HomeCar NewsMercedes Sales Q3 2024 - Ticking all the Boxes

Mercedes Sales Q3 2024 – Ticking all the Boxes

Mercedes E-Class LWB
Mercedes E-Class LWB

Mercedes sales Q3 2024 on the Upswing

Mercedes-Benz India reported a significant increase in Q3 2024 sales. With 5,117 units sold, marking 20.68 percent YoY growth. This growth highlights the company’s strong market presence and resilience in the luxury car segment in India. In the first nine months of 2024, Mercedes-Benz has achieved 14,379 unit sales. Reflecting 12.62 percent increase compared to the same period in 2023.

Q1 2024 marked the highest sales at 5,412 units, driven by a 15.22 percent rise over Q1 2023. Q2 showed flat growth, with marginal 0.50 percent increase, totalling 3,850 units. Over the past decade, the best Q3 performance in terms of growth rate occurred in 2021 at 99.08 percent YoY. This was preceded by a sharp decline during the pandemic. Especially in 2020, when sales dropped by 38.58 percent. Mercedes saw a strong post-pandemic recovery with consecutive Q3 growth in 2023 and 2024, the first in a decade.

Mercedes Benz India - Q1, Q2, Q3 Sales
Mercedes Benz India – Q1, Q2, Q3 Sales

Battery-Powered Benz: BEVs Now 6 percent of Total Sales

Current sales tailwinds reflect positive post pandemic trends. Especially when compared to the weaker years of 2019 and 2020. At the time, YTD sales declines were reported at 15.90 perecnt and 49.50 percent, respectively. Current day sales indicate solid and sustained recovery trend. For Mercedes Benz India, this is driven by both internal combustion engine (ICE) and battery electric vehicles (BEVs).

BEV sales are an important segment in Mercedes-Benz India’s growth, with an impressive 84 percent increase in sales year-to-date (YTD) 2024. Battery electric vehicles now account for 6 percent of the company’s total sales, further reinforcing Mercedes-Benz’s commitment to sustainable mobility solutions in India. The company has six BEV models in its portfolio, a number which continues to grow. In Q3 2024, BEV portfolio sales growth was up at 140 percent YoY. Growing demand for electric luxury cars aligns with global trends towards zero-emission vehicles.

Mercedes Benz India - Q1 - Q3 sales over the years
Mercedes Benz India – Q1 – Q3 sales over the years

Mercedes’ Top-End Cars Are Thriving

Mercedes-Benz’s top-end vehicle (TEV) segment also shows growth. One in every four cars sold in India belongs to this premium category. The Mercedes-Maybach range, in particular, has seen YTD growth of 125 percent, demonstrating the increasing preference for ultra-luxury models among Indian buyers. High demand for the S-Class and Mercedes-Maybach S 580 has been a significant contributor to this trend. This surge in demand highlights the brand’s ability to cater to an affluent customer base that values luxury, comfort, and cutting-edge technology.

Mercedes Benz India - Q3 Sales over the years
Mercedes Benz India – Q3 Sales over the years

As part of its customer engagement efforts, Mercedes-Benz India has launched the “Dream Days” campaign, offering unique incentives to buyers. Customers who participate in test drives have the chance to win a CLE Cabriolet for a year. The campaign also offers special financial deals, including zero downpayment, low interest rates, complimentary insurance, and a loan tenure of up to seven years. These offers are aimed at making luxury car ownership more accessible to a broader segment of the market.

S-Class Buyers Are Getting Younger: Average Age Now 38

The customer demographic for Mercedes-Benz is also evolving, particularly for its flagship models. The average age of S-Class customers in India is now 38 years, reflecting a shift towards younger buyers in the luxury segment. This change in customer profile suggests a growing trend among younger, affluent professionals seeking premium vehicles.

Mercedes-Benz is set to launch two more products in Q4 2024, bringing the total number of new launches for the year to 14. These product introductions are expected to further bolster the company’s position in the market. The launch strategy reflects the company’s focus on providing a diverse range of models that cater to different customer preferences, from high-performance vehicles to sustainable electric options.

Mercedes-Benz Keeps Rebuilding

With focus on both ICE and electric models, Mercedes-Benz India continues to solidify its leadership in the luxury car market. The company’s ability to balance traditional luxury with the growing demand for electric vehicles positions it well for future growth.

“Our best-ever Q3 and highest YTD sales performance is a testament to the continued trust of our customers in Mercedes-Benz, as the most desirable luxury brand in India. This resounding success in an otherwise challenging market underscores the strength of our desirable products, our elevated service experiences and an unmatched value proposition of our financial services. Along with our Franchise Partners, we are offering world-class retail experiences and personalised engagements to discerning customers, results of which are
witnessed in Mercedes-Benz winning customer preferences, convincingly across markets.” – Santosh Iyer, Managing Director & CEO, Mercedes-Benz India.

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