Home / Auto News / India is 3rd biggest auto market now. What do the numbers reveal?

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:

Graphic:  MINT
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Graphic: MINT

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Niti Kiran
Niti Kiran is a data journalist who really likes data. With over 10 years of experience in corporate and market research, she has an eye for detail. Data research is Niti's forte and constantly fascinates her.
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