India overtakes Japan to become 3rd largest auto market globally

As per the latest industry data, Nikkei Asia reported that India has managed to surpass Japan in auto sales in CY 2022. Currently, India has become the third-largest auto market in the world for the first time in history.  

The overall new-vehicle sales for India peaked at least 4.25 million units, based on preliminary results, topping the 4.2 million sold in Japan last year.

As per Nikkei Asia data released on last Friday, India's automobile sales volume is expected to jump even further up with the inclusion of pending fourth-quarter sales figures for commercial vehicles, along with year-end results yet to be released by other automakers such as Tata Motors. Last year vehicles powered by gasoline, including hybrid vehicles, managed to account for the most auto sales in the country in CY 2022, the report added.

India's automobile market has fluctuated in recent times as the country managed to sell 4.4 million vehicles in 2018 but the volumes dipped below 4 million units in 2019 and the sales further plummeted below 3 million-unit mark as the covid-19 pandemic triggered a countrywide lockdown in 2020, the report added.

Meantime, the Society of Indian Automobile Manufacturers (SIAM) has reported that new vehicle deliveries in the country totalled 4.13 million between January and November 2022. Adding the last month's sales to the chart brings the total to roughly 4.25 million units which is greater than Japan's total of 4.2 million units.