Luxury car sales may hit record high this yr

New Delhi (FIB): After a robust year of sales in 2022, luxury car sales in India are expected to reach a record high of 42,000-45,000 units in 2023, riding on a strong order book, pent-up demand, and new model launches, industry estimates show.

The segment, which accounts for less than 1% of the broader passenger vehicle market in the country, ended last year with sales of an estimated 37,00038,000 units. The best year for the segment was in 2018 when sales touched 40,863.

Strong corporate earnings and steady economic growth are driving demand for luxury vehicles despite global uncertainties, San-