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. According to the latest numbers sourced from OICA, the Organisation Internationale des Constructeurs d’Automobiles – the international trade association formed of 39 national automotive industry trade associations – India saw 3,759,398 vehicles sold in 2021, compared to 2,973,319 vehicles in Germany. This translates to a difference of almost 26 percent.
Key points of the report:
- Interestingly, it was in 2019 when India had first grabbed the fourth spot and was expected to become the third-largest by 2025. It’s still possible for the country to reach the place, but it would mean surpassing Japan which saw sales of 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.