March 28, 2023

Great Indian Mutiny

Complete IndianNews World

Mercedes-Benz Banks to boost luxury car sales Companies | Economy

German company The growing crop of young millionaires is betting that demand for luxury cars will increase Martin Schwenk, CEO of Mercedes-Benz India, said sales were growing at a faster rate than mass-market vehicles.

Growing number “Dollar Millionaires” This includes young entrepreneurs or high-income professionals who appreciate the luxury and technical components of cars in India.

“The base expands and little by little it goes beyond our traditional customers”Mentioned in the western industrial city of Pune, where Mercedes India is headquartered and manufacturing.

“In the future we will see higher growth rates in the luxury segment than in the mass market”He said The average age of buyers has also dropped below 40, up from previously 45.

However, The biggest obstacle to the growth of automakers is the shortage of semiconductors and the worsening logistics problems. . As for Mercedes India, it has caused a backlog in orders 4,000 unitsCommented.

Creating a new race of rich people jumping on luxury brands like the opening hysteria and boom of the Indian stock market. Rolex, Louis Vuitton Y StickAccording to the report Hurun India Wealth Report 2021.

Number of Indian households with a net worth of at least one million dollars In 2021 it increased by 11% to 458,000And is expected to increase 30% over the next five yearsAccording to the report.

India is largely a market for small, low-cost cars, with luxury models accounting for only 1% of total annual sales, which is about three million.

See also  Gap ends deal with Reliance and returns to India

Mercedes is the best-selling luxury brand with over 40% market share.According to the vehicle market data provider Jado DynamicsAnd compete Audi, BMW Y Jaguar Land Rover, From Tata Motors.

Its sales in India increased by more than 40% from 11,242 units in 2021 to 7,893 affected by the epidemic in 2020.

However, it did experience a growth 80% In such high quality models G.L.S.The Lessons And this GLS-MaybachThey are all more expensive than one 10 million rupees (US $ 131,337).