Luxury car market set for record sales in 2023 with strong performance in first half

The luxury car segment in India is poised to achieve all-time high sales this year, with leading brands Mercedes-Benz, BMW, and Audi reporting record numbers in the first half of 2023. Mercedes-Benz among top luxury car sellers During the January-June period, German luxury carmaker Mercedes-Benz recorded its best-ever half-yearly sales in India, selling 8,528 units, a 13 per cent rise compared to the same period last year. BMW Group also achieved record sales, delivering 5,867 units of luxury cars under its BMW and MINI brands, marking its best half-yearly sales in India. Audi experienced a significant surge in retail sales, with a 97 per cent jump, selling 3,474 units in the first half of 2023, compared to 1,765 units in the January to June period of 2022. Expectations from top bosses Balbir Singh Dhillon, Head of Audi India, stated, "Our estimate is that in the first six months (of the year) about 21,000 cars have been sold in the luxury space and normally H2 (second half) is better than H1. So, our estimate is that the whole luxury cars segment should be close to about 46,000-47,000 cars this year, which definitely is an all-time high." Vikram Pawah, President of BMW Group India, expressed confidence in breaking more records in the second half of the year, stating, "It will be even better (than H1) with supplies becoming normal. We'll be having a record year if all things remain constant in the economy. The demand seems strong, the product line-up is strong, further enhanced by the launch of the new X5, and response is strong." Industry leaders attribute the robust growth in the luxury segment to new launches, strong economic conditions in India, and factors such as the stock market reaching all-time highs and corporate earnings showing strong growth. Santosh Iyer, Managing Director & CEO of Mercedes-Benz India, emphasised the momentum in the luxury car market, stating, "Right now, there is a very strong momentum and also a very conscious shift to luxury cars. So the demand continues, and we see no reason for that to change as of now." With a positive outlook, Dhillon stated, "We believe that the medium to long term growth storey is intact, not only the overall car segment will grow, but the luxury segment will also grow." While India's luxury car segment is currently at 1 per cent of the overall car market, compared to 5 per cent to 8 per cent in developing Asian economies, Pawah believes that India is heading in the right direction to fulfil its potential. (With PTI Inputs)

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Luxury car market set for record sales in 2023 with strong performance in first half

German luxury carmaker Mercedes-Benz recorded its best-ever half-yearly sales in India.

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