10 Maybachs Being Sold Every Week In India!
India is the world's third-largest car market. More importantly, it spans across a vast spectrum of price brackets and vehicle classes. Many might find the recent market sentiments challenging. A recent comment from the global head of a renowned ultra-luxury car brand reveals that its models stay clear of these hurdles, and there has been no drop in the number of ultra-wealthy buyers. A fine example of this would be the sales posted by Maybach. 10 Maybach models were sold every week in India last year. The starting price of these is at least 3 Crore rupees, ex-showroom.
Billionaire Count Rising In India?
Going by the Maybach sales, it would be hard to disagree. Globally, around 21,300 cars were retailed last year. In the Indian market, more than 500 units were sold. That's around 10 Maybachs per week!
“Maybach has a history of over 100 years in India, and it is simply amazing to see how the brand has developed and evolved. Just last year, we saw a growth of 145% in our India sales as numbers crossed 500 cars, making it one of the fastest-growing countries for us globally.” the marque's global head Daniel Lescow said in a statement.
The number of ultra-wealthy consumers has lately been on the rise and we have more millionaires and billionaires around than we probably ever had! People these days, love splurging on cars and SUVs. Maybach for them, is an extremely aspirational brand. This trend is predicted to be sustained despite challenges to the economy and stock market meltdowns.
Interesting Switch In User Demographics!
Maybach has also seen a notable change in its buyer demographics recently. It has been witnessing the influx of its youngest set of customers (globally) in India. More young CEOs and celebs are expected to join soon and the carmaker is stitching its product strategies accordingly. The average age now falls under 40 years in India.
“Increasingly a younger profile of individuals are looking into the brand. The average age of our customer here is just 38 years while globally it is higher,” remarks the marque's global head. Talking about the increasing brand awareness and the spike in aspirational value, he said:
“There's a deep interest into the brand, and Indian customers are very knowledgeable about the products. I was impressed by the maturity around luxury here. Customers buy our cars as an expression of their lifestyle and individuality, which resonates very well with the Maybach brand.”
Indian Market Could Climb To The Top 5 Soon!
The Indian market is expected to rank in the top 5 markets worldwide in Maybach sales. “The numbers here are absolutely stunning. I am very optimistic and there’s a good growth potential here. At the same time, we are working hard to increase the brand’s awareness and deepen the understanding on our products. We are also building dedicated brand spaces for a broader experience of our products and the line of accessories.” Lescow told the Times Of India.
Maybach In India: A Quick Look At The Portfolio And Strategy
Maybach used to sell cars to the royalty, in the past and is regarded as an icon of opulence and extravagant luxury. Its India lineup consists of the S-Class Maybach (S580 and S680), GLS 600, Maybach EQS, and the recently launched limited-run SL680 Monogram Series (just three of these have been allotted for the Indian market, all of which have already been sold out). Out of these, the S580 is manufactured at the Mercedes Benz facility in Pune. The GLS, EQS and SL 680 are all imported as CBUs (Completely Built Units).