As India celebrates Independence Day, the other good news is that the country's booming auto industry is swiftly headed to the world No. 3 spot, sooner rather than later.
Khodrocar - With the passenger vehicle industry firing on all cylinders, like other vehicle segments, India is where all major global automakers – and their suppliers – want to be.
Worldwide too, vehicle sales are on the upswing and the trend has continued to in the first half of the year (January-June 2018). As per the latest findings from 57 markets by market intelligence provider JATO Dynamics, vehicle sales have grown in six of the global Top 10 markets, and within them India has recorded the highest growth of 18 percent. As per the research, a total of 44 million units were sold in H1 2018, up 3.6 percent year on year.
The positive results coincided with a global economy threatened by the uncertainty of a potential trade war between its largest economies. However, the good economic mood in the USA along with improved indicators in Europe, and the continuous expansion of the Chinese economy, are three key factors that have boosted the vehicle market. Despite the importance of these three markets, there is one overarching winner – India has finally emerged as a key market for the auto industry as its sales growth was confirmed during the first six months of 2018.
India sales data saw increases in 29 states and four union territories, with double-digit growth in 27 states. India outsold Germany and became the world’s fourth largest vehicle market behind China, USA and Japan. As per JATO’s partner LMC Automotive, India vehicle sales are expected to outsell Japan in 2021.
India sales data saw increases in 29 states and four union territories, with double-digit growth in 27 states. India outsold Germany and became the world’s fourth largest vehicle market behind China, USA and Japan. As per JATO’s partner LMC Automotive, India vehicle sales are expected to outsell Japan in 2021.
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