The luxury car market in India witnessed remarkable growth in the last financial year, with Mercedes, BMW, and Audi leading the charge. According to data from JATO Dynamics India, the cumulative sales of seven luxury carmakers in FY2024 reached 45,311 units, marking a significant 20.5 percent increase from the previous year.
Demand for luxury SUVs experienced a substantial surge, with sales reaching 27,489 units, reflecting a 34 percent year-on-year growth. On the other hand, sales of luxury sedans saw a more modest increase of 6.5 percent, totaling 17,569 units.
Mercedes-Benz continued to hold the top position in the market, selling 17,013 PVs in FY2024, a 3 percent increase from the previous year. The company’s sales were evenly split between SUVs and sedans, with strong demand for luxury models priced above Rs 1.5 crore. Mercedes-Benz saw robust sales across its sedan portfolio, with the LWB E-Class leading the way. The company’s SUV lineup also performed well, with models like the GLA and GLE posting impressive sales numbers.
BMW India secured the second position with sales of 14,479 units, a substantial 28 percent year-on-year growth. The company’s sales were evenly balanced between SUVs and sedans, with the 3 Series emerging as the top-selling sedan. Among the SUV lineup, the X1 was the best-seller in the midsize luxury SUV segment.
Audi India also saw significant growth in FY2024, with sales totaling 7,027 units, a 33 percent increase from the previous year. The company’s SUV models, particularly the Q3, experienced strong demand. On the sedan front, the A4 saw a notable increase in sales.
Land Rover India jumped to the fourth position in FY2024, surpassing Volvo Auto India. The popularity of the Land Rover Defender contributed to the brand’s success, with other models like the Range Rover Velar and Range Rover Sport also performing well.
Volvo Auto India reclaimed the fifth position, with sales of 2,522 units, a 27 percent increase from the previous year. The XC60 emerged as the most popular model for the brand.
Overall, the luxury car market in India is witnessing a shift towards SUVs, with electric vehicles also gaining traction. BMW led the way in luxury EV sales, followed by Volvo, Mercedes-Benz, Audi, and Porsche.
The growth in the luxury car segment indicates a strong demand for premium vehicles in India, with manufacturers continually innovating to meet the evolving needs of consumers.
