India’s luxury vehicle market will hit record high by yearend: Lexus India president

CHENNAI: India’s luxury vehicle market will hit a record high of 42,000-45,000 units by the end of calendar year 2023, higher than the last peak of 41,000 units in 2018, said Lexus India president Naveen Soni.

“There are around 8,000 orders with various manufacturers which will help keep the momentum going,” he added.

The luxury car segment clocked double the growth of mass market vehicles last year. “While the mass market grew by 22%, luxury car sales grew by 52% and Lexus India grew 76% in calendar year 2022 in retail terms,” said Soni. The business generated was three times that in 2021.

“Luxury cars in India still comprise 1% of the total market compared to 5% in Japan, 18% in Europe 18% and 17% in China. So there’s scope for growth,” he said.

As for Lexus India, thanks to that top gear performance in 2022, India has climbed the charts in the company's Asia Pac pecking order. “We were in the top 10 in the Asia Pac region outside China and Japan and now we have inched up to top 5 and by next year we will hit top 3,” added Soni.

The momentum continues in 2023. “By July end, we were able to cover sales done in the whole of last year and we are hoping we will double our sales and do three times the business generated in 2022,” he added.