India's Supercar Sales Surge: Ferrari and Lamborghini See Record-Breakin
India's supercar market is experiencing an unprecedented surge, with industry experts projecting sales to reach between 1,200 and 1,300 units in 2024. This marks the third consecutive year of growth in the sector, with 2023 seeing a dramatic increase as sales more than doubled to 1,000 units, according to a report by Business Standard.
Record Sales for Lamborghini and Ferrari
Among the supercar brands, Lamborghini has particularly excelled, selling 103 vehicles in India in 2023, a 12% increase from the previous year. The Italian automaker’s lineup, including the Huracan, Urus, and the newly launched Revuelto, continues to attract high demand. Priced between ₹5-10 crore on-road, these luxury vehicles have all units allocated for India sold out, with new orders projected to be fulfilled only in 2026 or even later.
Ferrari, along with other high-end brands such as Aston Martin and McLaren, also commands significant demand in the Indian market. The exclusivity and performance of these vehicles resonate with India's growing affluent class. Even top-end models from Audi and Mercedes-Benz, which are priced between ₹2.5-4.55 crore on-road, have waiting periods stretching up to a year, reflecting the burgeoning interest in luxury automobiles.
Why Are Supercar Sales Increasing in India?
Stephan Winkelmann, the CEO of Lamborghini, attributes the rising demand for supercars in India to a generational shift in mindset. According to an Economic Times report, Winkelmann noted that younger generations in India are increasingly inclined toward luxury goods, including high-end vehicles. This change in consumer behavior is contributing to the overall growth of the luxury market in the country.
India is also one of Lamborghini's fastest-growing markets, a testament to the country's expanding base of ultra-high-net-worth individuals (UHNWIs). According to Knight Frank's latest wealth report, the number of people in India with a net worth exceeding $30 million is projected to rise from 13,263 in 2023 to 19,908 by 2028. This growth in wealth is likely to further fuel the demand for luxury supercars.
Contrast with Mainstream Auto Sales
While the supercar segment in India is thriving, the broader automotive market has seen a slowdown. Mainstream auto sales in India declined by around 7% in the first half of 2024, with a 2.5% drop in July alone. This contrast highlights the resilience of the luxury market, which continues to flourish despite economic challenges that impact more affordable vehicle segments.
Looking Ahead
The future looks promising for the supercar market in India. As wealth continues to grow and consumer preferences shift towards luxury and exclusivity, brands like Lamborghini, Ferrari, and others are likely to see sustained demand. With projections of 1,200 to 1,300 supercar sales in 2024, India's position as a key market for luxury vehicles is only expected to strengthen.
