No slowdown for India's super-rich as super-luxury cars sell like hot cakes

According to a report, the sales of super-luxury cars, priced over Rs 2 crore, are likely to cross pre-pandemic levels in 2022

Super-luxury car sales, priced upwards of Rs 2 crore, are likely to breach pre-pandemic peaks in this fiscal year on widening customer base, geographic reach and expansive product portfolio on offer.

 

In 2018, India's super-rich bought 325 luxury cars priced over Rs 2 crore, but the number nearly halved in 2020, as the Covid-19 pandemic struck.

 

Lamborghini, the Italian super-luxury car maker, has seen handsome bookings inflow despite economic uncertainties and is on track to post best-ever sales in India, according to the Economic Times.
 

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"We have entered 2022 with a very strong order book. From what we have seen in the first five months, the trend looks positive," ET quoted Lamborghini India Head Sharad Agarwal.

 

"These numbers do not reflect the potential of the market for super-luxury cars. India is adding the second-highest number of billionaires in the world. Earlier, we were selling our cars to third/fourth generation businessmen. Now, our buyers are first-generation businessmen, entrepreneurs, and women. The customer base has expanded", Agarwal added.

 

Priced over Rs 1 crore, Mercedes Benz's share of high-end luxury cars has more than doubled to 29 per cent in 2022, from 12 per cent in 2018. Martin Schwenk, managing director at Mercedes Benz India, says nearly a third of the 5,000 pending orders are for vehicles tagged upwards of Rs 1 crore. In 2021, Mercedes Benz sold 2,000 luxury cars.

 

Even though the rising cost of entry-level vehicles is obvious, it has been unable to impact the premium end of the market.

 

According to the ET report, the luxury car market in India is sitting on pending orders of over 10,000 units.