Our Bureau
New Delhi
India’s luxury car market is experiencing an unprecedented boom, with sales of high-end vehicles reaching new heights. Led by Italian supercars like Lamborghini and Ferrari, the industry is witnessing a surge in demand from the country’s growing class of ultra-high-net-worth individuals.
Lamborghini, known for its sleek sports cars and powerful SUVs, has emerged as a frontrunner in India’s luxury car market. The company sold a record 103 vehicles in 2024, a 12% increase from the previous year. With models like the Huracan, Urus, and Revuelto priced between ₹5-10 crore on-road, Lamborghini has managed to sell out its entire allocation for India. New orders are expected to be fulfilled only in 2026 or later, indicating the high demand for these exotic vehicles.
Not to be outdone, Ferrari has also set new sales records in India. The Italian marque, known for its iconic sports cars, has seen a significant increase in demand from the country’s affluent buyers. Industry experts project that India’s supercar sales will reach between 1,200 and 1,300 units in 2024.
Stephan Winkelmann, the CEO of Lamborghini, attributes the surge in demand to a shifting generational mindset in India. He believes that the younger generation is more inclined to indulge in luxury goods, including high-end automobiles. This changing attitude is driving the growth in luxury car sales across the country.
India’s growing wealth concentration is another factor contributing to the luxury car boom. The number of individuals with a net worth more than $30 million is projected to reach 19,908 by 2028, up from 13,263 in 2023. These ultra-high-net-worth individuals are increasingly looking to fulfill their aspirations and dreams through the acquisition of exotic cars.
While the luxury car market is thriving, mainstream auto sales in India have slowed down in the first half of 2024 by around 7%. In July, the drop was 2.5%. However, this slowdown does not seem to affect the demand for high-end luxury cars, as buyers continue to prioritize their desire for exclusivity and performance.
