Japan Loses Third Spot To India In Largest Car Market

Japan has officially been demoted from third place in the world's car market by India.

According to the most recent industry data published by Nikkei, the third-largest global vehicle market is now India.

Early figures from the Society of Indian Automobile Manufacturers show that the nation's new sales for 2022 came in at 4.25 million units.

The number surpasses Japan's annual total of 4.2 million units. Japan's revenues fell 5.6% from 2021 to 2022.

India had 4.13 million new car deliveries between January and November.

Per the article, the number rises to 4.25 million when the December sales figure, which Maruti Suzuki, India's largest automaker, reported on Sunday, is added.

Additionally, the volume of sales in the nation is anticipated to increase because year-end statistics and sales data for commercial vehicles have not yet been factored into the 2022 totals.

With 26.27 million automobiles sold, China dominated the global market in 2021, followed by the United States with 15.4 million automobiles sold.

The analysis indicates that the Indian market has been erratic in recent years.

4.4 million vehicles were sold in 2018, but the credit crunch caused the volume to go below 4 million in 2019.

Vehicle sales decreased to under 3 million after COVID as the nation went into lockdown.

Beginning in 2021, a recovery that produced close to 4 million units propelled the nation's fast growth in 2022.

The nation is still grappling with the aftershocks of the industry-shocking semiconductor scarcity that occurred during COVID.

As 2023 approaches, the effects of the shortfall are still being felt throughout the supply chain.

The majority of automobiles sold in the nation, including some hybrids, were powered by gas.

According to the survey, EV adoption in India has not yet reached any appreciable level, although they are driving sales in countries like China and the U.S.

Even yet, the British research company Euromonitor has predicted that only 8.5% of Indian families will have a car by 2021.

Up until the early 2060s, the nation's 1.4 billion people are anticipated to continue expanding.