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India becomes the third largest auto market globally after China and US

According to Nikkei Asia, the main reason for declining auto sales in Japan is the declining population there. Which has remained almost half as compared to 1990. While in 2006, China had overtaken Japan and secured the second position.

By Ruchi Upadhyay 
Updated Date

Tokyo: The glow of the fast growing auto sector in India is now visible globally. According to a Nikkei Asia report, India has overtaken Japan in vehicle sales last year to become the world’s third largest auto market. China is at the top of this list, while America is in second place.

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According to data from Nikkei Asia, in the year 2022, the maximum number of vehicles in the world are sold in China. A total of 26.27 million vehicles have been sold in China. At the same time, America coming at number two is with the sale of 15.4 million vehicles. Based on initial reports, total new vehicle sales in India stood at around 4.25 million units, while the number of vehicles sold in Japan stood at 4.2 million units.

Nikkei Asia said India’s auto market has been volatile in recent years. If we look at the annual report, roughly around 4.4 million vehicles were sold in 2018, down from less than 4 million units in 2019. After the lockdown in 2020, vehicle sales had reached 30 lakh units. At the same time, the situation improved slightly in 2021 and sales reached 4 million units. However, since then there has been a shortage of semiconductor chips.

Most of the new autos sold in India last year consisted of vehicles with petrol engines, including hybrid vehicles, Nikkei Asia said, adding that electric vehicles were hardly present. Compared to advanced economies, the amount of semiconductors is seen in the vehicles sold in the Indian market.

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