Demand for luxury cars in India rises to a new high, buyers getting younger

At least two Indians have been spending over Rs 2-2.5 crore daily on supercars in 2022. With this, the luxury car segment in India is transforming. 

 

According to an Economic Times (ET) report, the buyers of these cars are getting younger on average and seeking more customisations. The sale of supercars, costing above Rs 2,5 crore, is set to be 600-650 in 2022. This is expected to fetch Rs 1,200 crore to the auto companies.

 

Besides supercars, India will likely buy 38,000-40,000 premium cars in 2022. The report stated that carmakers, including Mercedes-Benz, BMW, Audi and Lexus, are likely to earn Rs 23,000 crore from the sales. 

 

Mercedes EQS, a luxury electric car, was sold out just a day after its launch in India. Similarly, Lamborghini Urus was sold out in 2022. These companies are now taking orders for delivery only in 2023. 

 

"We expect the segment to grow by more than 100% in 2022 compared to last year," Santosh Iyer, vice president, of sales and marketing, at Mercedes-Benz India, told ET. 

 

Mercedes-Benz told ET that the average age of buyers of super luxury cars in India is 24-36 years. Over 50 per cent of these buyers also demand customisation. On average, a customer spends Rs 20 lakh on equipment, but it may go up to Rs 1 crore in several cases. 

 

The report added that the buyers of premium cars were unaffected by wealth contraction in the last two years of the Covid-19 pandemic.