- The luxury car market in India is expected to achieve record-high sales in 2023 due to its strong performance in the first half of the year.
- In the first half of 2023, roughly 21,000 luxury cars have been sold on the Indian market.
- The Indian economy has experienced substantial growth this year largely due to new models and launches in the luxury sector.
The Indian luxury car market has seen a substantial increase in sales in the first half of 2023, with the three leading manufacturers – Mercedes-Benz, BMW and Audi – achieving record sales.
According to the Economic Times India, the number of luxury companies purchasing company cars and the sales of exported luxury cars to overseas buyers have grown significantly in the post-pandemic economy, pushing luxury sales higher.
Mercedes-Benz witnessed a 13% increase in sales in India during the first six months of this year compared to last year, achieving the best-ever half-yearly figure of 8,528 units for the Indian branch of the company.
Santosh Iyer, Managing Director and CEO of Mercedes-Benz India, stated that the stock market is at an all-time high and corporate India has recorded strong earnings, bonuses and payouts.
Similarly, BMW Group posted a record 5,867 vehicles sold across BMW and Mini – the best half-yearly sales result for the company in India.
Vikram Pawah, President of BMW Group India, expressed confidence in the company’s product lineup. Pawah suggested that the launch of the new X5 model has garnered global interest and that he expects the release to increase purchases from overseas and within India.
Wealthy internationals interested in purchasing a new BMW model on the Indian luxury car market will need a safe method of making international payments.
Audi, another German luxury auto manufacturer, saw an increase of 97% in retail sales in India from January to June 2023. According to Balbir Singh Dhillon, head of Audi India, this will close the total sales number to the 47,000 mark. It is reported that sales from international buyers helped push Audi sales further, rising from 1,765 units to 3,474 units during the same period in 2022.
The luxury cars segment is expected to reach an all-time high this year, with an estimated 46,000-47,000 cars sold. This projection is based on sales trends in the first six months of the year, during which around 21,000 vehicles were sold.
High net-worth individuals (HNWIs) investing in overseas luxury goods must use a safe money transfer method when making transactions.
Additionally, luxury sales during the second half of the year are anticipated to continue rising in India due to the interest from international travellers.
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