India is now the 4th largest automobile market in the world. It overtook Germany and now stands amongst the top 4 markets worldwide. This growth for India has happened over the years, as the automobile market has been growing consistently. Asia’s third largest economy, India, grew at 9.5%, which is the fastest, if one compares major automobile markets of the world. The growth last year covered more than 4 million units, which was more than 3.8 million vehicles that Germany sold. Germany grew at 2.8% during the same period.
Units sold in 2017 (million)
% growth over 2016
It is interesting to see that India and Brazil have grown almost at the same pace. There have been various factors responsible for the growth India has seen. Over the last decade, several new players have come in and have been selling their vehicles in India. Be it passenger vehicles or even commercial vehicles. The sales all over have been growing faster than most world markets. This is also enhanced due to easy finance options available to buyers and apart from metros, the growth in smaller cities has also been a catalyst.
Maruti Suzuki has been leading the sales graphs for passenger vehicles in the country. India is the largest market for Suzuki now, not only in four wheelers but also in two wheelers. Other brands like Hyundai, Tata, Renault, Honda and Ford have also been churning out new products consistently to keep buyers excited, thereby increasing sales of new cars.
Its not only new car sales that have gone up, but the resale market is also growing fast. This is an indicator of improving lifestyles of people across the country over the past decade. The Government’s stress on improving road condition and also connecting cities and towns through highways has also played an important part in higher vehicle sales.
Almost every global automobile manufacturer has already set up shop in India or is vying to enter India. This steady growth is sure to make India amongst the top 3 markets in the world, soon.