India surpasses Japan to take 3rd place in the world’s auto markets

India surpasses Japan to take 3rd place in the world's auto markets

According to the most recent industry figures, India will surpass Japan in auto sales in CY 2022, Nikkei Asia reported on Friday. For the first time in history, India is now the third-largest auto market in the world.

In-Depth details India surpasses Japan to take third place in the world’s auto markets:

According to early data, the aggregate new-vehicle sales for India reached a peak of at least 4.25 million units, surpassing the 4.2 million sold in Japan the previous year.

According to the Society of Indian Automobile Manufacturers (SIAM), 4.13 million new automobiles were delivered to the nation between January and November 2022. When the sales from the previous month are included in the total, it approaches 4.25 million units, which is more than Japan’s total of 4.2 million units.

According to Nikkei Asia, with the inclusion of pending commercial vehicle sales data for the fourth quarter and upcoming year-end numbers from other automakers like Tata Motors, India’s automobile sales volume is predicted to increase even more.

China continued to lead the globe in automobile sales in 2021 with 26.27 million units, followed by the US in second place with 15.4 million cars and Japan in third place with 4.44 million. The government managed to sell 4.4 million vehicles in 2018, but volumes fell below 4 million units in 2019 and sales further declined below 3 million units when the covid-19 epidemic sparked a nationwide lockdown in 2020, according to a separate report from Nikkei Asia.

Sales bounced back in 2021 to close to 4 million units, although growth was hampered by the lack of automotive chips.

According to the Nikkei Asia research, last year’s gasoline-powered vehicles, including hybrids, managed to account for the majority of auto sales in the nation in CY 2022. In terms of total sales, electric car sales made up a fairly modest share.

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