India has overtaken Japan as the third largest light vehicle market in the world in 2022, led by a strong recovery in demand for personal mobility and last-mile deliveries post Covid-19. According to global forecasting agency, S&P Global Mobility, the Indian light vehicle sales for 2022 is set to grow by over 22 percent to 4.4 million units, whereas the sales in the Japanese market is expected to slip to 4.2 million units. The light vehicle sales include all passenger vehicles and small commercial vehicles and vans up to six tonnes.
While the final sales numbers are yet to be announced, India is ahead of Japan in terms of domestic passenger vehicle sales as well, for the first time ever.
Autocar Professional learns, while India closed with annual sales of 3.8 million units, growing over 25 percent, the South Asian neighbour is understood to have posted a decline in sales by almost two lakh units from the previous years' volumes of 3.7 million units in 2021.
In terms of output, India has retained its position as the fourth largest light vehicle producer with production crossing a milestone of over five million units for the first time ever- the actual numbers are likely to be officially published within a fortnight's time. Gaurav Vangaal, Associate Director, S&P Global Mobility told Autocar Professional that in 2021, India became the fourth largest manufacturing country and it has retained this position in 2022. The Indian LVP closed at 5.1 million units with over 22 percent year-on-year growth.
"Despite multiple hiccups in the last decadedemonetisation, NBFC crisis, regulation jump from BS4 to BS6, implementation of stricter safety norms, Covid-19, Semiconductor chip shortage and Ukraine-Russia conflict India is amongst the only three markets in top 10 markets, which has posted a growth in the last one decade," added Vangaal.
On the fast track
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