India is 3rd biggest auto market now. What do the numbers reveal?
Summary
With vehicle sales topping 4.5 million in 2022, India became the world’s third-largest automotive market, beating Japan.
The automobile sector, which was bogged down for months by the semiconductor shortage last year, is slowly coming out of the woods with easing supply-chain constraints. With vehicle sales topping 4.5 million in 2022, India became the world’s third-largest automotive market, beating Japan, Nikkei Asia reported earlier this month.
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However, even as automakers await the country to become a global giant in the sector, the country has still a long way to go, given its low levels of vehicle ownership. A growing preference towards premium cars and a robust growth in vehicle loans despite the hardening of interest rates shows the outlook is strong in that direction. Mint explores further:
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