New Delhi: Stating that a stable import policy has helped in the sales of exclusive super sports cars in India, Lamborghini expects the category to clock double digit growth this year.
The Italian luxury carmaker, which had earlier this month launched Huracan Spyder convertible with rear-wheel drive in India priced at Rs3.45 crore, has also lined up two more product launches for this year, including the new Avendator. It is gearing up to cash in on the emergence of a new breed of customers—first generation entrepreneurs; those from tier II and III cities and women buyers. “I expect that in 2017, the segment should continue with the double digit growth that it had last year,” Lamborghini India head Sharad Agarwal said.
He said since 2011 the exclusive super sports car segment, which includes those with import price of Rs2.25 crore upwards such as Mercedes AMG GTS, Audi R8 and Ferrari was declining. In 2015, the segment saw a marginal growth which was followed “up by a good double digits growth” last year, with industry estimate putting the total number of cars sold to around 70 units.
Explaining reasons behind the growth, Agarwal said: “A lot of it has to do with the stability in policies because between 2011 and 2015 there were lot of changes in the import duties and structures, which were always creating disruptions in the market.” “Now things are stabilised. Once things get stabilised, the market starts growing. It is more about consistency and stability.”
Commenting about the company’s sales last year, he said: “We had a healthy double digit growth in 2016. The segment in India is still evolving and what is important for us is the trend.” There were more first generation entrepreneurs buying Lamborghini cars. Also, more people from tier II and III cities also bought these cars, Agarwal said. “We also had the first woman buyer of a Lamborghini in India in 2016 and post that we sold more to women in this country,” he added.
On how the emergence of new set of buyers has helped, Agarwal said: “In previous years if sales were coming from these segments, say around 12-15%, it is now moving to 20-25%. This segment is growing much faster, primarily the growth is coming from these segments.” These are trends which define how the segment will grow in future, he added.
With the overall economy and sentiment upbeat in India, Agarwal said the conversion cycles of potential customers are becoming shorter. “Earlier customers were taking pretty long time to decide on the final purchase. The cycles are getting shorter by about 25% if I have to compare with previous years,” he said.