A greener tomorrow from BMW expectation: India's vision of 25% Electric Vehicle market share
Delhi : A top corporate executive stated that one out of every four automobiles sold by German luxury car maker BMW in the Indian market will be electrified over the next two years, citing higher-than-expected demand. Vikram Pawah, President and CEO of BMW Group India, stated that the company's total sales already consist of 10% electric vehicles. By 2024, he expects this percentage to climb to 15%, and by 2025, to 25%.
At five different models, we have the most extensive selection of electric automobiles in the nation. Electric cars are in high demand, and we plan to keep adding new items to our lineup in order to maintain our position as industry leaders.
With a market share of more than 48%, the German automaker presently leads its competitors, Volvo Cars India, Mercedes Benz India, and Audi India, in the premium EV segment in India. The firm, which offers the i4, i7, iX, iX1, and Mini Electric as its five electric car models, just achieved the significant milestone of selling 1000 EVs nationwide.
Pawah declined to provide specifics on the new electric cars the firm intends to introduce to the nation in the middle of the next several years. By 2025, BMW plans to introduce 12 fully electric cars worldwide.
According to Pawah, consumer opinions in the premium car market are still positive. "We sold 1,439 automobiles in September, which was our highest monthly sales total ever. We anticipate that the trend will hold, and we are on course to announce record sales for the whole year," he stated.
With 11,981 units sold in the Indian market last year, BMW recorded its highest-ever sales figures. In 2018, the firm sold 10,405 automobiles in India, setting a record for annual sales.
BMW India sold 9,580 cars in the first nine months of the current calendar year, a 10% increase. Between January and September 2023, sales of the company's luxury motorbikes increased by 26% to 6,778 units, another quick growth.
Sales of high-end cars costing more than Rs 1.5 crore, such as the BMW X7, BMW 7 series, BMW iX, and BMW XM, have been increasing more quickly in the luxury vehicle market as well. During the year under review, revenues in this category more than quadrupled, accounting for 5% of the company's overall sales.
The market for luxury vehicles has grown as a result of new models like the X1 attracting first-time purchasers.
In fact, manufacturers of luxury cars anticipate that CY2023 would see the highest-ever sales in India by year's end. Only over 40,000 premium cars were sold in the nation in 2018—the highest number of sales ever for this category. In order to capitalize on the potential, BMW India plans to launch 19 cars and 3 motorbikes into the market this year.
