What Will It Take For Maserati To Succeed In India?

Marquee luxury brands such as Lamborghini, JLR (Jaguar Land Rover) and Bentley, sell more products in India than Maserati
Image: Joel Strickland

For nearly a decade and a half, Maserati, owned by Stellantis, a company headquartered in the Netherlands, has tried its luck in India without much success.

Selling less than 50 cars in India, compared to some 27,000 globally, the automaker doesn’t quite boast the numbers that it would have liked to show in one of the world’s wealthiest economies. After all, many of its rivals, including marquee luxury brands such as Lamborghini, JLR (Jaguar Land Rover) and Bentley, sell more products in India than Maserati.

That’s precisely why the Modena-based maker of luxury sports cars and SUVs has taken another leap at taking on the Indian market, currently the world’s fourth largest.

“We prefer a step-by-step approach to learn about customers habits and preferences,” Philippe Claverol, head of overseas at Maserati, tells Forbes India. Claverol and Maserati are now readying plans to open two dealerships in Delhi and Bengaluru, two of the key markets for the automaker. The company currently has just one dealership in Mumbai, even as affluent Indians chasing ultra-luxury vehicles continue to grow in the country.

In July, Maserati brought the Grecale SUV to India at a starting price of ₹1.31 crore. The SUV, which zooms from 0 to 100 kmph in 3.8 seconds, will be available in three variants. These include the Grecale GT, equipped with a four-cylinder mild hybrid engine, the Grecale Modena, and Trofeo with a 530hp V6 engine.

“Maserati is a 100 percent ‘Made in Italy’ luxury brand and is all about design, innovation luxury and performance, with the Italian allegria (joy),” adds Claverol. “We are not a volume brand but a luxury brand with customer satisfaction as a top priority.”

With the Grecale SUV, and the already available Levante, the company now has a portfolio that comprises two luxury SUVs in the market, in addition to the GranTurismo and the GranCabrio models in the country. India is currently riding an SUV boom, and the luxury segment isn’t shielded from that. This is why, Maserati’s SUV portfolio could go a long way in reviving its fortunes in the country.

“The objective is to have in each city where we have a dealership a very profitable business, which is the key to offering excellent service and great care to our customers,” Claverol says.

Last year, India sold over 45,311 luxury and super luxury vehicles, according to Jato Dynamics, led largely by the German luxury carmakers, Mercedes and BMW. The Indian luxury car market is expected to grow from $4.14 billion in 2022 to $7.38 billion in 2029, growing at a CAGR of 9.74 percent, according to market research firm Mordor Intelligence.

“With a significant change in the buyer profiles, particularly those who are young, there is a good opportunity for the likes of Maserati,” says Puneet Gupta, director for India and ASEAN at S&P Global Mobility. “They don’t want to chase the traditional carmakers and are looking for something different. The average age has also come down and for those in the startup ecosystem, sportspersons are among potential buyers.”

Also read: How Mercedes Benz’s strategic patience made it India’s largest luxury carmaker

Maserati owners, according to the company, comprise entrepreneurs business owners or top executives of large companies. “As one of the major fast-developing countries of the world, India has many successful business leaders and a long tradition of refinement and luxury,” adds Claverol. “We analyse on a regular basis the market developments to be able to meet customers’ requirements.”

The Italian brand, which is among the 14 brands owned by Stellantis, is among the oldest luxury carmakers from Italy, tracing its roots to the pre-World War I era. The company was founded in 1914 by the Maserati brothers, then called the Società Anonima Officine Alfieri Maserati. Almost 10 years later, the brothers launched their first racing car and continued to participate in races for the next few decades. In 1993, Fiat acquired Maserati and has seen its fair share of ups and downs.

“In the Indian landscape, the German cars always have an upper hand,” adds Gupta. “They are also busy expanding their network quickly to move into markets outside the metros. What becomes crucial in building confidence is the service network.”

India’s luxury vehicle market is currently led by Mercedes, which corners nearly 37 percent, while BMW corners about 32 percent. Others such as Audi, Volvo and Land Rover contribute to the rest.

For now, the Italian carmaker is also readying plans for its electric vehicles that could make its foray into India. Its electric powertrain, Folgore, is currently available on the Grecale, Grand Turismo and Gran Cabrio. “We still invest a lot in our petrol engines and our V6 Nettuno is a good example of the world-class competences of our engineers,” adds Claverol. “We also have a hybrid engine available on the Grecale. We can confirm that, in 2025, we will introduce MC20 Folgore. Consequently, in 2025, Maserati clients will have the power to choose from Maserati Models that will have an option of ICE as well as BEV.”

Even then, it may not be an entirely easy affair for Maserati, especially since Stellantis, the parent company, hasn’t had the best run in the country so far. The company’s Jeep brand and Citroen are still to rake in significant numbers, despite pouring millions. But Stellantis could look at leveraging the strength of various brands to help each other in the country’s competitive landscape when it comes to fixing the service centre conundrum.

“In India, people’s preferences for cars are constantly changing,” Vivek Kumar, project manager for automotive at consultancy firm Globaldata, says. “Driving is now seen as more than just a need; it’s an experience. Consumers want not just reliable cars but also a greater focus on safety.” Then there is also the focus by automakers to bring their latest models to India on a quicker timeline than before, in addition to creating experiences and exchanges on the previous models.

“One great thing about Maserati cars is that you can enjoy them every day to go to the office at low speed and also have fun driving on a race track at maximum speed,” says Claverol. For now, the company sees no role for India in its manufacturing process, although many global automakers are looking at India as their export and manufacturing hub.

“Maserati will always remain a true Italian luxury masterpiece. All Maseratis are and will be 100 percent designed, developed and manufactured in Italy,” Claverol says. The groundwork is laid, it’s up to the Indian consumer now to see if Maserati can find its way into their hearts.