India is the only growth market for autos globally: S&P Global Mobility

According to S&P Global Mobility, India's auto market has emerged as an outlier despite the fact that all other major auto markets, with the exception of China, have experienced a single to double-digit fall in the first eight months of 2022. The S&P sales forecasting and research division anticipates the trend to last through the rest of the year and even in 2023.

The global shortage of semiconductors has led to a fall in other markets. The impact of the semiconductor scarcity on sales in India was minimal.

In terms of volume growth, India has surpassed all other markets in the world. This year's top markets, such as Japan, Germany, Brazil, and France, are overtaken by India as it drives the global growth story for light vehicles, said Mr. Guillaume Lembrez, Managing Director at S&P Global Mobility for Europe and Asia Pacific regions.

India, which has quickly surpassed Japan to become the third-largest market in terms of absolute volumes, has managed to buck the downward trend and is expected to end the year with a record volume of 4.2 million units, surpassing the previous high of 2018, according to a forecast from S&P.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.