Luxury automobile segment to see a surge of sales during this festive season, FY23.
The festive season starts from August 17 and goes up to November 14.
Audi India experienced robust growth of around 97% and continues to expand its product portfolio.
Mercedes-Benz India CEO and Managing Director Santosh Iyer commented that with brimming demand due to recently launched vehicles and cheery customer sentiment, Mercedes-Benz speculates the growth momentum to persist. Naveen Soni, President, Lexus India said that the country's luxury market continues to surge with a big boom.
Due to the strong demand for premium cars, luxury automakers Mercedes-Benz, Lexus, and Audi anticipate that their current holiday season sales surge will continue. The holiday drive may potentially result in the premium automobile market having its best year volumes if offtake holds steady in 2023. Santosh Iyer, Managing Director and CEO of Mercedes-Benz India, said in a conversation with PTI that the holiday season looks quite good in comparison to previous years.
Since the holiday season this year is stretched out over four months, he said, "We are optimistic because we started on a very positive note, from Onam onward."
Mercedes-Benz anticipates that the growth trend will continue due to a robust demand that is primarily fueled by its latest launches and upbeat customer attitude, Iyer said.
President of Lexus India Naveen Soni and the nation's premium car market are both still expanding.
"This year, the business is thriving thanks to the demand for luxury vehicles. According to him, the market for luxury cars is expanding at a good rate.
He said that solid economic growth, an increase in the number of high net worth individuals and millennials, high levels of discretionary money, and well-traveled clients are all driving this expansion.
"At Lexus, we have already surpassed sales for 2022, and we predict that the second quarter's strong performance will continue throughout the upcoming holiday season. Customer opinions have improved, and new reservations are still going strong, according to Soni.
The carmaker has launched the limited edition of its sports coupe, the LC 500h, to further provide customers with greater value over this holiday season, he said. He noted that the business has begun accepting reservations for the latest-generation LM multipurpose vehicle.
The ultra-luxury mobility experience would be redefined, Soni asserted, as this is an entirely new category for Lexus in India.
Balbir Singh Dhillon, the CEO of Audi India, reported that the business sold 3,474 vehicles in the first half of this year, representing a robust 97% rise.
"Our high-performance automobiles have grown by 127%, while our SUVs have climbed by 217%. We anticipate that this demand and growth will continue during the holiday season," he said.
According to Dhillon, the company continues to experience robust demand for models including the A4, A6, Q3, and Q5, among others.
We currently have the most diverse EV portfolio in the sector thanks to our recent introductions, the Q8 e-tron and Q8 Sportback e-tron. We anticipate strong demand for our electrified range during the holiday season, according to Dhillon.
He continued, "The company has just released Q8 Limited Edition for the holiday season and will be launching more products throughout the season."
The market for luxury vehicles is expanding, according to Dhillon, as a result of changing demographics and favorable economic conditions.
According to him, the business is on a growth trajectory and anticipates finishing the year with significant double-digit growth. It is anticipated that during the holiday season this year, total domestic passenger automobile sales will surpass the 10 lakh-unit threshold. This year, the 68-day holiday period spans from August 17 to November 14.