India's growth story continues as Luxury car sales hit highest-ever numbers in FY24: This German brand leads the chart

India's economic rise continues to impress, with the luxury car market experiencing a milestone year in FY24. The luxury car market in India recorded its best-ever sales in the recently concluded financial year 2023-24. Here, let’s take a look at the top-selling manufacturers.

Mercedes-Benz India

German luxury carmaker Mercedes-Benz retained its crown as it witnessed its best-ever performance in terms of sales on our shores. This milestone was achieved on the back of robust demand for its SUV lineup . The company recorded sales of 18,123 units in the last fiscal year. In the Q1 2024, the company sold 5,412 units, registering a growth of 15 percent. During the Jan-March 2024 period, SUVs accounted for 60 percent of overall sales.

https://www.youtube.com/watch?v=g3o03jyGRHA

BMW India

In Q1 2024, BMW India saw a remarkable 51 percent year-on-year increase in sales, totaling 3,510 cars. Additionally, its subsidiary MINI experienced a notable 52 percent growth, selling 170 units during the same period. This remarkable performance was primarily fueled by soaring demand for its SUVs and electric vehicles (EVs). Notably, popular models such as the BMW X7, X3, X1, and 3 Series witnessed overwhelming demand.

Audi India

Audi India achieved a notable milestone by retailing 7,027 units in the fiscal year 2023-24, marking an impressive overall growth of 33 percent and its highest-ever sales since 2015. However, in Q1 2024, the manufacturer’s sales shrinked by over 46 percent as compared to Q1 2023 with sales of just 1,046 units. The company has blamed supply chain disruptions for this and is optimistic for the future.

JLR India

In the FY2024, JLR India achieved sales of 4,436 units, marking its highest performance in the last five years. This reflects an impressive year-on-year growth of 81 percent.

Notably, the Range Rover and Defender models witnessed significant year-on-year retail sales increases of 160 percent and 120 percent, respectively. Additionally, the recently launched 2024 Model Year Discovery Sport and Range Rover Evoque demonstrated strong growth, with year-on-year increases of 50 percent and 55 percent respectively.

In the fourth quarter ending on March 31, 2024, JLR India continued its strong performance, achieving total retail sales of 854 units, witnessing a notable 43 percent year-on-year growth.