Automotive sales in India to be the strongest in Asia-Pacific in 2022: Moody’s
- IBEF
- April 6, 2022
In a report released by Moody's Investor Service predicted that India will have the fastest increase in car sales in Asia-Pacific in 2022 and is expected to rise by 10% due to solid underlying demand reflecting the global economic recovery and customers' preference for personal vehicles over public transportation. In 2021, India grew at a rate of 27%.
The lower projection for worldwide light vehicle sales is primarily due to Russia's invasion of Ukraine, according to the report. Moody's has lowered its Asia-Pacific GDP projection from 4.7% to 3.4%, owing to more temporary Covid-related lockdowns that might stifle supply chains and manufacturing in the area.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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