JLR’s decision to produce these models locally is groundbreaking, as these vehicles have never been assembled outside the UK. India’s burgeoning luxury car market, fueled by an increasing number of high-net-worth individuals, has attracted JLR to set up local assembly, leading to an 18-22% price reduction and boosting the brand’s competitiveness. This move is part of JLR’s most aggressive push since it entered the Indian market in 2009, with plans to launch at least half a dozen new models, including both internal combustion engine (ICE) and electric vehicles (EV).
Luxury car sales in India hit a record high of 42,731 units in 2023, up 20% year-on-year, according to Jato Dynamics. This surge is driven by rising disposable incomes and a post-pandemic upgrade trend among buyers. Super-luxury car sales also saw a record year, with Lamborghini selling 103 units and Porsche achieving its best retail sales with 914 units.
The demand for SUVs is driving this luxury car market surge. Global automakers like Mercedes-Benz, BMW, and Audi are expanding their SUV offerings to cater to India’s elite, who favor the versatility and road presence of SUVs over luxury sedans. Mercedes-Benz, with a diverse SUV portfolio, reported a 41% sales growth in Q1 2024, driven by models like GLA, GLC, GLE, and GLS.
India’s high-net-worth individual (HNI) population is expected to double from 7.9 lakh in 2022 to 16.5 lakh by 2027. The number of ultra-high-net-worth individuals (UHNIs) is also set to increase significantly, making India an attractive market for luxury brands.
#LuxuryCarsIndia #GrowingAffluence #JaguarLandRover #SUVTrend #HNIGrowth #LuxuryMarket #AutoIndustryBoom
