BMW foresees India becoming the fastest-growing global market for Mini

BMW AG believes India will become the fastest-growing global market for the Mini, the iconic British luxury car brand under the German automobile group. BMW Group India on Wednesday launched the locally assembled, petrol-powered premium SUV, the Mini Countryman C, in the country, at an aggressive introductory price of ₹47.50 lakh (ex-showroom). During the launch of the premium SUV, a key executive expressed hope about India becoming the fastest-growing global market for Mini.

Florian Kuenstner, Vice President at Mini, overseeing China, Asia-Pacific, Eastern Europe, the Middle East and Africa, told Reuters that the company expects the wealth and the income level will grow in line with the growth in GDP all the way through 2030, and with that, there will be a demand also for luxury and premium cars. This growth is expected to push demand and sales of Mini cars as well, believes Kuenstner.

India is a fast-growing market for luxury cars. However, the luxury cars make up only 1% of the country's total passenger vehicle sales, which register more than 40 lakh units annually. This minuscule market share of luxury cars is attributed to the high import taxes, which result in the steep pricing for luxury models.

Speaking about the growth strategy of Mini in India, Kuenstner said that in an attempt to expand its reach to the Indian customers, Mini is planning to double its dealer network to 21 by the year-end. He also said that India offers future potential, while the market in China is more mature and competition is more intense. Currently, India accounts for only a fraction of global Mini sales, but the company expects the scenario to change in the coming years.

Meanwhile, Kuenstner also spoke about the supply chain issue due to the conflict in West Asia. He said that Mini rerouted some logistics during the conflict but did not face supply disruptions. "Having a car locally produced also offers obviously a more stable outlook because we are then not dependent too much on some of the short-term logistical challenges which we, maybe, face when we only import," he added.

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