India’s Luxury Car Market Surges in FY2024: Who Sold the Most?
A significant global automotive trend, the surging demand for luxury and super-luxury cars and SUVs, has strongly manifested in the Indian market over the past three years. According to data from JATO Dynamics India, the cumulative sales of seven major luxury carmakers in the country reached 45,311 units in FY2024, marking a robust 20.5 percent increase. This growth highlights a dynamic period for the premium automotive segment in India, positioning it as a key focus area for manufacturers aiming for the Top Selling Luxury Car In India.
The surge was particularly pronounced in the luxury SUV segment, which saw sales climb by a remarkable 34 percent to 27,489 units. Luxury sedans also experienced growth, albeit at a slower pace of 6.5 percent, totaling 17,569 units sold during the fiscal year. This divergence underscores a clear consumer preference shift towards higher-riding, versatile vehicles within the luxury space.
India’s luxury car market is predominantly led by German manufacturers. Mercedes-Benz India currently holds the leading position, closely followed by BMW India, setting the stage for intense competition at the top.
alt=”Infographic showing the top 10 best-selling vehicle segments in India in FY2024″
Mercedes-Benz Maintains Lead
Market leader Mercedes-Benz India posted a 3 percent increase in sales compared to the previous year, selling a total of 17,013 units. SUVs accounted for 56 percent of their sales volume, with sedans making up the remainder. Notably, a significant portion – one out of every four vehicles sold – belonged to Mercedes-Benz’s top-end segment, comprising cars priced over Rs 1.5 crore.
Within its sedan line-up, which includes models like the A-Class, C-Class, LWB E-Class, and S-Class, Mercedes-Benz saw strong sales. The outgoing LWB E-Class remained the highest-selling Mercedes-Benz model in FY2024, with 3,561 units sold, representing a 12.7 percent increase.
Among Mercedes’ SUV offerings, the GLE, which was India’s top-selling luxury SUV in the preceding year, continued to show strong demand with 2,349 units sold, an 8.2 percent increase. It was followed by the GLA (2,213 units) and GLC (1,925 units). The GLS, despite selling 1,529 units, saw a nearly 31 percent drop from the previous year. The iconic G-Class recorded sales of 219 units.
alt=”Several Mercedes-Benz luxury cars and SUVs parked side-by-side”
BMW Closes In
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BMW India held onto its second position in the market, achieving sales of 14,479 units, a significant 28 percent rise year-on-year. Interestingly, unlike its main competitors, BMW saw sedans contributing more to its overall volume (51 percent) than SUVs in FY2024, making it the only brand among the top three with this split. The 3 Series continued to be its bestselling sedan with 2,652 units, followed by the 6 Series (1,428 units), 2 Series (1,073 units), and 5 Series (1,059 units). In the SUV category, the X1 was the top seller for BMW and also emerged as the bestselling midsize luxury SUV in India, selling 2,996 units. It was followed by the X7 (1,644 units), the X3 (1,089 units), and the all-electric iX.
alt=”Line-up of modern BMW luxury vehicles, including sedans and SUVs”
Audi’s Strong Growth
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Audi India demonstrated strong performance in FY2024 with a 33 percent growth, selling 7,027 units. SUVs dominated Audi’s sales, accounting for 4,425 units (up 72 percent), while sedans sold 2,602 units (down 3.9 percent). The Q3 saw sales quadruple to 1,965 units, becoming a major growth driver. The Q7 (742 units, up nearly 23 percent) and the Q5 (735 units) were the next bestselling Audi SUVs. The Q3 Sportback added 658 units to the tally. Among sedans, the A4 recorded stellar growth of 50 percent to 1,521 units, whereas the A6’s sales fell over 40 percent to 920 units.
alt=”Various Audi luxury models, including Q series SUVs and A series sedans”
Land Rover Climbs Ranks
Land Rover India climbed to the fourth position, surpassing Volvo Auto India, by selling 3,061 units and registering an impressive 82 percent growth. The popularity of the Land Rover Defender was a significant factor, with sales jumping 2.5 times to 1,314 units. Reflecting the rising demand for high-end models, the Range Rover Velar (556 units) and RR Sport (404 units) were the next most popular models. The flagship Range Rover, despite being the most expensive, found 394 buyers. The RR Evoque’s sales increased by 13 percent to 190 units. The LR Discovery Sport sold 197 units (up 26 percent), while the Discovery contributed six units.
alt=”Bar chart showing luxury SUV sales performance by brand in India for FY2024″
Volvo and Others
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Volvo Auto India returned to the fifth spot it held in FY2022, selling 2,522 units, a 27 percent increase year-on-year. The XC60 SUV was its bestselling model with 867 units, followed by the XC40 (769 units), XC90 (449 units), and the C40 (212 units). Its sole sedan offering, the S90, sold 225 units.
alt=”Selection of Volvo luxury vehicles, including SUVs and sedans”
The BMW Group’s Mini brand sold 937 units, showing a 34 percent growth. The Mini Countryman accounted for nearly three-fourths of these sales with 695 units.
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Jaguar India secured seventh place with sales of 272 units, up 22 percent. The F-Pace SUV was its top performer, selling 221 units, followed by the I-Pace (31 units) and F-Type (20 units).
alt=”White Mini Countryman luxury compact SUV”
Japanese brand Lexus recently celebrated seven years in India and reported a year-on-year growth of 63 percent in FY2024. Lexus highlighted the NX350h SUV and the ES300h sedan as their most popular models in the Indian market.
alt=”Jaguar F-Pace luxury SUV parked on a street”
Luxury EVs See Significant Push
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Luxury vehicle manufacturers in India are actively advancing the electric vehicle (EV) segment with new technology and models. Retail sales data shows that a total of 2,870 luxury EVs were sold in FY2024. BMW India led this segment, accounting for nearly half of the sales with 1,421 units, demonstrating strong momentum. Volvo India followed with 598 units, then Mercedes-Benz India with 564, Audi India with 165, and Porsche with 114 units. While Mercedes’ EQB and EQE sold 311 and 116 units respectively, BMW’s iX alone sold 738 units, recording an impressive 729 percent growth, placing BMW significantly ahead in the luxury EV space.
alt=”Table detailing luxury car sales volume by brand in India for FY2024, showing units and growth percentage”
Conclusion
The fiscal year 2024 saw significant growth in the Indian luxury car market, fueled predominantly by strong demand for SUVs. While Mercedes-Benz retained its top position, BMW narrowed the gap with substantial growth and led the luxury EV segment. Audi also posted strong growth, particularly driven by its SUV sales. The performance across brands indicates a dynamic market landscape, with consumer preferences shifting and electric vehicles gaining traction, pointing towards continued evolution in the coming years for the Top Selling Luxury Car In India landscape.
alt=”Image of various luxury electric vehicles from different brands”
Data Source: JATO Dynamics India
