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Luxury car sales, premium electronics in top gear, expected to peak 2018 pre-pandemic

Luxury car sales, premium electronics in top gear, expected to peak 2018 pre-pandemic

Sale of luxury cars zoom; expected to be the pre-pandemic peak of 2018

Photo: iStock

High inflation does not affect India’s prosperity, as evidenced by the sale of luxury cars and high-end electronics. India has become one of the fastest growing markets in the first half of the current year for companies such as Lamborghini, BMW Motorrad, Mercedes-Benz India and Bosch Siemens.

According to a report in the Economic Times, luxury cars, smartphones, TVs, laptops and refrigerators are flying off the shelves in stark contrast to a slowdown in mass to mid-market products in the segments.

Sales of luxury cars are up 55% in the first six months of the year while those of super luxury cars, in the price range of Rs 2 crore and above, are expected to exceed the pre-pandemic peak of 2018 in the year 2022 , the report added, citing industry insiders.

According to market research firm GfK India, offline retail sales volumes of premium TVs above 55 inches increased by 55% from January to May. Sales volumes of 350 liters plus refrigerators, 8 kg plus washing machines and gaming laptops increased by 44%, 29% and 107% respectively during the period.

Balbir Singh Dhillon, head of Audi India, told Economic Times that luxury car manufacturers not only expect to reach the pre-pandemic peak in terms of sales volumes, but also hope to increase market share in the country’s general passenger car markets.

Nikhil Mathur, managing director-India at GfK, said the trend is also visible in smaller cities and is expected to continue in the future.

According to Counterpoint Research, sales of Apple iPhones, especially those priced above Rs 70,000, have increased by 23% this calendar year. Financing offers have helped drive sales of smartphones priced over Rs 30,000 from brands like Apple, Samsung, Oppo, OnePlus, Xiaomi and Vivo to 1.5 times that of the rest of the market.