MUMBAI: India’s Super Sports Car sales zoomed 20 per cent last year that witnessed a slowdown in the mainstream luxury car market, which saw its first demand decline because of the currency swap and a protracted ban on diesel cars.
Sales of two-door super sports car market or Exclusive Sport Car Market priced above Rs. 2.5 crore stood at 68 units, the highest in the last four years. Lamborghini registered a growth of 15 per cent in 2016 and its closest rival Ferrari, too, registered a double digit growth, said industry sources.
Sharad Agarwal, head of Automobili Lamborghini India, said the Exclusive Sports Car market is set to exceed 100 cars annually in coming 24 months.
“Demonetisation was a big disruption, but the market bounced back quickly in the second half of December and was back to normal. At Lamborghini, we are already booked for 50% of our annual target of 2017. We are already sold out for the newly launched Aventador S. The double digit growth momentum will continue this year too,” said Agarwal.
Annual sales of 100 units mean the market will expand in excess of 20% in the coming two years and new models will continue to drive excitement in the market. Growth over the last two years is also being driven by younger first generation entrepreneurs and demand coming from tier II and tier III cities, bringing in incremental numbers for the super-car maker, Agarwal said.
Demand was also aided by the expanding network and more exciting new model launches from Ferrari and Lamborghini in India.
The sentiment of luxury car buyer is driven by consistency in policy, taxes and macroeconomic environment and consumers believe the present environment provides that consistency. To be sure, FY18 was the first union budget in four years to not levy an additional tax on luxury cars: Before that, taxes on luxury cars were increased for three consecutive years, hurting sales.
“Given the current trend in the economy, we are not anticipating any major disruptions in the coming months. GST should be positive for us, as the tax percentages are not going to change,” added Agarwal.
The exclusive sports car market consists of models from Lamborghini and Ferrari and select models from mainstream luxury car makers such as Porsche 911 Turbo S, Aston Martin Vanquish, Bentley Continental GT, Audi R8, and Mercedes Benz AMG GTS: All these vehicles deliver power above 400 PS.
Prospective buyers are also willing to pay more, Agarwal said. The higher priced Aventador, which would cost above Rs. 5 crore, accounts for just 10% of the company’s total sales, but he is confident that Lamborghini will be able to increase the share of Aventador to 25 per cent of overall sales.