India overtakes Japan 3rd spot among largest vehicle markets
ECONOMY & POLICY

India overtakes Japan 3rd spot among largest vehicle markets

Due to pent-up demand and increased output by automakers, India has surpassed Japan to become the third-largest vehicle market after China and the US in 2022, selling more than 4.25 million vehicles.

The Society of Indian Automotive Manufacturers (SIAM) estimates that between January and November 2022, 4.13 million vehicles, both commercial and passenger, were sold in India. SIAM distributes data on commercial vehicles on a quarterly basis, thus figures for the segment's October- December quarter are awaited. Additionally, original equipment manufacturers (OEMs), such as Tata Motors (TML), now publish both wholesale and retail sales data on a quarterly basis. So, data from Tata Motors is anticipated.

India sold over 4.4 million vehicles in 2018, while less did so in 2019. (4 million). The figures fell below 3 million units in 2020 after Covid-19 struck. Sales did, however, pick up and reach the 4- million mark in 2021.

Production levels were hindered by a shortage of automotive semiconductor chips in 2021 and the first few months of 2022. Additionally, this resulted in a buildup of demand and lengthy waitlists for cars, making 2022 an especially prosperous year.

As India's population is soon likely to surpass that of China and car ownership penetration is still low at 8.5% of households, observers believe there is ample space for expansion in vehicle sales in India.

Due to pent-up demand and increased output by automakers, India has surpassed Japan to become the third-largest vehicle market after China and the US in 2022, selling more than 4.25 million vehicles. The Society of Indian Automotive Manufacturers (SIAM) estimates that between January and November 2022, 4.13 million vehicles, both commercial and passenger, were sold in India. SIAM distributes data on commercial vehicles on a quarterly basis, thus figures for the segment's October- December quarter are awaited. Additionally, original equipment manufacturers (OEMs), such as Tata Motors (TML), now publish both wholesale and retail sales data on a quarterly basis. So, data from Tata Motors is anticipated. India sold over 4.4 million vehicles in 2018, while less did so in 2019. (4 million). The figures fell below 3 million units in 2020 after Covid-19 struck. Sales did, however, pick up and reach the 4- million mark in 2021. Production levels were hindered by a shortage of automotive semiconductor chips in 2021 and the first few months of 2022. Additionally, this resulted in a buildup of demand and lengthy waitlists for cars, making 2022 an especially prosperous year. As India's population is soon likely to surpass that of China and car ownership penetration is still low at 8.5% of households, observers believe there is ample space for expansion in vehicle sales in India.

Next Story
Infrastructure Urban

KEI Industries Faces Rs 80 Mn Daily Loss Amid Wage Dispute

KEI Industries Limited, one of India's prominent manufacturers of wires and cables, is encountering significant financial challenges, with reported losses amounting to Rs 8 crore per day. The company's operations have been severely impacted by a wage dispute, exacerbating its financial woes amidst broader economic pressures. The wage row has led to disruptions in KEI Industries' production and operational efficiency, affecting its ability to meet market demands and maintain profitability. This situation underscores the critical nature of resolving labour disputes swiftly to mitigate adverse i..

Next Story
Infrastructure Urban

Hyderabad Aims for World-Class Status

Telangana Chief Minister K Chandrasekhar Rao emphasized the state government's commitment to developing Hyderabad into one of the world's best cities. During a recent event, Rao highlighted several key initiatives aimed at enhancing the city's infrastructure, urban planning, and overall quality of life. He noted that the government's comprehensive approach includes substantial investments in various sectors to ensure sustainable growth and development. Rao detailed plans for significant improvements in transportation, including the expansion of metro rail services, upgrading road networks, an..

Next Story
Infrastructure Urban

Ferrari's First Electric Car Debuts

Ferrari is set to launch its first fully electric vehicle (EV), with a price tag exceeding $500,000, as reported by industry sources. This move marks Ferrari's entry into the electric vehicle market, aligning with the global shift towards sustainable mobility and reducing carbon emissions. Ferrari, electric vehicle, $500,000, sustainable mobility, carbon emissions. The new electric Ferrari, expected to debut in 2025, promises to uphold the brand's legacy of high performance and luxury. The vehicle will feature advanced technology, ensuring it delivers the iconic Ferrari driving experience desp..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000

Join us Telegram