In 2024, luxury car sales in India increased significantly, with more than six cars costing more than ₹50 lakh sold every hour.
Compared to five years ago, when only two cars per hour were sold in the same segment, this represented a significant improvement.
Luxury Car Sales in India Increases Significantly
Strong demand in the premium market and an expanding clientele of wealthy individuals were the main drivers of the spike in sales of luxury cars.
With automakers aiming to introduce over two dozen new models in 2025, the luxury car market is predicted to continue expanding.
For the first time, experts predict that sales will surpass 50,000 units in 2024; however, a high base may cause the growth rate to slow.
According to Balbir Singh Dhillon, Head of Audi India, the luxury car market is expected to grow by 8–10% in 2025 due to a robust recovery in demand following the COVID-19 pandemic.
Mercedes-Benz India’s MD and CEO, Santosh Iyer, credited the industry’s expansion to a positive business climate, steady profits, and consumer optimism.
Mercedes Benz Sold 14379 Cars in First Nine Months of 2024
With 14,379 cars sold in the first nine months of 2024, Mercedes-Benz India is predicted to close the year with sales of almost 20,000 vehicles, a 13% increase.
Mercedes-Benz India intends to continue growing in 2025 by entering new markets and introducing new products.
Between January and September 2024, BMW India sold 10,556 cars, a 5% increase in sales.
Audi India plans a robust recovery in 2025 with a new product lineup, despite a 16% drop in sales brought on by supply chain issues.
Just over 1% of the Indian automobile market was made up of luxury vehicles, which is the lowest percentage of any major global economy.
India is predicted to have the biggest increase in ultra-high-net-worth individuals (UHNWIs) worldwide, with their numbers expected to increase by 50% from 13,263 in 2023 to 19,908 by 2028, according to Knight Frank’s Wealth Report 2024.
