The company is witnessing strong demand for its range of bespoke models that currently span a line-up of four highly-customisable products.
29 Aug 2024 | 5948 Views | By Mayank Dhingra
British super-luxury sports car manufacturer Aston Martin, which introduced the latest version of its Vantage sports coupe in India today at a price of Rs 3.99 crore, ex-showroom, is aiming at a strong double-digit growth in the country over the next two years.
The company is witnessing strong demand ...
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British super-luxury sports car manufacturer Aston Martin, which introduced the latest version of its Vantage sports coupe in India today at a price of Rs 3.99 crore, ex-showroom, is aiming at a strong double-digit growth in the country over the next two years.
The company is witnessing strong demand for its range of bespoke models that currently span a line-up of four highly-customisable products, including the new Vantage, DB12, DB707, and the upcoming Vanquish V12, that is slated to launch on September 2. According to Anand, Vice President of Operations at Aston Martin, Delhi, “Given the current trend in the market, we will grow by at least 30-35 percent in the coming years. The Indian economy is very promising right now, the super luxury car market has registered a 35-40 percent growth in the last 2-3 years, and we are hoping to have a similar trajectory over the next couple of years.”
With just one dealership in New Delhi, Aston Martin is looking at registering a robust 90 percent year-on-year growth by end-CY2024, and according to Anand, “While the DB 12 has been great for us, the new Vantage has also stirred the market in the right direction. With the global launch of our flagship V12 Vanquish slated for September 2, we will be commencing bookings for our customers in India immediately. What will follow is a refreshed version of the DBX 707 by November. Therefore, while CY24 has been exciting, CY2025 looks even more promising.”
A key driver of its growth is also the DBX 707 SUV, which offers the best of luxury, performance, and practicality to Aston Martin customers. “Globally, and in India, the SUV market is growing exponentially, and that is going to continue and remain.a game changer even for us,” he said.
The company says that while most Indian customers are comfortable waiting around 4-6 months to get their handcrafted, bespoke Aston Martin built and shipped from the UK, it is also ensuring to keep some inventory of cars ready to cater to the demand for quicker delivery, particularly during the festive season.
“We want to give a car to every customer who wants one, and India being a unique market, we want to offer utmost customer satisfaction,” Anand said, while also highlighting that it is Tier-2 markets such as Coimbatore in South India that are emerging as strong growth drivers.
New Bengaluru outlet by end-CY25
Given the rising demand, Aston Martin will expand its footprint in India. According to Anand, “We are expanding into South India, which is an extremely important market for Aston Martin. We will open a new outlet in Bengaluru by end-CY25. We are also witnessing significant traction for Aston Martin from Tier-2 towns such as Coimbatore, Madurai, Vizag and Tiruppur in this region.”
“Apart from the metros, these are the smaller pockets that are driving growth for Aston Martin. While we are seeing growth coming from the entire market overall, over the last two years, we have witnessed significant growth coming from the Tier-2 and Tier-3 towns in India.”
With the Bengaluru outlet, the company intends to strengthen its network with one touchpoint each in the North and South, and based on feedback from customers, will look at heading to the Western and Eastern parts of the country, respectively.
Pre-owned ‘Timeless’ programme
Aston Martin is also witnessing a decreasing average age of its customers, most of whom today are young entrepreneurs or belong to the second- and third-generations of established business families.
“While our average customer age used to be in the range of 45 years and above, with the Vantage and DB12, it is now coming down to 38 years,” revealed Anand. As a result, the company is also finding a strong opportunity in the pre-owned business to attract first-time Aston Martin customers, as well as keeping its existing customers within the Aston Martin family.
“The pre-owned segment is also a big market for us and like any other brand, we would also want to keep the customer through their ownership lifecycle within the Aston Martin family and also bring first-time Aston Martin customers into our fold,” said Anand.
Pre-owned Aston Martins under the Timeless programme get scrutinised under a thorough 110-point check, while also qualifying for an additional up to 7-year warranty package from the company.
Electrification on the cards
With the growing global trend towards electrification, including hybridisation and pure electric cars, Aston Martin too is charting a roadmap to offer sustainable super,-luxury sports cars to its customers. According to Anand, “Environmental responsibility and quiet luxury is on the cards for Aston Martin. So, anywhere between 2025 and 2030, we are looking to launch a couple of models globally in the electrification space with hybrids as well as full electric vehicles. All these cars that get launched globally, will be available for our customers in India as well.”
Among enthusiasts and connoisseurs, the idea of electrification, however, is attracting mixed emotions. “It is a mixed reaction. Today, petrol heads, deep down, are finding it the best time to buy the last leg of pure internal-combustion engine cars. And that is also fueling a lot of the growth in this segment right now,” he signed off.