(MENAFN-IANS) New Delhi, Aug 18 (IANS) A changing “generational mindset” is driving growth in luxury consumption in India and ultra-expensive cars are no exception. Sales of luxury cars from brands like Lamborghini, Ferrari, McLaren and Aston Martin are experiencing robust demand in the domestic market, according to industry data.
According to industry experts, the Indian market is expected to see 1,200-1,300 luxury vehicle sales this year. In 2023, sales in the luxury segment are expected to more than double to 1,000 units.
According to reports, Lamborghini has sold all the cars allocated to it by its Italian headquarters for the Indian market. Cars like the Huracan, Urus and Revuelto are in the price range of Rs 50 million to Rs 100 million.
Other premium brands such as Ferrari, McLaren and Aston Martin are also seeing robust growth. Luxury models from Mercedes-Benz and Audi currently have waiting periods of up to one year and are priced in the range of Rs 2.5 lakh to Rs 4.5 lakh.
Aston Martin recently launched its new Vantage sports car in India with a sticker price of Rs 3.99 lakh. The car boasts a muscular build and unmistakable presence, with a design that takes cues from Aston Martin’s legendary One77 supercar, according to the company.
BMW Group India posted strong performance in the January-June period, with vehicle sales rising by more than 21 percent, helped by strong demand for sports activity vehicles, luxury cars and electric vehicles.
BMW’s luxury cars grew by over 17 percent, accounting for 18 percent of total sales. The BMW X7 was the best-selling luxury model.
According to BMW Group India President, Vikram Pawah, the strong affinity for our vehicles is driven by the company’s competitive edge in unmatched mobility, combined with undeniable driving pleasure and best-in-class innovation.
German luxury car maker Audi recently launched two new cars in India in the ‘Bold Edition’ – the Q3 and Q3 Sportback.
India is set to see a rise in the number of ultra-rich people, with the number of people with a net worth of over $30 million set to reach 19,908 by 2028, up from 13,263 in 2023, according to Knight Frank’s latest wealth report.
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