India beat Japan to become the third-largest auto market in the world with a massive growth of 23.40 per cent
The global overall sales tally for the calendar year 2022 saw India becoming the third-largest automotive market in the world as it got past Japan with 4.4 million units and a staggering growth of 23.40 per cent. India recorded the highest growth amongst the top five as the recovery phase following the health crisis has been all the more positive.
Mainland China led the way with a total of 24.8 million unit sales in CY 2022 with a growth of 3.60 per cent while the United States market finished in the second position with 13.8 units sold last year. However, an 8.30 per cent YoY volume drop was noted. The Land of the Rising Sun, Japan, garnered a cumulative sales tally of 4.2 million units.
Compared to the same period the previous year, Japan’s total led to a YoY negative sales growth of 4.40 per cent while Germany finished in the fifth position with 2.8 million units and a de-growth of 2.90 per cent. The list was categorised based on light vehicle sales of up to six tons as the official confirmation is still awaited.
In 2022, India’s total production got past the five million mark for the first time as it continues to be the fourth largest light vehicle manufacturer in the world. In recent years, we have witnessed new brands coming in thick and fast as Kia, MG and Citroen debuted locally. While a few left the market scene – Ford, General Motors and Datsun – the increase in investments across the board is a testament to the market potential heading into the future.
Considering the existing brands, India is the second largest market for Suzuki courtesy of MSIL while Skoda and VW have invested big time to introduce their MQB A0 IN platform-based models. The departure of brands such as Hyundai, Renault, Nissan, Skoda, Volkswagen and Kia from Russia puts the spotlight on India more for these global manufacturers.
Besides Skoda and VW, the Renault-Nissan alliance is also lining up investments for the betterment of its future. Meanwhile, India’s very own brands are pushing the boundaries ahead of the eventual switch to electrification in the distant future.