India beats Japan, becomes world's third largest auto market: Report

India eclipsed Japan in auto sales last year, according to the latest industry data, making it the third-largest auto market for the first time, Nikkei Asia reported on Friday.

By: ANI
| Updated on: 06 Jan 2023, 16:49 PM
Follow us on:
Follow us on:
India has overtaken Japan to become the third largest automotive market in the world, according to report by Nikkei Asia.
India has overtaken Japan to become the third largest automotive market in the world, according to report by Nikkei Asia.
India has overtaken Japan to become the third largest automotive market in the world, according to report by Nikkei Asia.
India has overtaken Japan to become the third largest automotive market in the world, according to report by Nikkei Asia.

India's sales of new vehicles totalled at least 4.25 million units, based on preliminary results, topping the 4.2 million sold in Japan.

New vehicles delivered in India totalled 4.13 million between January and November 2022, according to the Society of Indian Automobile Manufacturers. Adding December's sales volume reported on Sunday by Maruti Suzuki, India's largest carmaker, brings the total to roughly 4.25 million units.

India's sales volume is expected to rise further with the inclusion of pending fourth-quarter sales figures for commercial vehicles, along with year-end results yet to be released by Tata Motors and other automakers, according to Nikkei Asia.

Similar Products

Find more Cars
Hcd India Nps Cargo (HT Auto photo)
₹54,500 - 58,500 **Ex-showroom price
Add to compare
Check latest offers
Benling India Benling Aura (HT Auto photo)
₹73,000 **Ex-showroom price
Add to compare
Check latest offers
Benling India Benling Kriti (HT Auto photo)
₹56,940 - 66,121 **Ex-showroom price
Add to compare
Check latest offers
Benling India Benling Icon (HT Auto photo)
₹65,470 - 74,160 **Ex-showroom price
Add to compare
Check latest offers
Benling India Benling Falcon (HT Auto photo)
₹62,200 - 71,248 **Ex-showroom price
Add to compare
Check latest offers
Maruti Suzuki Baleno Facelift (HT Auto photo)
1197 cc | Petrol | Manual
₹6.5 - 10 Lakhs***Ex-showroom price
Add to compare
Check latest offers

In 2021, China continued to lead the global auto market, with 26.27 million vehicles sold. The US remained second at 15.4 million vehicles, followed by Japan at 4.44 million units.

Nikkei Asia said India's auto market has fluctuated in recent years. Roughly 4.4 million vehicles were sold in 2018, but volume dipped below 4 million units in 2019, due primarily to the credit crunch that hit the nonbank sector that year.

When the Covid pandemic triggered a countrywide lockdown in 2020, vehicle sales plummeted further below the 3 million-unit mark. Sales recovered in 2021 to approach 4 million units, but the shortage of automotive chips weighed on growth.

Vehicles powered by gasoline, including hybrid vehicles, accounted for most of the new autos sold in India last year, Nikkei Asia said, adding that electric vehicles hardly have a presence. Autos for the Indian market are seen having fewer semiconductors than those sold in advanced economies.

According to Nikkei Asia, the easing of the automotive chip crunch in 2022 provided a springboard for a recovery. Along with Maruti Suzuki, Tata Motors and other Indian automakers saw sales grow during last year.

India is home to 1.4 billion people, and its population is expected to outstrip China sometime this year and continue growing until the early 2060s. Incomes are rising as well.

Only 8.5 per cent of Indian households owned a passenger vehicle in 2021, according to British research firm Euromonitor, meaning there is plenty of room for sales growth. The government has started offering subsidies for EVs amid a trade deficit resulting from petroleum imports.

In Japan, 4,201,321 vehicles were sold last year, down 5.6 per cent from 2021, according to data from the Japan Automobile Dealers Association and the Japan Light Motor Vehicle and Motorcycle Association.

Nikkei Asia said the omicron epidemic and the lockdowns in China greatly undercut production, leaving automakers unable to meet demand.

Japan's auto sales peaked in 1990 at 7.77 million units, meaning sales have tumbled by nearly half from the all-time high, according to Nikkei Asia. And the country's declining population offers little prospect for a significant recovery in sales in the foreseeable future.

According to Nikkei Asia, China surged past Japan to become the second-largest auto market in 2006. In 2009, China overtook the US to become the world's largest market.

First Published Date: 06 Jan 2023, 16:49 PM IST
Recommended for you
View all
NEXT ARTICLE BEGINS
Shopping Bag Shop Now
55% OFF
SOFTSPUN Microfiber Cloth - 4 pcs - 40x40 cms - 340 GSM Grey- Thick Lint & Streak-Free Multipurpose Cloths - Automotive Microfibre Towels for Car Bike Cleaning Polishing Washing & Detailing
Rs. 269 Rs. 604
69% OFF
pTron Bullet Pro 36W PD Quick Charger, 3 Port Fast Car Charger Adapter - Compatible with All Smartphones & Tablets (Black)
Rs. 399 Rs. 1,299
20% OFF
Involve Your Senses One Musk Organic Car Perfume Bar, Involve Your Senses Strong Fiber Air Freshener to Freshen'up Your Car - IONE01-40 g Car Accessories interior car perfumes and fresheners
Rs. 319 Rs. 399
65% OFF
ELV Car Mount Adjustable Car Phone Holder Universal Long Arm, Windshield for Smartphones - Black
Rs. 349 Rs. 999
13% OFF
Jopasu Car Duster
Rs. 755 Rs. 869
9% OFF
ShineXPro Microfiber Car Cleaning Cloth - OG Soft 500 GSM Extra Large (35x75 CM) Microfiber Cloth for Car and Bike - Suede Edging for Scratchless Drying and Detailing (Pack of 2)
Rs. 499 Rs. 549
67% OFF
ORJILO Super Soft Microfiber Car Duster Exterior with Extendable Handle, Car Brush Duster for Car Cleaning Dusting - Grey
Rs. 329 Rs. 999
17% OFF
Pidilite WD-40, Multipurpose Car care Spray, 420ml Rust Remover, Lubricant, Stain Remover, Powerful Chimney Cleaner, Degreaser, and Bike Chain Cleaner & Chain Lube (341g)
Rs. 312 Rs. 375
65% OFF
Portronics AUTO 12 in-Car Bluetooth Receiver for Handsfree Calling, Music System, Supports All Smartphones (Black)
Rs. 528 Rs. 1,499
61% OFF
HSR Car Accessories in 10PCS/1Set Car Wiper Detergent Effervescent Tablets Washer Auto Windshield Cleaner Glass Wash Cleaning Tablets
Rs. 197 Rs. 499

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city