Indian Economy News

India outpaces peers in light vehicle sales growth: S&P Global Mobility.

  • IBEF
  • February 19, 2024

India's light vehicle sales surged by 35% in CY23 compared to pre-pandemic levels of CY19, marking one of the most rapid recoveries among the top 10 global markets, as per research conducted by S&P Global Mobility. The research encompasses passenger vehicles and light commercial vehicles within the 'light vehicles' category worldwide. While major global markets such as the US, Japan, and Germany are still lagging at pre-pandemic levels, China stands out with a 2.6% growth in 2023 from its pandemic levels in 2019.

S&P Global Mobility forecasts India to drive the global automotive growth narrative in the next decade, with projections indicating growth from an estimated 4.9 million units in CY24 to 8.2 million units by CY35. Consequently, India's global light vehicles market share is anticipated to rise from 5.5% in CY23 to 8% in CY35. In contrast, the US, Japan, and Germany are expected to witness declines in new vehicle sales by CY35. While China's growth is expected to slow, Brazil is poised for significant growth during the same period. Mr. Puneet Gupta, director at S&P Global Mobility for the India Subcontinent and ASEAN region, describes India's automotive market as "cruising at a fast pace," with consistent growth projected in the coming years according to S&P Global Mobility sales forecasts.

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