India beats Japan to become 3rd largest auto market

January 7, 2023
According to Nikkei Asia, India is now the world's third-largest auto market. According to preliminary data, the country's record, surpassing Japan's 4.2 million sold.

According to the report, new vehicles delivered in India totaled 4.13 million between January and November 2022, according to the Society of Indian Automobile Manufacturers. Maruti Suzuki's sales volume published on Sunday brings the total to almost 4.25 million units.

According to the research, the country's sales volume is likely to climb further with the inclusion of pending fourth-quarter commercial vehicle sales numbers. Tata Motors and other automakers are yet to release their full-year earnings.

According to British research firm Euromonitor, only 8.5% of Indian households would own a passenger vehicle in 2021, leaving plenty of space for sales growth. The government has begun to offer EV subsidies in response to a trade deficit caused by petroleum imports.

According to figures from the Japan Automobile Dealers Association and the Japan Light Motor Vehicle and Motorcycle Association, 4,201,321 automobiles were sold in Japan last year, a 5.6% decrease from 2021.

China surged past Japan to become the second-largest auto market in 2006. In 2009, China overtook the US to become the world's largest market. 

Info Source:  livemint

About the author, Sunderdeep Singh

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