New Delhi: Super sports luxury car market in India is expected to grow in double digits this year on the back of improved sentiments after remaining flat in 2017, according to Automobili Lamborghini.
The Italian super sports luxury carmaker, which sells Huracan and Aventador models in India, said last year was a challenging year for the industry due to lingering after effects of demonetisation coupled with impact of GST (Goods and Services Tax) implementation.
“There was postponement of purchases in 2017 due to continued impact of demonetisation and GST implementation. However, since the last quarter we have seen demand coming back and it should continue,” Automobili Lamborghini India Head Sharad Agarwal told PTI.
He further said, “With the outlook of overall economic growth positive and stabilisation in the market after those two transformations (demonetisation and GST), we expect growth to return to the segment”.
When asked by how much the segment was expected to expand, Agarwal said, “This year, the exclusive super sports luxury segment in India is expected to grow in double digits”.
The size of the niche super sports car segment, comprising 2-door models priced upwards of Rs 2.2 crore with power of 400 ps, stood at around 70 units in 2017.
Apart from Lamborghini, the other players include Ferrari, Aston Martin, Audi R8 and Mercedes AMG GT-R, among others.
Agarwal said high taxation and frequent changes in rates have had an impact on the segment, which stood at around 100 units a year in 2011-12.
He, however, said the way the market is at the moment and if everything goes smoothly, the segment could reach again the 100 units a year milestone in another two to three years.