BMW bullish on expanding Indian luxury market
BMW, IIndia's second largest German luxury car maker, is targeting strong double digit growth this year
BMW, India's second largest German luxury car maker, is targeting strong double digit growth this year, including its electric cars, for which it has lined up over 16 new car launches this calendar year in Asia's third biggest economy.
Despite challenges of global headwinds like recession, supply chain disruption amidst Russia-Ukraine war, the resilient Indian economy would continue to boost luxury car sales in high gear in India.
Vikram Pawah, president BMW India, in an exclusive interview with Michael Gonsalves, reveals the road map for the luxury car market and the BMW brand in India. Excerpts:
How is the luxury car market panning out in India?
The premium car market in the country is expanding with good speed after a two-year lull induced by the Covid pandemic. The growing number of billionaires, millionaires and successful businessmen and women in the country are rewarding themselves with premium and super premium cars. India has a huge potential for growth in the coming years. This year it will be a strong double-digit record growth year. Last year, our car sales jumped 35 per cent at 11,981 units, the best year till date.
What is your strategy to push up your sales volumes?
This year we have a strategy in place for sales growth as we will launch 16 new cars and two new motorcycles in 2023 to meet the growing appetite of our customers for the premium products even as all our existing sedans, sports activity vehicles (popularly known as SUVs), coupes and performance cars continue to be in high demand. At present we have a book order of over 2,500 BMW cars, 250 Mini brand cars and 1,500 for our Motorrad bike brand. While the waiting period for deliveries stretches to about one year for some electric cars, others will take about three to six months depending on the model.
How is the market response for the BMW X model brand in India?
We have a comprehensive BMW X range of cars to cater to our diverse customers. To meet the demand of our customers we just introduced an all-new third generation BMW X1 with a starting price of Rs 45.90 lakh. The X1 remains the best-seller in its segment thanks to a supreme combination of comfort and luxury, along with X3 and X5. One-third of X1 buyers are in the 21-40 age bracket and growing. It is also the most agile luxury sports activity vehicle.