Mercedes-Benz, BMW and Audi registered double-digit percentage growth in the last financial year.
08 May 2024 | 32618 Views | By Ajit Dalvi
A global trend that has also found resonance in India over the past three years is the soaring demand for luxury as well as super-luxury cars and SUVs. This niche segment has hit a new high in FY2024. As per JATO Dynamics India, cumulative sales of seven luxury carmakers in ...
This is an Autocar Pro Plus article. Subscribe to continue reading.
A global trend that has also found resonance in India over the past three years is the soaring demand for luxury as well as super-luxury cars and SUVs. This niche segment has hit a new high in FY2024. As per JATO Dynamics India, cumulative sales of seven luxury carmakers in FY2024 were 45,311 units, up 20.5 percent on FY2023’s 37,615 units.
Demand for luxury SUVs at 27,489 units was up 34 percent year-on-year (YoY), while luxury sedans improved at a more muted 6.5 percent to 17,569 units. The top three manufacturers – all German carmakers – have registered strong double-digit growth. And interestingly, though Mercedes-Benz India maintains its lead, BMW India is closing in fast. Let’s take a closer look at the company-wise performances.
Market leader Mercedes-Benz India has maintained its strong growth trajectory, selling 17,013 PVs, up 3 percent on FY2023’s 16,497 units. The sales are split 56 percent in favour of SUVs and 44 percent for sedans. Interestingly one out of every four Mercedes-Benz cars sold belongs to the top end luxury segment; which the company categorises as cars with a price tag more than Rs 1.5 crore.
The company also saw robust sales of its sedan portfolio, comprising the A-Class, C-Class, LWB E-Class and S-Class. The outgoing LWB E-Class remains the highest-selling Mercedes-Benz (3,561 units, up 9 percent). Demand for Merc SUVs remained strong comprising the GLA (2,213 units, up 24 percent), GLE (2,349 units, up 1.4 percent), GLC (1,925 units), GLS (1,529 units, down 35 percent) and G-Class (219 units, down 15 percent). Notably, the GLE was the best-selling luxury SUV in India last fiscal. EV-wise, the EQB (311 units, up 576 percent) and EQE (116 units) prove that there is demand for luxurious eco-friendly motoring from the three-pointed star.
BMW
AUDI
LAND ROVER
Land Rover India, with 3,061 units and 82 percent growth, jumps one rank in FY2024 into fourth position, ahead of FY2023’s #4 – Volvo Auto India. The huge popularity of the Land Rover Defender has given the Tata Motors-owned SUV maker a fresh charge. Sales of 1,314 Defenders were a 151 percent increase.
Indicative of the growing demand for premium models, the Range Rover Velar (556 units, up 45 percent) and RR Sport (404 units, up 86 percent) were the next most popular models. The flagship Range Rover, the most expensive model in the range, went home to 394 customers. The RR Evoque sold 190 units, up 13 percent. The LR Discovery Sport sold 197 units, down 26 percent, while the Discovery chipped in with 6 units.
VOLVO
MINI
The BMW Group’s Mini brand sold a total of 937 units, up 34 percent. The bulk of the sales came from the Mini Countryman (695 units).
JAGUAR
In seventh place is Jaguar India with 272 units, up 22 percent YoY. The F-Pace SUV with 221 units was the best-seller, followed by the I-Pace (31 units) and the F-Type (20 units).
LEXUS
Japanese brand Lexus recently completed seven years of operation in India. The carmaker announced a growth of 63 percent in FY2024, as compared to FY2023. Lexus says its most popular models in India are the NX350h SUV and the ES300h sedan.
LUXURY EVs: BMW LEADS THE WAY
On the e-mobility front, the existing luxury vehicle OEMs in India have been pushing the EV envelope in terms of technology and new models. As per retail sales data, a total of 2,870 luxury EVs were sold in FY2024 with BMW India accounting for the bulk of them (1,421), followed by Volvo India (598), Mercedes-Benz India (564), Audi India (165) and Porsche (114).
Data Source: JATO Dynamics India
To read the complete FY2024 sales analysis, pick up a copy of Autocar India’s May 2024 issue.