India has surpassed Japan to become the world’s third-largest car marketplace by 2022.
According to S&P Global Mobility predictions, Indian light vehicle sales in the year 2022 are anticipated to reach 4.4 million units – a remarkable 23.4% increase from previous years! This impressive growth is contrasted with Japan’s forecasted shrinkage of 4.4%, indicating that for the first time ever India will have more domestic vehicles than Japan does!
China continues to be the largest auto market, selling an impressive 24.8 million units in CY2022, and is estimated to experience a growth of 3.6%. Coming in at second place is the United States with 13.8 million automobiles sold throughout the year.
India is a leading manufacturer of light vehicles, producing more than 5 million in 2022 – an impressive jump from 2012’s 3.8 million vehicles. In the same year, India surpassed other nations with its remarkable 20% annual growth rate!
India is one of only three top markets that has seen an increase in production over the last decade, according to Gaurav Vangaal, Associate Director at S&P Global Mobility. By 2023, it’s anticipated that Indian light vehicle production will grow by a robust margin of 5-8%.
It’s clear that India is on the rise as a major player in the auto industry. With its impressive growth rate and production figures, it’s clear that India is a force to be reckoned with! With the right investments in technology and infrastructure, the country can cement its place as one of the largest car markets in the world.
It remains to be seen how India will handle its newfound position, but one thing is for certain: India is paving its own way and on the road to success. Thanks to its growing economy and population, India has solidified itself as a key player in the auto industry!
So, buckle up for an exciting ride – it looks like India is going places!
Shivendra Tiwari is an Engineer and an MBA in Marketing. He is the Content head at Marketing91 and a thorough Online Marketing enthusiast. Shivendra loves to follow different brands and study their Business and Marketing tactics.