BMW India leads luxury EV market with 50 percent share in 2023

BMW India has reported its best-ever half-yearly, quarterly, and June sales, with a total of 5,867 units sold in the first six months of 2023. Despite supply constraints in the early months, the company experienced remarkable growth in May and June, achieving a combined 32 percent year-on-year increase.

SUVs and Sedans Balance Growth

The luxury car manufacturer has witnessed balanced growth in every sub-segment of the premium space, with a 50 percent share in SUVs and 50 percent in sedans. The new X1 and 3 Series Gran Limousine emerged as the top-selling models, each contributing close to 20 percent of total sales. Contrary to market trends, BMW experienced equal demand for both its sedans and SUVs.

Strong Performance of Luxury EVs

BMW made significant strides in the premium EV segment, securing a 50 percent market share in the luxury EV market in India. The iX, the company’s best-selling EV, led the charge and outperformed all other luxury EVs combined in the first six months of 2023. BMW’s overall EV sales recorded an impressive 11 percent year-on-year growth, and the company expects the share of EVs in its portfolio to reach 30 percent by 2025.

Factors Driving Growth

Three primary factors have contributed to BMW India’s notable growth in the luxury segment. First, the resilience and robustness of the Indian economy in the face of global uncertainties. Second, the improved road infrastructure, which has facilitated the adoption of luxury vehicles. Third, the brand’s strong response to new launches in the market, attracting not only impressive numbers but also drawing first-time luxury vehicle buyers to the brand.

Best-selling Models and High Demand

The new X1 and 3 Series Gran Limousine have been the star performers for BMW India. The X1, which launched earlier in the year, accounted for more than 20 percent of total sales and received a record number of bookings, leading to a waiting period of up to three months. Similarly, the 3 Series Gran Limousine contributed significantly to the sedan category’s sales and remains a constant performer in terms of percentage of sales.

Luxury Segment Growth

The luxury vehicle segment’s top-end, which includes the 7 Series, i7, X7, and XM, witnessed exceptional growth of 128 percent year-on-year, now accounting for 20 percent of total sales. The all-electric i7 garnered significant attention and led to waiting periods of up to four months for these premium vehicles.

Local Production and Market Share

The locally produced Countryman proved to be Mini’s best-selling model, constituting over 60 percent of overall Mini sales. The 3-door Mini hatchback and all-electric Cooper SE also contributed to the brand’s success, making up around 20 percent and 14 percent of sales, respectively.

Looking Ahead

BMW India is optimistic about its future growth, with the expectation of comfortably exceeding the four-digit mark for EV sales by the end of the year. The company aims to maintain a balanced portfolio of sedans and SUVs, continuing to respond to market demands and launching products that resonate with Indian consumers.

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