Summary:

India’s luxury automobile industry has grown dramatically, with sales of vehicles priced over ₹50 lakh rising from two per hour five years ago to six per hour by 2023. Increasing demand and a growing wealthy class are driving the industry forward. Leading brands like Mercedes-Benz and BMW expect continued growth, with Mercedes-Benz reaching a record 20,000 vehicles by 2024. Despite facing challenges in 2024, Audi anticipates a significant rebound in 2025 with new models.

India's luxury automobile sector now accounts for just over 1% of total vehicle sales, the lowest among major economies. However, rising incomes present immense growth potential. According to Knight Frank's "The Wealth Report 2024," India is projected to have the fastest global growth in ultra-high-net-worth individuals (UHNWIs) between 2023 and 2028, with their numbers increasing by 50% to over 20,000, fueling further expansion in the luxury automobile industry.

Source: IBEF 

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