Carmakers in India sold an average of 128 cars priced more than ₹50 lakh every day last year, up from 95 per day in pre-Covid 2019, taking the total luxury car sales to a new calendar-year high.
In 2023, luxury car sales in India soared to a record high, with daily sales of cars priced over INR 50 lakh rising to 128 from the pre-Covid 95. The shift is attributed to post-Covid lifestyle changes, robust corporate earnings, and increased interest from younger professionals.
In 2023, luxury car sales in India soared to a record high, with daily sales of cars priced over ₹50 lakh rising to 128 from the pre-Covid 95. The shift is attributed to post-Covid lifestyle changes, robust corporate earnings, and increased interest from younger professionals.
According to ICRA, the market contracted by almost 50 per cent over CY2019-CY2020 from annual volumes of about 39,640 in CY2018 to about 19,439 in CY2020. Last year, the industry crossed around 30,000 units.