https://sputniknews.in/20230106/india-pips-japan-to-become-worlds-3rd-largest-auto-market-report-401287.html
India Pips Japan to Become World's 3rd Largest Auto Market: Report
India Pips Japan to Become World's 3rd Largest Auto Market: Report
Sputnik India
Currently, only a small portion of Indian households, about 8.5 percent, own a passenger vehicle. It is projected that India may become the second-largest auto market in the coming years.
2023-01-06T17:30+0530
2023-01-06T17:30+0530
2023-01-06T17:30+0530
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India has become the world's third-largest auto market, surpassing Japan with an estimated 4.25 million units sold, according to a report by Japanese media. This figure includes sales from Maruti Suzuki, India's largest carmaker, which was reported on Sunday.The report notes that the country's sales volume is expected to increase further with the inclusion of pending fourth-quarter sales figures for commercial vehicles. Tata Motors and other automakers have yet to release their year-end results.In Japan, 4,201,321 vehicles were sold in 2021, a decrease of 5.6% from the previous year, according to data from the Japan Automobile Dealers Association and the Japan Light Motor Vehicle and Motorcycle Association.The report attributes the decline in part to the COVID-19 epidemic and lockdowns in China, which disrupted production and left automakers unable to meet demand.In 2021, China remained the leading global auto market with 26.27 million vehicles sold, followed by the US with 15.4 million, and Japan with 4.44 million units.According to media reports, India's auto market has fluctuated in recent years, with roughly 4.4 million vehicles sold in 2018, and volume dipping below four million in 2019 due to a credit crunch.The COVID-19 pandemic and subsequent lockdown caused sales to drop further, falling below the three million mark.The easing of the automotive chip shortage in 2022 reportedly contributed to a recovery in sales for Indian automakers such as Maruti Suzuki and Tata Motors.India's population of about 1.4 billion is expected to surpass China's this year and continue growing until the early 2060s, and rising incomes may also drive growth in auto sales.It is expected that India will experience around 7% growth in the current fiscal year ending March 2023. This positive economic growth could potentially contribute to the growth of the country's auto market.
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indian auto market growth in 2022, which is the biggest automaker of india in 2022, world's biggest auto market, what is the economic growth of india in 2022
indian auto market growth in 2022, which is the biggest automaker of india in 2022, world's biggest auto market, what is the economic growth of india in 2022
India Pips Japan to Become World's 3rd Largest Auto Market: Report
Currently, only a small portion of Indian households, about 8.5 percent, own a passenger vehicle. However, with the country's fast-paced economic growth, it is projected that India may become the second-largest auto market in the coming years.
India has become the world's third-largest auto market, surpassing Japan with an estimated 4.25 million units sold, according to a report by Japanese media.
This figure includes sales from Maruti Suzuki, India's largest carmaker, which was reported on Sunday.
The Society of Indian Automobile Manufacturers previously reported that 4.13 million new vehicles were delivered in the country between January and November 2022.
The report notes that the country's sales volume is expected to increase further with the inclusion of pending fourth-quarter sales figures for commercial vehicles. Tata Motors and other automakers have yet to release their year-end results.
In Japan, 4,201,321 vehicles were sold in 2021, a decrease of 5.6% from the previous year, according to data from the Japan Automobile Dealers Association and the Japan Light Motor Vehicle and Motorcycle Association.
The report attributes the decline in part to the COVID-19 epidemic and lockdowns in China, which disrupted production and left automakers unable to meet demand.
In 2021, China remained the leading global auto market with 26.27 million vehicles sold, followed by the US with 15.4 million, and Japan with 4.44 million units.
According to media reports, India's auto market has fluctuated in recent years, with roughly 4.4 million vehicles sold in 2018, and volume dipping below four million in 2019 due to a credit crunch.
The COVID-19 pandemic and subsequent lockdown caused sales to drop further, falling below the three million mark.
The easing of the automotive chip shortage in 2022 reportedly contributed to a recovery in sales for Indian automakers such as Maruti Suzuki and Tata Motors.
India's population of about 1.4 billion is expected to surpass China's this year and continue growing until the early 2060s, and
rising incomes may also drive growth in auto sales.
At an event in New Delhi on Friday, Antoinette Sayeh, deputy managing director of the International Monetary Fund, stated that "India is a relative bright spot in the world economy today, growing at rates significantly."
It is expected that India will experience around 7% growth in the current fiscal year ending March 2023. This positive economic growth could potentially contribute to the growth of the country's auto market.
