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Countdown to 2023: India Overtook Japan to become Third Largest Car Market in Q2 & Q3.
Race for third place: Can India snatch the bronze medal in
annual vehicle sales from Japan in 2022? The contest is on, Q4 will
decide.
If annual light vehicle sales
were a race, the annual ranking has been stable for more than a
decade: Since 2007, Japan has been the bronze medalist in
automotive sales when surpassed by Mainland China. However, the
"race for the third place" is on: India surpassed sales of Germany
in 2021 and is challenging Japan´s position. YTD, Japan is leading
by a thin margin owing to the strong Q1 with the end of the
Japanese fiscal year. However, in Q2 and Q3, India´s sales exceeded
sales of Japan. The contest is on and will be decided in
Q4-2022.
With Global Auto Demand Tracker, we will continue to watch this space as we are counting down to 2023. For more information or a free trial click here.
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.