Since 1989, Lexus, the luxury arm of Japanese auto manufacturer Toyota, has been persistent: Making the impossible possible and redefining what the world expects from a luxury automotive experience. The luxury car company entered the Indian market in 2017 and since then its growth has been fast and furious.
The Indian luxury car market is expected to reach a value of over $1.54 billion by 2027, registering a CAGR of more than 6.4 per cent during 2022-2027, said a report by Mordor Intelligence.
In 2018, 40,000 units of luxury cars were sold in India, with the spread of COVID-19, the luxury car industry toiled due to lower footfalls in the showrooms. However, the sector has bounced back as luxury car manufacturers are launching multiple models with various price ranges and user-friendly financing schemes. “Years 2021 and 2022 were the revival period for the luxury car industry; In 2022, the sector sold around 36,000 units and had pending orders of 6,000 to 7,000 units. It would have easily crossed the 2018 numbers. If it continues to grow at the same pace, this is going to be one of the best years,” said Naveen Soni, president, Lexus India.
In India, luxury car industry grew 52 per cent last year but Lexus grew 76 per cent. Was it because of the low base? “A part of our growth could be attributed to the low base, however, our efforts in creating a great experience for our consumers was the driving force behind the rise.” The company has enhanced its network from four outlets in four cities at the beginning of last year to 18 outlets in 13 cities by the end of the year.
Smaller Towns, Bigger Bets
This story is from the May 2023 edition of Entrepreneur magazine.
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This story is from the May 2023 edition of Entrepreneur magazine.
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