Automobile Lamborghini is expecting luxury supercar segment to see double-digit growth in India this year, driven by improving infrastructure, rising population of ultra high net worth individuals and other factors, its country head Sharad Agarwal said on Thursday.
He also said that Lamborghini India has started 2023 on a positive note with a strong order book, with most of its models having a waiting period of 18 months throughout 2024. The Italian super sports luxury carmaker on Thursday rolled out its second model of Urus SUV lineup, Urus S with a price tag of Rs 4.18 crore in the domestic market.
Lamborghini began its India operations in 2007. Last year, it sold 92 units in India, a growth of 33 per cent over 69 units in 2021. Apart from the newly launched Urus S, Lamborghini sells three more models -- premium SUV Urus and two super sports cars Huracan Tecnica and Aventador in the country, with prices starting upwards of Rs 3 crore. Cars carrying a price tag of Rs 20 million or above fall in the super luxury car segment in India.
"In terms of growth, what we saw last year and what I anticipate is that in the first quarter of this year (January-March), the segment is growing and we anticipate this year also the segment to grow beyond the growth of 2022," Agarwal told PTI. He noted that first time the segment crossed 500 units-mark was in 2022. "We can anticipate the segment to grow into double digit this year also," he said.
He said that apart from some carry forward demand owing the two years of the pandemic, the segment is seeing a positive trend, driven by various factors such as positivity around the Indian economy. Moreover, various forecasts (about the economy) from credible agencies are also very positive that gives us confidence, he said, and added that there is a huge and positive change in the infrastructure set up, which is boosting the confidence of our segment.
These factors along with the rising populations of billionaires and ultra high net worth individuals (UHNIs) are all reflecting in the demand, Agarwal added. On Lamborghini India, he said, "We have started 2023 on a very positive note with a very strong order book for us. Most of our models have a waiting time of about 18 months right through 2024."According to Agarwal, currently as much as 25 per cent of the total volumes of Lamborghini in India come from tier-II and tier-III cities in the country, which used to be in the single digit some two years ago.