Since 1989, Lexus, the luxury arm of Japanese auto manufacturer Toyota, has been persistent: Making the impossible possible and redefining what the world expects from a luxury automotive experience. The luxury car company entered the Indian market in 2017 and since then its growth has been fast and furious.
The Indian luxury car market is expected to reach a value of over $1.54 billion by 2027, registering a CAGR of more than 6.4 per cent during 2022-2027, said a report by Mordor Intelligence.
In 2018, 40,000 units of luxury cars were sold in India, with the spread of COVID-19, the luxury car industry toiled due to lower footfalls in the showrooms. However, the sector has bounced back as luxury car manufacturers are launching multiple models with various price ranges and user-friendly financing schemes. “Years 2021 and 2022 were the revival period for the luxury car industry; In 2022, the sector sold around 36,000 units and had pending orders of 6,000 to 7,000 units. It would have easily crossed the 2018 numbers. If it continues to grow at the same pace, this is going to be one of the best years,” said Naveen Soni, president, Lexus India.
In India, luxury car industry grew 52 per cent last year but Lexus grew 76 per cent. Was it because of the low base? “A part of our growth could be attributed to the low base, however, our efforts in creating a great experience for our consumers was the driving force behind the rise.” The company has enhanced its network from four outlets in four cities at the beginning of last year to 18 outlets in 13 cities by the end of the year.
Smaller Towns, Bigger Bets
This story is from the May 2023 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 2023 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
THE SUBMERGED ADVENTURES
Spearheading GetVantage, one of the leading alternate financing companies in the country, Bhavik Vasa knows that sometimes entrepreneurial journey can get tough and stressful, but he has his own way of clearing his mind -- a few feet underwater.
Robust Charging Infra Key To India's EV30@30 Ambition
WHILE GOVERNMENT AIMS TO HAVE 30% OF 2030 CAR SALES AS EVS IN THE COUNTRY, THE VISION SEEMS UNATTAINABLE WITH JUST OVER 12,000 PUBLIC CHARGING STATIONS IN THE COUNTRY AT PRESENT.
OWNING A SLICE OF PROPERTY
Real estate is a critical component of one's portfolio as it provides income, capital appreciation, inflation protection, and diversification.
THE FUTURE OF FINTECH
It's all about setting the house in order
ETCHING SEMICON DREAMS
Historically concentrated in regions like the US, East Asia, and Europe, there's a rising interest in expanding semiconductor assembly and packaging capabilities to emerging markets like India.\"
6 Lessons I Learnt In My First Startup Venture
EVEN THOUGH YOU PICK A BIG MARKET, IT’S IMPORTANT TO PICK A SMALL SEGMENT OF IT TO FOCUS ON FIRST AND UTTERLY DOMINATE BEFORE YOU SLOWLY EXPAND.
How AI and ML are revolutionising healthcare industry
Al ALGORITHMS CAN NOW ANALYZE VAST AMOUNTS OF BIOLOGICAL DATA TO IDENTIFY POTENTIAL DRUG CANDIDATES, PREDICT THEIR EFFICACY, AND OPTIMIZE DRUG DISCOVERY PROCESSES.
5 Lessons I Learnt As An Entrepreneur Over The Last Decade
TODAY, WE ARE A PROFITABLE BUSINESS WITH 2.5 TIMES OF OVER PRECOVID BUSINESS VOLUMES.
Revolutionizing the two-wheeler industry with technology
TO CATER TO THE INCREASING DEMAND FOR TWOWHEELERS, THE INDUSTRY IS CONTINUOUSLY EMBRACING THE LATEST TECHNOLOGIES TO ENHANCE EFFICIENCY, PRODUCTIVITY, AND SUSTAINABILITY.
Who's Stealing Your Time?
Do you have less time for the things you love? You might be blaming the wrong people.