Diesel Luxury Cars vs Luxury EV: In view of the rising prices of petrol and diesel in India, people have started preferring electric vehicles more. Who can talk about two-wheelers and small family cars for city mobility, even luxury car lovers are now preferring electric luxury cars. The result of this is that the market share of diesel luxury cars in the car market has come down to about 35 percent. However, if we talk about the last five years, the market share of diesel luxury cars was around 80 percent. In the last five years, affluent people have started turning to either sports utility vehicles (SUVs) or EV luxury cars. Especially, their inclination towards electric vehicles has increased. This is the reason why there has been a huge decline in the sales of diesel luxury cars in the last one year.
Market share of electric luxury cars increased by 6 percent
According to media reports, the share of diesel in the total sales of luxury cars in the Indian car market has declined to 35 percent in the year 2023, which was about 80 percent in the last five years. Meanwhile, sales of electric cars increased to 6 percent of total sales in this segment, which is three times higher than the market. The reason for this is that rich young and ambitious customers have taken steps towards adopting green energy cars. As a result of the increasing demand for electric luxury cars, Mercedes-Benz India, the uncrowned king of luxury cars in the country and the world, has started local assembly of EV EQS 580 in its first electric car plant located in Pune.
Diesel cars dominance ends
Speaking to the media, Audi India chief Balbir Singh Dhillon said that once the share of diesel in luxury vehicle sales comes down to 20 per cent, it will not be practical for any manufacturer to continue offering the fuel option to customers. The share of diesel cars in vehicle sales is already continuing to decline. He said that in the future we will see a change in petrol and electric vehicles, in which earlier diesel was dominant. In a way, it can be said that now the dominance of diesel cars in the market is waning.
Sales of BMW’s EV cars increased
At the same time, BMW Group India President Vikram Pawah said that there are many products of electric vehicles in our portfolio. He said that his company will continue to strengthen its range to maintain its position in EV cars. The result of this has been that in the calendar year 2023, BMW India’s share in the local luxury car market has increased to 50 percent. He said that the share of EV in the company’s total sales will increase to 25 percent in the next two years, which was 10 percent in 2023. He said that the demand for electric vehicles is increasing in India. It is about time we start making them in India.