In a landmark year, Mercedes-Benz India maintained its dominance in the luxury car segment by registering its highest-ever annual sales of 19,565 units in 2024, surpassing its closest rival, BMW, which sold 15,012 units (excluding MINI sales). With this, Mercedes-Benz solidifies its position as the best-selling luxury carmaker in India, reinforcing its decade-long reign at the top of the premium automobile market.
Consistent Growth Across All Quarters
The company reported a 12.4% year-on-year growth, compared to 17,408 units sold in 2023. Despite challenging market conditions and economic headwinds, Mercedes-Benz managed to achieve consistent growth across all four quarters. Notably, sales in the second half of the year saw a 16% year-on-year increase, contributing significantly to the record-breaking numbers.
Top-End Vehicle (TEV) Sales Soar by 30%
One of the key highlights of 2024 was the robust demand for Top-End Vehicles (TEVs), priced above ₹1 crore. Models like the Maybach S-Class, GLS SUV, and EQS 580 led the charge, with TEV sales growing by an impressive 30% year-to-date. Mercedes-Benz revealed that one out of every four cars sold in India last year was a TEV, reflecting the growing appetite for ultra-luxury vehicles in the country.
Achieving the 200,000 Sales Milestone
Another significant achievement for Mercedes-Benz India in 2024 was reaching the 200,000-unit sales milestone since its operations began in 1996. The journey to 200,000 units underscores the brand’s accelerating growth in India:
- First 50,000 units: 20 years (1996-2016)
- Next 50,000 units: 5 years (2014-2018)
- Last 100,000 units: 6 years (2019-2024)
This milestone highlights Mercedes-Benz’s evolving strategy in India, focusing on high-end vehicles, electric mobility, and financial accessibility.
Electric Vehicle (EV) Sales Surge by 94%
Mercedes-Benz’s EV portfolio played a crucial role in 2024, with electric vehicles contributing 6% to overall sales and registering a 94% year-on-year growth. Key models like the EQA, EQS SUV, and the Maybach EQS SUV boosted the brand’s presence in the growing EV market. With 14 launches in 2024, including nine high-end models, Mercedes-Benz ensured that its EV offerings remained competitive and desirable.
Financial Services Crosses ₹10,000 Crore Milestone
Mercedes-Benz Financial Services played a pivotal role in the brand’s success, financing more than half of all cars sold in 2024. The service crossed a key milestone with its loan portfolio exceeding ₹10,000 crores. Additionally, 80% of customers opted for the company’s insurance services, making luxury car ownership more accessible and seamless.
Roadmap for 2025: New Models and Expanding Network
Looking ahead, Mercedes-Benz India has laid out an aggressive strategy for 2025, starting with the launch of the new EQS SUV variants and the highly anticipated G 580 electric SUV, bringing an electric powertrain to the iconic G-Wagen. The company plans to launch a total of eight new models in 2025, including the Mercedes-Maybach EQS SUV ‘Night Series’, set to debut at the Bharat Mobility Global Expo next week.
Mercedes-Benz also plans to expand its retail network by adding 20 new touchpoints in key cities like Agra, Kanpur, Jammu, and Patna, among others. Additionally, the brand will convert 40 existing outlets to the latest ‘MAR20X’ luxury retailing format and add 100 DC fast-charging points across its network to support its growing EV portfolio. Franchise partners are expected to invest over ₹450 crore in dealership transformations over the next three years.