Luxury car sales soar in India: Lamborghini, Ferrari set new records

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Sales of super luxury cars in India are set to surpass previous records for the third consecutive year.

Currently, Lamborghini has sold all units allocated for India from its Italian headquarters, implying that any new order will only be fulfilled in 2026 or later.

Lamborghini’s lineup in India includes the Huracan, Urus, and Revuelto, with prices ranging from Rs 5 crore to Rs 10 crore on the road.

Similarly, Ferrari, McLaren, and Aston Martin are experiencing robust demand in the Indian market. High-end models from Mercedes-Benz and Audi, such as the AMG G 63 and RS Q8, have waiting periods of up to a year, with prices ranging from Rs 2.5 crore to Rs 4.55 crore on the road.

In the super luxury segment, sales more than doubled in 2023 to 1,000 units, and industry experts project that this year’s figures will reach between 1,200 and 1,300 units.

An Economic Times report quoted Stephan Winkelmann, chief executive officer (CEO) of Lamborghini, as attributing this surge in demand to a shifting “generational mindset” in India, which he believes is fuelling the growth in luxury goods consumption.

“It's a market which is growing,” Winkelmann said.

India is emerging as one of the fastest-growing markets for ultra-wealthy individuals, with those possessing a net worth exceeding $30 million expected to number 19,908 by 2028, up from 13,263 in 2023, according to Knight Frank’s latest wealth report, as stated by the ET report.

Winkelmann noted that the luxury sector in India has not yet reached the levels seen in other major markets, suggesting significant potential for expansion.

In 2023, Lamborghini sold 103 vehicles in India, marking a 12 per cent increase from the previous year, the report said.

He expects to surpass this performance in the current year, as India is one of Lamborghini's fastest-growing markets. Meanwhile, sales in the mainstream automotive market slowed in the first half of this year to approximately 7 per cent, totalling 2.16 million units.

July saw a sharp decline, with sales dropping by 2.5 per cent, though this downturn has not impacted the high-end market segment, the report said.

The report quoted Yadur Kapur, founder of Select Cars that deals in Lamborghini, and Ferrari, as saying, “There is no pressure. The economy is doing well; stock markets are booming. India is on its way to become a $4-trillion economy. Indians are getting wealthy, and they want to enjoy life."

Winkelmann stated that the government's focus on infrastructure expansion and robust economic growth will bolster consumption in the luxury sector.

He added that Lamborghini is continually monitoring the market for shifts in trends and potential growth in the luxury industry.

We are not just analysing the automotive sector but also exploring other luxury goods, the Lamborghini CEO said.