India overtakes Germany to become 4th largest vehicle market 2022

India overtakes Germany 4th largest vehicle market

According to the report released by Organisation Internationale des Constructeurs d’Automobiles (OICA), India has surpassed Germany to become 4th largest vehicle market in the world. The 1st was occupied by China, followed by the US and Japan. Despite the Covid-19 pandemic, India sold 3,759,398 vehicles in 2021 as compared to 2,973,319 vehicles in Germany. This is almost 26 per cent of growth and the only country to register double-digit growth among the top 5 countries.

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Key points of the report:

• India is expected to become the third-largest Vehicle market by 2025, However, it requires India to surpass Japan which sold 4,448,340 units in 2021.
• The personal mobility space is around 33 vehicles per 1,000 which is one of the lowest compared to the developed market.
• The topmost position is secured by China however the automobile sales remained stagnant. Similarly, the United States of America (USA) too reported 4 per cent growth. v.Thirdly, Japan holds the 3rd position however it shrunk compared to both 2020 and 2019.

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