Luxury car sales are expected to hit a new record high in 2023.

After strong gross sales in 2022, the gross sales of luxury cars in India are expected to succeed in 2023, with the report exceeding
42,000- 45,000-unit business estimates are available.

The phase where share in the country’s wider passenger car market is less than 1%, ended last year with gross sales of around 37,000–38,000 units. One of the best years was 2018, when gross sales exceeded 40,863 units.

The stable profits and regular economic development of the company will boost demand for luxury cars despite global uncertainty, Mercedes-Benz India managing director Santosh Iyer.

“A moment remains strong,” he noted. The business should grow by double digits this year. “Our aim is to outperform the market.”
Mercedes-Benz currently has an order pending in India for 6,000 cars with a delivery time of  9 months. 

Most luxury car manufacturers, as well as BMW India, Audi India, and Lexus India—the region’s newest entrants with a relatively smaller footprint—see 2023 as their most important, but in terms of volumes, with gross sales growing above double digits, a milestone that reached 50,000 in 2015—an electrification model that favour electric vehicles (EV) over internal combustion engines.

Exemption from road tax in several states coupled with low GST pricing is helping electric luxury vehicles gain traction despite their high costs.
S&P World Mobility ushers in a new phase of the luxury car industry in 2023, growing at 25–30% annually. “A reduction in the supply of semiconductors and various components, which allows European manufacturers to increase production, will encourage expansion,” noted Gupta.

The attack of the last dummies has already begun. Mercedes-Benz, the market leader, introduced ten new models this calendar year.BMW India launched the third-generation X1 last week and discontinued the 7-Sequence and i-7 Sequence earlier this month. Audi will deliver the Q8 e-tron and a few other models later this year.

“Demand in the broader market is particularly strong, and most of our launches this year could be at this stage,” said Mercedes-Benz India’s Iyer. The Cars priced above Rs 1 crore accounted for 22 percent of the German carmaker’s total gross sales in India in 2022.
Naveen Soni, president of Lexus India, noted, “The elegant stage could easily surpass 2018’s gross sales in 2022, but the lack of semiconductors With the strengthening of the rule, we expect that gross sales will succeed in reporting categories (in 2023).

The latest entrant to the luxury market has seen gross sales grow by 76% in 2022 and aims to double this year. It currently has 17 stores and a presence in 30 cities and may continue to grow this year, Soni noted.

Lexus does not disclose gross sales. According to trade estimates, it shipped nearly 1,000 products to India last year.

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