According to industry forecasts, 42,000 to 45,000 units of luxury vehicles will be sold in India at a record high in 2023 because of a healthy order book, pent-up demand, and new model introductions. The best year for the luxury car market was 2018, when sales totalled 40,863 units. India is one of Lamborghini’s fastest-growing markets in the Asia Pacific region. According to Sharad Agarwal, the company’s head in India. He also claims that the company has a healthy backlog of orders.
The SUV Urus, which made up more than 60% of Lamborghini’s sales in India, is the most popular car there. In the next phase of its business, the company intends to release its entire lineup of hybrid vehicles. Beginning in 2024 with the hybrid Urus and hybrid V10. Agarwal states that the company is upbeat about its expansion in India. Business is booming there, with an average wait time of 18 months for all models. Many other luxury car producers anticipate 2023 to be their best year yet in terms of sales growth, including BMW India, Audi India, and Lexus India.
Luxury car sales increased more quickly than the local auto market. Last year due to India’s quick economic recovery and as the major economy with the fastest growth in the world. In 2022, Lamborghini shipped 9,233 vehicles across the globe. A 10% increase from the previous year and the company’s highest sales total ever. Following America, which grew by more than 10%, and EMEA, which grew by more than 7%, Asia grew by 14%. According to the company, major markets saw all-time high sales. There will reportedly be 92 Lamborghinis in India in 2022, according to reports. This is an increase of 33% from the prior year.
Also Read: Competition in the AI Chatbot Market Intensifies with Baidu’s Entry
According to projections, India is the next significant potential market for Italian super sports car manufacturer Automobile Lamborghini. The uncertain market environment or the economy has not impacted the sales of ultra-luxury and sports cars . However, taxation and ambiguous policies are limiting the growth of the luxury car market in India. High taxes, which are otherwise on a growth trajectory, are limiting the expansion of India’s ultra-luxury car sector, according to Stephan Winkelmann, Chairman and CEO of Automobile Lamborghini.
Winkelmann claimed during a virtual conversation that “India is a market for us that is on a growth path like most of the markets we have across the world.” If we focus on the specifics of the Indian market, it is evident that its growth is constrained, much like that of other markets with high taxes. He said in response to the question of what is preventing the country’s sales of ultra-luxury cars from increasing.
Lamborghini has made a commitment to electrifying its entire line-up of vehicles, beginning with hybrids and progressing to pure electric vehicles by the end of the decade, in order to stay ahead of the competition. The automaker has paid €1.8 billion for this transition. The Aventador replacement, which will be powered by a naturally aspirated, electrically assisted V12 engine, will make its debut in March 2023 from Lamborghini. In the upcoming year, hybrid versions of the Urus and Huracan will be released. In 2028, Lamborghini intends to release, its first electric vehicle.
Also Read:Say Goodbye To Overpriced Groceries With Price Kaki
Lamborghini views India as a promising market for growth. The automaker has shown its commitment to the market through its electrification transition and plans to release new models in the upcoming years. The only things that stop Lamborghini from selling luxury cars in India are the high taxes and the unstable political situation.
