India Just Became The World’s 3rd Largest Automobile Market

According to data gathered by Nikkei, India has just become the world’s 3rd largest automobile market after overtaking Japan.

India has formally overtaken Japan as the third-largest vehicle market in the world. The third-largest global auto market, according to the most recent industry data covered by Nikkei, is currently India.

According to the Society of Indian Automobile Manufacturers’ preliminary figures for 2022, the country ‘s new sales totaled 4.25 million units. This number surpasses Japan’s 4.2 million unit annual total. Sales in Japan fell 5.6% from 2021 to 2022.

India had delivered 4.13 million brand-new vehicles between January and November. The largest automaker in India, Maruti Suzuki, stated Sunday that December’s sales volume brought the total to 4.25 million. Additionally, the country’s sales volume is anticipated to increase: there are still year-end results and sales figures for commercial vehicles that have yet to be included into the 2022 totals. 

With 26.27 million vehicles sold, China dominated the global market in 2021, followed by the United States with 15.4 million sold. The analysis indicates that the Indian market has been erratic in recent years. 4.4 million vehicles were sold in 2018, however the credit crunch caused volume to go down below 4 million in 2019.

Vehicle sales decreased to under 3 million after Covid as the country went into lockdown. Beginning in 2021, a recovery that produced close to 4 million units propelled the country’s fast growth in 2022. The nation is still grappling with the aftershocks of the industry-shocking semiconductor scarcity that occurred during the Covid. The effects of the shortfall are still being felt in the supply.

The majority of vehicles sold in the country, including some hybrids, were powered by gas. According to the survey, EV adoption in India has not yet reached any substantial scale, despite the fact that they are driving sales in countries like China and the U.S.

Even yet, the British research company Euromonitor predicted that only 8.5% of Indian families will have a car by 2021. Up until the early 2060s, the country’s 1.4 billion people are anticipated to continue expanding.