Market for ultra-luxury cars in India (upwards of Rs 2 crore) has registered its highest-ever growth this year as the concept of ‘you only live once’ (YOLO) gains pace after pandemic. Sales shot up by 50% in 2022, surpassing the previous high reached in 2018.
The uber-rich car market, dominated by Italian super sports carmaker Lamborghini and other players such as Bentley, Ferrari, Rolls-Royce, Aston Martin, Porsche, and Maybach, has been on a high after removal of restrictions post-pandemic.
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Sharad Agarwal, India head of Lamborghini, which sells cars upwards of Rs 4 crore, says buyers have moved ahead and taken steps to fulfil “their dreams and aspirations” post-Covid, against earlier practice of being cautious when it came to indulgence.
“Market for super-luxury cars is expected to close this year at 450 units, against 300 sold in 2021. This will also surpass previous high of 325 units sold in 2018,” Agrawal told TOI. “Rich and young Indians are exposed to what is being launched globally and want to drive the same cars here. This has also seen us introduce our latest cars almost in line with their global debut.”
Some of the country’s top retailers ratify the trend. “The demand for luxury cars is unprecedented, and has gone through the roof post-pandemic,” says Yadur Kapur, CEO of Select Cars, whose company retails luxury brands such as Rolls-Royce, Ferrari, Lamborghini, Aston Martin, and BMW. “Post-Covid, everyone wants to enjoy life. Covid gave many a rude shock, and now people want to live rich, rather than die rich. We have noticed this trend.”
Satya Bagla, MD of Exclusive Motors that sells Bentley in Delhi, Mumbai and Hyderabad, says post-Covid people want to “reward themselves with material things” rather than just save money. “Earlier not indulging was seen as a cool factor. But not anymore. Now people say why not. This can be seen as people are indulging in expensive holidays, private jets, super-luxury cars and expensive watches.”
