While the super-luxury car sales segment in India dropped by about 17 per cent in 2019, Lamborghini, which is the market leader in this segment, grew by around 15 per cent. The company expects to maintain the growth momentum with the increase in the HNI population and new offerings from the Italian maker.
In 2019, Lamborghini India sold 52 cars, up 15 per cent from 45 in the previous year, even as the sale in the country of super-luxury cars priced above Rs 2 crore, dropped to 260 from 315.
Lamborghini, a part of the Volkswagen group, is leading the market in the segment with a 20 per cent share, the company said. Its main rivals in the market include Ferarri, Aston Martin and Bentley.
The company wants to maintain growth momentum in 2020 by adding new cars, said Sharad Agarwal, Head, Lamborghini India after showcasing the new Huracan EVO Rear-Wheel Drive (RWD) model. Huracan EVO RWD is a super sports car.
Today, the Lamborghini car population in India is about 250 units. The firm plans to sell at least 50 cars every year.
Agarwal said that the biggest market for the carmaker in the country is south India, which contributes more than 50 per cent of its sales.
The markets in Kolkata and the east are also growing, said Agarwal, adding that the company has one dealer each in Delhi, Bengaluru and Mumbai. Going forward it will consider expanding in Chennai, Hyderabad and Kolkata.
Agarwal said India accounts for less than one per cent of Lamborghini's global sales, but has the potential to become a top-10 market in the years to come, thanks to the consistently growing population of billionaires. However, taxes are a major challenge as they keep changing, he added.
A Capgemini report says, HNIs in India, who have wealth over $1 million in liquid assets, rose to 263,300 in 2017 from 218,600 in 2016, while their combined wealth increased to $1,067.1 billion from $877 billion.
"Given the kind of trend we are witnessing in the market, we are not just limited to metros, we are now selling in tier-1 and tier-2 cities as well,
Agarwal said. "Moreover, Lamborghinis aren't limited to second- or third-generation of wealthy families. We are seeing first-generation entrepreneurs buying our super-luxury cars now."
“The age band of our customers is 25–45 years. Even old people are buying our cars. Recently a 60-year-old bought a car. Women are also now buying and driving sports cars. Eight to nine per cent of customers are women.”
On the electric vehicle (EV) plans of Lamborghini, he said the technology (in the EV space) has not yet evolved.
"We have to see whether the car will give the same performance lap after lap,” Agarwal said. Lamborghini had showcased the vision of future mobility with the electric version of Terzo Millennio in 2017.