Country There is a surge in demand for expensive cars in the country. In such a situation, luxury car manufacturers Mercedes-Benz, Audi and BMW are expecting strong growth in their sales during the festive season this year. Santosh Iyer, Managing Director and Chief Executive Officer (CEO) of Mercedes-Benz India, said that this year the luxury car segment is set to perform at its best. Festive season sales will play an important role in this. Iyer said that usually the growth in sales of vehicle companies during the festive season is in double digits. In such a situation, it helps them to recover from the average single digit sales growth of the previous quarter. He said, “In this way, on an average, we are able to achieve double digit growth in the festive season.” The share of the luxury car segment in the total passenger vehicle market in the country is still very low. Iyer said that this segment is headed towards registering record sales this financial year, but not all companies are seeing growth.
Expected to sell more than 50,000-51,000 units
Iyer said that some (companies) will have low sales growth, and some will be stable because they are facing challenges. Since we are the main player in the market, we still think that the luxury car market should cross the 50,000-51,000 units mark this year. The luxury car market in India is still very small. Its share in the country's total passenger vehicle market is less than two percent. Audi India head Balbir Singh Dhillon said that the company hopes that the positive trend seen in the luxury car market will continue even in the festive season. He said that our best-selling models A6, Q3, Q3 Sportback, Q5, Q7 and the recently introduced Q8 will carry forward this strong demand. Dhillon said that apart from this, the company is also hopeful about its e-tron series, e-tron GT and RS e-tron GT.
The fundamentals of the Indian economy are strong
Vikram Pawah, President, BMW Group India, said the fundamentals of the Indian economy are strong and consumer confidence in the luxury segment is rising. “The order bank for BMW Group India is strong and we are doing our best to expedite deliveries to our customers. With additional bookings around Diwali and Dussehra, we expect to end the year with impressive growth,” he said. Pawah said the company has introduced several special editions of its existing model range in preparation for the festive season. The festive season usually begins with Onam every year and ends with Diwali.
Image Credit: India-Tv.