Luxury vehicle segment is expected to witness a peak in its sales in preceding year
The present year was not so impressive on grounds of dual impact of diesel ban and demonetization. There were various setbacks faced by the auto manufacturers. In the coming year, it is projected that it will have record high sales.
With a majority of the hurdles eliminated from the way of the key players, luxury vehicle market is anticipated to grow in double digits. It is estimated that the figure of 36,000 units will surpass that was achieved in last year.
Industry experts claim that if the same momentum continues to be in action as it is since last some months, the market will in no time breach the mark of 40,000 units, relying on the improved consumer sentiment and new launches.
The luxury vehicle market has also seen a spur in the sales figures which was 13% in 2015, but since last year it witnessed drop of 8% to 33, 000 units in 2016. And this was the consequences of the ban on diesel vehicles of large vehicles in the NCR regions, demonetizations of high-value currency notes, and levy of infra cess.
Roland Folger, Mercedes Benz India’s managing director, stated that the condition of the market is now under control and the company is confident about achieving some strong sales figures in the preceding year.
A car maker based in Stuttgart has rolled out 12 new launches in the local market in the present year. These launches have also helped to spur the sales up to 20% to 11,869 units.
The competitor BMW has also shown some momentum, resulting in the growth of 17.3% sales and selling up to 7,138 units until September. In the period of January to September, as per the estimation, about 30,000 luxury cars were sold in the domestic market in the present year. Sweden-based luxury car maker who has initiated the local assembly in the present year is also estimating a growth of 25%, which makes up to 2,000 units in 2017.
The managing director of the Volvo India stated that the festive season in the country didn’t turn out to be fruitful but we are optimistic about December sales, which will help us to meet the projection of 2,000 units by end of 2017.