In an interaction with PTI, Mercedes-Benz India MD and CEO Santosh Iyer said the luxury car segment is set for its best-ever performance this year with festive season offtakes playing a major role in the overall performance.
He noted that the festive season generally gives high double-digit sales growth, helping the automaker to average out single-digit growth of the earlier quarter.
“So in that sense, on an average, then we are able to get a double-digit growth during the festive season,” Iyer stated.
Elaborating on the overall industry, which still remains a very small part of the overall passenger vehicle market in the country, he said the segment is headed for record volumes this fiscal year but not all players are witnessing growth.
“Some (companies) are even degrowing, some are flat and they are facing headwinds, but because we are the primary player in the market, we still feel the luxury car market should cross 50,000-51,000 cars this year,” Iyer said.The luxury car market in India currently remains very small accounting for less than 2 per cent of the overall passenger vehicle market in the country.Audi India Head Balbir Singh Dhillon said the automaker anticipates positive buying trends to continue during the festive season.
“Our best-selling models – the A4, A6, Q3, Q3 Sportback, Q5, Q7, and the newly launched Q8 – continue to drive robust demand,” he added.
The company is equally optimistic about the e-tron range, the e-tron GT and RS e-tron GT, Dhillon said.
BMW Group India President Vikram Pawah said the fundamentals of the Indian economy are sturdy and consumer confidence in the luxury segment is on the rise.
“For BMW Group India, the order bank is solid and we are trying our best to speed up deliveries for our customers. Along with additional bookings around Diwali and Dussehra, we are confident of closing the year on a high note while clocking impressive growth,” he stated.
He noted that the group is witnessing very strong demand for products across all segments.
Pawah said that in the run-up to the festive season, the company has introduced several special editions of its existing model range. The festive season usually commences with Onam and ends with Diwali every year.
