India becomes the third-largest auto market globally, surpasses Japan: Report
- IBEF
- January 9, 2023
As reported by Nikkei Asia, India becomes the world’s third-largest auto market for the first time and surpassed Japan in 2022. According to the preliminary results by the Society of Indian Automobile Manufacturers (SIAM), the sales of new vehicles recorded 4.25 million units in 2022, while the sales in Japan totalled 4.2 million units.
The sales volume for commercial vehicles is expected to increase further with the inclusion of the pending fourth-quarter sales figures. It has been reported that India’s auto market has fluctuated in recent years, mainly due to the credit crunch and Covid-19. However, the easing of the automotive chip crunch in 2022, helped in a significant recovery.
Most sales of new autos in India comprised, vehicles powered by gasoline, including hybrid vehicles. Maruti Suzuki, Tata Motors, and other Indian automakers saw an increase in their sales last year.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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