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Mercedes-Benz forecasts India to become its third-largest global market by 2027
Mercedes-Benz is set to launch 12 new cars in India, including three battery electric vehicles, in a bid to increase sales in the country. The luxury car market in India has been expanding rapidly, with a growing number of young car buyers opting for luxury models over mass-market vehicles. Mercedes-Benz anticipates that India will become its third-largest market globally among 118 countries within the next two to three years.
At present, India ranks as the fifth-largest market for the German luxury car brand, trailing behind Japan, South Korea, Australia, and Turkey in its ‘Region Overseas’ strategy. The company expects the sales gap between Turkey and India, the fourth and fifth largest global markets respectively, to narrow rapidly, propelling India up the rankings. Sagree Sardien, Mercedes-Benz AG’s Head of Region Overseas, highlighted the strong demand for luxury cars in India and projected faster growth for the company in the years to come.
Mercedes-Benz achieved its highest-ever sales of 17,408 units in India in 2023 and aims to maintain this momentum in 2024. The company plans to introduce 12 new models, including three electric vehicles, and expand its sales network into smaller cities across the country. Sardien expressed confidence in the potential growth of the luxury car market in India, envisioning it reaching the one lakh unit annual mark by the end of the decade.
In terms of electric vehicles, Mercedes-Benz is leading the luxury electric car market in India and aims for double-digit growth in this segment. The automaker is closely monitoring the electrification journey in the country and is prepared to introduce more electric products to meet changing customer preferences. With four percent of its total sales in India coming from electric vehicles, Mercedes-Benz is betting big on EVs as the future of the automotive industry.
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