Speaking to PTI, Santosh Iyer, MD and CEO of Mercedes-Benz India, said that the luxury car segment is set for its best performance in 2024, with the festive season playing a major role. He noted that this period typically delivers high double-digit sales growth, enabling the automaker to build on previous quarters’ single-digit growth. “On average, we achieve double-digit growth during the festive season,” Iyer stated.
Luxury Car Market Growth
The luxury car market in India remains a small fraction of the overall passenger car market, accounting for less than two percent. Despite this, demand and sales have been steadily increasing.
Outlook for Key Players
Other luxury car manufacturers like Audi and BMW are also optimistic about the upcoming festive season. Audi India head Balbir Singh Dhillon expects significant growth, with strong demand for models such as the A4, A6, and Q7. Similarly, BMW Group India President Vikram Pawah noted a strong order bank and confidence in impressive growth, driven by festive bookings.
Conclusion
As the festive season approaches, industry leaders are hopeful for record volumes, projecting the luxury car market to cross 50,000-51,000 vehicles this year.
Follow DelhiBreakings on Google News
Summary at glance
Speaking to PTI, Santosh Iyer, MD and CEO of Mercedes-Benz India, predicts a record performance for the luxury car segment in 2024, driven by festive season sales growth. The luxury market, currently less than two percent of India’s passenger car market, is expected to exceed 50,000 vehicles this year. Competitors like Audi and BMW share similar optimism, citing strong demand and positive economic fundamentals as key factors for anticipated growth during the festive season.
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com
Something went wrong. Please refresh the page and/or try again.
