INDIA IS HOME TO MORE than 200,000 millionaires and some hundred-odd billionaires. But these figures are hardly indicative of the country’s luxury car industry. In fact, they’re a total contrast. Last year, only 21,400 luxury cars were sold in the country. “This number should be 10fold,” says Martin Schwenk, Managing Director and CEO, Mercedes-Benz India. Not only do those 21,000-odd cars represent a 37 per cent decline from 2019, but they also account for less than 1 per cent of the overall auto market (in China, it is 13 per cent). For the likes of Mercedes-Benz, Porsche, Bentley and others, this share has remained unchanged over the past five years. Industry estimates suggest it will take around two more years for sales to reach pre-pandemic levels of 35,000-40,000 units a year.
Sharad Agarwal, Head of Lamborghini India, is quite blunt: “The growth in the super-luxury segment will look smaller than the overall passenger car industry. It’s not like the demand for the segment is going through the roof. The right way to look at how the segment is shaping up is to look at 2019 and start looking at 2021—and treat 2020 as an aberration.”
Even dissected that way, the numbers aren’t promising. Take Mercedes Benz, for instance. India’s No. 1 luxury carmaker sold 4,857 units in the first half (H1) of 2021. That’s 39 per cent more than the 2,948 units it sold in H1 2020, but a 13 per cent drop from the 5,500 units of H1 2019.
Bu hikaye Business Today dergisinin November 14, 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Today dergisinin November 14, 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.
