India is now the 3rd largest car market in the world

In 2023, S&P Global Mobility expects Indian light vehicle production to grow by 5-8%

India has pipped Japan to become the third-largest car market in the world in 2022.

According to S&P Global Mobility forecasts, Indian light vehicle sales in CY2022 are set to reach 4.4 million units, registering a growth of 23.4%. In contrast, the Japanese market is expected to shrink by 4.4%. It means Indian domestic vehicle sales will be higher than Japan for the first time.

China remains the biggest auto market with 24.8 million units sold in CY2022. The country is also said to register a growth of 3.6%. The United States takes the second spot with 13.8 million units sold.

In terms of production, India remains the fourth largest producer of light vehicles. The data suggests, over 5 million vehicles were built in 2022 compared to just 3.8 million in 2012.

India was the fastest-growing market in 2022 and posted a double-digit growth of over 20%. According to Gaurav Vangaal, Associate Director, S&P Global Mobility, India is amongst the only three markets in the top 10 markets, which has posted growth in the last 10 years.

In 2023, S&P Global Mobility expects Indian light vehicle production to grow by 5-8%

Source: Read Full Article