The super luxury car brands have been optimistic regarding their growth in India due to the high demands of Indian millionaires and billionaires.
Demand for super luxury cars in India continues to grow at a staggering pace, despite growing concerns about slowing global growth and a recession.
2022 has set the highest-ever growth recorded for super luxury cars in India with a starting price of Rs 2 crores. These markets are dominated by superior Italian brands namely Lamborghini, Ferrari, Porsche, and German motors like BMW GT and Mercedes Maybach.
“The market for super-luxury cars is expected to close this year at 450 units, against 300 sold in 2021. This will also surpass the previous high of 325 units sold in 2018, Rich and young Indians are exposed to what is being launched globally and want to drive the same cars here. This has also seen us introduce our latest cars almost in line with their global debut.” Agrawal added.
Some of the country’s major retailers are confirming this trend. “The demand for luxury cars is unprecedented, and has gone through the roof post-pandemic,” TOI quoted Yadur Kapur, CEO of Select Cars, as saying. Kapur’s company retails luxury brands such as Rolls-Royce, Ferrari, Lamborghini, Aston Martin, and BMW. “Post-Covid, everyone wants to enjoy life. Covid gave many a rude shock, and now people want to live rich, rather than die rich, we have noticed this trend,” he added.
On the other hand, Satya Bagla, MD of Exclusive Motors, which deals with Bentley in Delhi, Mumbai, and Hyderabad, told TOI that “Post-Covid people want to reward themselves with material things rather than just save money, earlier, not indulging was seen as a cool factor. But not anymore. Now people say why not. This can be seen as people are indulging in expensive holidays, private jets, super-luxury cars, and expensive watches.”
