In a remarkable achievement, Mercedes-Benz has recorded its highest-ever annual sales in India for the year 2023, showcasing a substantial growth of 10 percent compared to the previous year. The announcement was made during the launch event of the GLS facelift where the luxury automaker revealed that it successfully sold 17,408 units in 2023 surpassing the 15,822 units sold in 2022.
Segment-wise Sales Breakdown
- SUVs dominated the sales landscape, constituting 55 percent of the total volume and this success can be attributed to the strong demand for recently launched SUV models like the GLC and GLE.
- Sedans contributed significantly, comprising 45 percent of the sales indicating a balanced performance across different vehicle segments.
Key Model Highlights
- The Long Wheelbase (LWB) E-Class emerged as the top-selling model in 2023, solidifying its popularity among discerning consumers.
- All three segments—entry-level, core, and top-end—reported favorable sales performance throughout the year, contributing to the overall success.
Electric Vehicle (EV) Growth
- The electric vehicle segment witnessed substantial growth, marking a threefold increase in sales during the year.
- Electric vehicles accounted for an impressive 4 percent of the total sales volume showcasing a growing interest and adoption of Mercedes-Benz's electric offerings.
- Notable models in the electric vehicle portfolio include the EQB SUV, EQE SUV, and the EQS sedan.
Luxury Car Market Dynamics
- Amid signs of economic growth and an increase in the number of high-net-worth individuals, the luxury car market in India outpaced the mass-market passenger vehicle segment, achieving a notable 20 percent growth.
- Positive shifts in consumer perception toward luxury cars combined with a flourishing economy are expected to continue driving the luxury market to new heights.
Future Projections and Financial Performance
- Mercedes-Benz projects a significant expansion of India's luxury car market, anticipating it to double to over 80,000 units by the year 2030.
- The brand's financial success is underscored by its nearly doubled net profit during the financial year 2022-2023, surpassing the USD 100 million mark for the first time.
- A substantial 65 percent increase in revenue, driven by robust sales of 16,497 cars, has contributed to this impressive profit growth.
CEO's Perspective
Santosh Iyer, the Managing Director and CEO of Mercedes-Benz India expressed not only satisfaction with the record sales figures but also highlighted significant improvements in customer satisfaction parameters and the brand's commitment to delivering a diverse and satisfying customer experience has played a pivotal role in its success in the competitive Indian luxury car market.
Conclusion
Mercedes-Benz's outstanding 2023 performance which included record-breaking sales, a strong portfolio of electrified vehicles, and excellent financial development cemented the company's dominance in India's luxury auto market. The brand has demonstrated its continued success in navigating the dynamic and ever-changing Indian vehicle industry through rising sales and customer satisfaction.