In the coming fiscal year, the Indian roads will witness the arrival of nearly a dozen luxury vehicles as electric cars and SUVs, as manufacturers seek to align their product strategy with the surging demand for greener mobility. Out of the 48 passenger vehicle launches scheduled until March 2024, an impressive 11 of them will be electric luxury vehicles.
This marks the highest number of electric luxury vehicles launches in a fiscal year thus far. Renowned brands such as Mercedes-Benz, BMW, Lexus, Audi, and Volvo are all geared up to introduce models from their global portfolios into the Indian market.
This notable increase in electric luxury vehicles launches can be attributed to several factors.
These include the continuous improvement in driving range, the expansion of charging infrastructure, government support, and the rising demand for electric mobility across various segments, spanning from scooters to luxury cars.
Industry estimates reveal a remarkable 142% growth in sales of electric luxury passenger vehicles during the last fiscal year, surpassing the overall luxury vehicles market growth by more than four times. Meanwhile, sales of petrol vehicles in the segment witnessed an 8% decline, whereas diesel models experienced a 16% growth. Notably, this surge in luxury electric PV sales occurred despite reduced incentives from manufacturers.
Luxury vehicles manufacturers are proactively devising strategies to seize the growing demand for electric vehicles. With a substantial backlog of orders, these companies anticipate that electric vehicles will account for at least 10-15% of their total sales within the next 2-3 years.
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