IBEF: April 13, 2017
New Delhi: India was ranked as the second fastest growth market for passenger vehicles among top five global nations with a growth of 7 per cent during the year 2016. Passenger vehicle sales stood at 29,66,637 units during the year 2016, as compared to 27,72,270 units in 2015, according to the data by the Organisation Internationale des Constructeurs d’Automobiles (OICA). India maintained its position as the fifth largest market for passenger vehicles in the world in 2016. The largest market, China, posted a growth of 14.93 percent with 2,43,76,902 units sold in 2016 as against 2,12,10,339 units in 2015.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.