THE LUXURY AUTOMOTIVE space is witnessing a quiet transformation. Ultrarich customers seem to be making the switch from conspicuous to conscious consumption, and they see electric vehicles (EVs) as an easy means to reduce their carbon footprint.
Unlike in the mass market segment, where the penetration of EVs hovers around 2%, EVs account for 6% of sales in the luxury cars segment. With this growing interest in EVs in the luxury segment, carmakers too are stepping up their offerings as they look to meet demand.
"Indian customers, especially in the luxury segment, are increasingly adopting EVs because of increased awareness of sustainability, environmental consciousness, and cutting-edge technology," says Balbir Singh Dhillon, Head of Audi India.
This trend is particularly pronounced among millennial and GenZ customers who are firsttime buyers of luxury cars. According to Vikram Pawah, President of BMW India, young Indians are the ones driving the demand for luxury EVs. For BMW India, which currently has six luxury electric cars the BMW i7, BMW i5, BMW i4, BMW iX, BMW iX1, and BMW Mini Countryman Electric-most buyers are aged below 45.
"The luxury electric segment in India is seeing very strong interest from young, successful people; 65% of BMW and Mini EV customers are aged below 45. These young achievers have a dynamic and active lifestyle and choose cars that match their personalities," says Pawah. He adds that most of them are from the manufacturing, real estate, IT, legal, and luxury goods sectors.
This story is from the November 10, 2024 edition of Business Today India.
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This story is from the November 10, 2024 edition of Business Today India.
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