According to the latest numbers sourced from OICA, the Organisation Internationale des Constructeurs d’Automobiles (OICA), India Overtakes Germany To Become 4th Largest Vehicle Market Across The World.
India is now the 4th largest automobile market in the world. It overtook Germany and now stands amongst the top 4 markets worldwide. This growth for India has happened over the years, as the automobile market has been growing consistently. Asia’s third largest economy, India, grew at 9.5%, which is the fastest, if one compares major automobile markets of the world. The growth last year covered more than 4 million units, which was more than 3.8 million vehicles that Germany sold. Germany grew at 2.8% during the same period.
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India Germany It has become the fourth largest vehicle market in the world, overtaking it. The first was occupied by China, followed by America and Japan. Despite the Covid-19 pandemic, India saw 3,759,398 vehicles sold in 2021, compared to 2,973,319 vehicles in Germany. This translates to a difference of almost 26 percent. This is about 26 per cent of the growth and is the only country in the top 5 countries to register double digit growth.
Interestingly, it was in 2019 when India had first grabbed the fourth spot and was expected to become the third-largest by 2025. It’s still possible for the country to reach the place, but it would mean surpassing Japan which saw sales of 4,448,340 units in 2021.
The opportunities in the Indian market is that vehicle penetration in the personal mobility space is around 33 vehicles per 1,000, which is one of the lost compared to the developed market.
Key points of the report:
- India is expected to become the third largest vehicle market by 2025, however, this requires India to overtake Japan which sold 4,448,340 units in 2021.
- The personal mobility space is around 33 vehicles per 1,000 which is the lowest compared to the developed market.
- The topmost position is secured by China however the automobile sales remained stagnant. Similarly, the United States of America (USA) too reported 4 per cent growth. v.Thirdly, Japan holds the 3rd position however it shrunk compared to both 2020 and 2019