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Why Will Sales of Luxury Automobiles in India Reach New Heights in 2023?
- 30th Jan 2023
Sales of Luxury Vehicles in India 2023
After a successful year of sales in 2022, luxury automobile sales in India are projected to hit a record high of 42,000-45,000 units in 2023, driven by a healthy order book, pent-up demand, and the introduction of new models, according to industry estimates.
The luxury automobile category in India, which represents for less than 1% of the country's overall passenger vehicle market, concluded last year with expected sales of 37,000 to 38,000 vehicles.
2018 was the strongest year for the luxury sector in India, with sales reaching 40,860 units.
Mercedes-Benz now has 6,000 outstanding orders in India, with a four- to nine-month waiting time.
The majority of other luxury automobile manufacturers, including BMW India, Audi India, and Lexus India, the most recent arrival in the market with a comparatively smaller presence, anticipate that 2023 will be their greatest year ever in terms of sales volume, with increases in the high double digits.
On the strength of pent-up demand and an electrification trend that favours electric cars (EVs) over internal combustion engine models, a number of new models have been introduced to the Indian Electric luxury automobile market.
Several significant elements contributing to the rise of the luxury automobile category in India:
Strong corporate revenues and stable economic expansion in India are fueling the market for luxury automobiles.
Exemption from road tax in a number of jurisdictions and a low GST rate are helping e-luxury vehicles gain popularity despite their high price tags.
According to specialists in luxury automobiles, the lessening scarcity of semiconductors and other components, which allows European manufacturers to increase output, will accelerate growth.
In 2023, S&P Global Mobility expects the premium automobile category to grow by 25-30% annually.
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