Over the years, luxury car companies have remained positive on India because of the constant demand for such wheels among India’s dollar-millionaires and billionaires.
This year has seen the highest-ever growth for such ultra-luxury cars in India (with a minimum price tag of Rs 2 crore and more) as sales grew by 50% in 2022, breaking the previous record, which was achieved in 2018, reported TOI.
The market is led by Italian super sports carmaker Lamborghini, and other big contenders on the list are Ferrari, Aston Martin, Bentley, Porsche and Maybach. All these luxury wheels have been in great demand since the end of post-pandemic restrictions.
Sharad Agarwal, India head of Lamborghini, which sells cars costing more than Rs 4 crore, told TOI that buyers have moved forward and taken steps to fulfil “their dreams and aspirations” post-Covid, in contrast to the previous practise of being cautious when it came to indulgence.
“The market for super-luxury cars is expected to close this year at 450 units, against 300 sold in 2021. This will also surpass previous high of 325 units sold in 2018,” Agrawal added. “Rich and young Indians are exposed to what is being launched globally and want to drive the same cars here. This has also seen us introduce our latest cars almost in line with their global debut.”
Some of the country’s top retailers confirm the trend. “The demand for luxury cars is unprecedented, and has gone through the roof post-pandemic,” TOI quoted Yadur Kapur, CEO of Select Cars, as saying. Kapur’s company retails luxury brands such as Rolls-Royce, Ferrari, Lamborghini, Aston Martin, and BMW. “Post-Covid, everyone wants to enjoy life. Covid gave many a rude shock, and now people want to live rich, rather than die rich.” “We have noticed this trend,” he added.
On the other hand, Satya Bagla, MD of Exclusive Motors, which sells Bentley in Delhi, Mumbai and Hyderabad, told TOI that post-Covid people want to “reward themselves with material things” rather than just save money. “Earlier, not indulging was seen as a cool factor. But not anymore. Now people say why not. This can be seen as people are indulging in expensive holidays, private jets, super-luxury cars and expensive watches.”
