As reported by the Society of Indian Automobile Manufacturers (SIAM), 4.13 million new automobiles were sold in 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, 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. In 2021, China continued to lead the global auto market, with 26.27 million vehicles sold. The US remained second at 15.4 million vehicles, followed by Japan at 4.44 million units.The vehicle market in India has changed recently, according to Nikkei Asia. In 2019, volume fell to below 4 million units from the about 4.4 million units sold in 2018, partly because of the credit crunch that impacted the nonbank sector that year.Vehicle sales fell even lower than the 3-million-unit threshold in 2020 when the Covid epidemic caused a nationwide lockdown. Sales recovered in 2021 to approach 4 million units, but the shortage of automotive chips weighed on growth.
Image source- IBEFAccording to British research company Euromonitor, only 8.5% of Indian households owned a passenger vehicle in 2021, leaving a lot of room for sales development. In response to a trade deficit brought on by imports of petroleum, the government has begun providing subsidies for EVs.Within a few years, the population of the nation will surpass that of China, and it will continue rising until the year 2060. We’re here to see this data soar to the top, surpassing the US and China.
