” Overall, it is predicted that domestic passenger vehicle sales will surpass the 10 lakh-unit sales mark during the festive period, which spans 68 days between August 17 and November 14.
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