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Luxury car sales set to grow at 3x of industry's pace

IndiaTimes Thursday, 2 November 2023
The luxury car segment in India is expected to grow three times faster than the broader market in 2023. Top players like Mercedes-Benz, Audi, and Lexus anticipate an increase in demand for luxury cars above Rs 40 lakh. Mercedes-Benz predicts sales to reach around 45,000 units this year, with the luxury industry growing by 22%. However, supply chain disruptions, including semiconductor shortages, are impacting production. The trend of younger, well-paid professionals buying luxury cars has increased post-Covid, along with a shift from a saving to a spending culture.
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