India has crossed Japan in auto sales in 2022 making India the third-largest auto market in the world as per the latest data by Nikkei Asia. India saw an increased demand in the Light Vehicle market taking it to the third spot.
The total new vehicle sales for 2022 were at a whopping 4.25 million while Japan trailed at 4.2 million in sales. As per reports, the vehicle sale count is going to increase as the vehicles sold in the last quarter of the year have not been included in the 4.25 million tally.
China has continued to remain the global leader in automotive sales with a record 26.27 million followed by the U.S. with 15.4 million vehicles and coming in third was Japan with 4.4 million sales as per data from 2021.
The covid-19 pandemic and its lockdowns followed by the semi-conductor shortages had brought about a slump in the sales of automobiles. The recent sales numbers show that the market has returned to pre-covid levels, especially with the Light Vehicle market in 2022 with strong demand for personal mobility vehicles and last-mile delivery vehicles.
The reports from Euromonitor state that only 8.5 percent of Indian households own a passenger vehicle. As the Indian economy is growing, this rate will see a steady rise.
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