The Indian automobile market in India is booming. Now, it has been reported that India is the 3rd largest light vehicle manufacturer, displacing Japan from the spot. Post pandemic, there was renewed market sentiment and an increased demand for personal mobility and last-mile deliveries.
While the final sales numbers are yet to come in, it is reported that India closed the 2022 year with 3.8 million units while Japan reported only 3.7 million units. Additionally, the Indian numbers grew by 25 percent compared to last year, while the Japanese saw a decline of over 2 lakh units compared to the 2021 volume of 3.7 million units. These are the numbers for light vehicles which consist of all passenger vehicles, small commercial cars and vans up to 6 tonnes.
Talking about overall output, India has maintained the number four position amongst the light vehicle manufacturers in the world. Recently, the 5 million milestone was also crossed. For the calendar year 2022, India reported 5.1 million units compared to 7.4 million units of Japan.
According to S&P Global Mobility, the Indian market was the fastest growing market in 2022. While India reported over 20 percent of growth, no other country posted consecutive double-digit numbers. Back in November itself, India had overtaken Japan as the third largest market.
Considering the past 10-year performance, India reported a 3 percent annual compounded growth rate. Most of the top markets meanwhile reported only a flat growth or even a negative growth.
Suzuki’s largest market outside of Japan is India. Additionally, for Hyundai, Kia and Skoda the country is amongst the top 3 markets. For Renault, India is within the top 5 markets for the brand as well.
Brands like Hyundai, Kia, Renault, Nissan and Skoda-Volkswagen have all exited the Russia market and have set-up plants in countries like India.
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