India is the only country among top seven world car markets to register a double digit growth in January-May 2017 period
Indian car market is certainly one of the fastest growing and the largest in the world. Currently it is the fifth largest passenger vehicle market in the world with the sales volume for cars, vans and utility vehicles increased by more than 11% in the first five months of this year compared to the same period in 2016.
With this, it has become the only country among top seven global car markets to register a double digit growth in the January – May period of 2017. While the top two auto markets of the world, China and USA have been seeing the trend of declining sales, Indian auto market is at the opposite end with rapid growth and the utility vehicles have contributed a large part of that.
The only country close to India is Japan as the third global passenger vehicle market has seen a growth of 9% in the first five months of 2017 compared to the corresponding period in 2016. Not only in the car sales, in terms of two-wheeler sales too India has registered significant growth and it is currently the biggest two-wheeler market in the world beating China.
In 2016 alone 17.7 million two-wheelers were sold in the domestic market, which means around 48,000 units were sold every day across the country. The Chinese market registered 16.8 million units of two-wheelers sold in the same period. The automatic scooters have contributed a large chunk in the Indian two-wheeler market pie.
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The recent trend also shows that Indian buyers are showing more keenness towards purchasing premium products in both the passenger car and two-wheeler segment. The sales volume of premium car manufacturers like Mercedes-Benz, BMW and Audi has increased significantly. Also, the mass market car selling brands like Maruti Suzuki, Honda are focusing more on launching and selling premium products.