News: Luxury car sales (priced >₹ 50 lakh) in India has reached a new peak with sales volume in CY23 expected at 46,000-47,000 units (a growth of 20%+ on YoY basis). Among the OEM’s Audi India reported 89% growth in sales volume to 7,981 units in CY23.
Views: OEM’s commentary across the board suggest robust demand outlook in this space amidst low penetration of luxury cars domestically (~1%), rise in number of HNI’s with more & more salaried and professionals now (at a much lower age bracket) opting for luxury cars and is also supported by YoLo aspect (You Live Only Once). It is positive for luxury car dealer such as Landmark cars (~16% retail market share for Mercedes in India).
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