Mercedes-Benz India, the country’s largest luxury car maker, reported its highest-ever annual sales of 19,565 units in 2024.
Sales rose 12.4% during the year, compared to 17,408 units sold in 2023. This was almost double the pace of growth for the overall luxury car market. The Indian luxury car market is estimated to have grown by 6% in the last calendar year, breaking the 50,000 mark for the first time to rack up 51,500 units in sales.
The company has been in India for over three decades.
The robust growth in 2024 was driven by consistent demand across the company’s product range. Mercedes-Benz saw particular strength in its top-end vehicle (TEV) segment, which grew by 30% year-on-year and accounted for one in every four cars sold. The category includes models such as the Mercedes-Maybach S-Class, GLS SUV, and EQS 580.
Another notable growth driver was the company’s battery electric vehicle (BEV) portfolio. BEV sales increased by 94% compared to the previous year, contributing more than 6% of total vehicle sales in 2024.
Mercedes-Benz introduced several new BEV models during the year, including the locally produced EQS SUV 580 and the Mercedes-Maybach EQS SUV. These vehicles helped strengthen the company’s presence in the luxury EV market and reflected a growing interest among Indian consumers in sustainable mobility options.
Since entering the Indian market in 1994, Mercedes-Benz has sold 200,000 vehicles, a milestone that underscores its sustained popularity. Around 100,000 of these vehicles were sold in the past six years alone.
This accelerating trend is attributed to an expanding customer base, particularly among younger, salaried professionals, and increasing adoption of flexible financing solutions. Mercedes-Benz Financial Services played a crucial role in this growth, financing 50% of all cars sold in 2024. Its portfolio surpassed Rs 10,000 crore, aided by the popularity of the STAR Agility plan and a shift towards paperless processes.
Key Highlights:
Record Sales: 19,565 units sold in 2024, marking a 12.4% increase over 2023.
TEV Growth: Top-End Vehicles (TEV) grew by 30%, contributing to 25% of total sales.
BEV Surge: Battery Electric Vehicle (BEV) sales rose by 94%, accounting for over 6% of total sales.
Milestone: Cumulative sales of 200,000 units in India since 1994; 100,000 units sold in the last six years.
Financial Services: Mercedes-Benz Financial Services portfolio crossed Rs 10,000 crore; 50% of vehicles sold were financed through the service.