Off the block: Luxury car sales roar in India
SummaryLuxury car sales were at record levels in the first half of 2023. Should the trend continue, the industry could log an all-time high for the full year. What explains this frenzy, who are the major benefactors and how long will it sustain? Mint takes a look:
How many luxury cars were sold in H1?
Around 21,000 luxury cars were sold in India in the first six months of this calendar year. This represents a 16% growth over all of 2022 and is 7% more than the peak sales for the same period in 2018. After registering strong double-digit growth between 2008 and 2014, the industry has been largely stagnant below the 40,000 units-per-year mark. The second half of the year, which includes the festive season, usually accounts for the bulk of the annual sales. The strong showing in the first half this year has raised expectations of the industry exceeding its highest-ever tally and perhaps hitting 45,000-47,000 units this year.