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India has become the world’s third-largest Auto Market

Published on January 10, 2023
Current Context: In 2022, India will surpass Japan to become the third-largest auto market in the world, according to Nikkei Asia report. India outsold Japan in new car sales, with 4.25 million vehicles sold, according to preliminary figures.
India has become the world’s third-largest Auto Market
  • With 26.27 million units sold, China continued to be the world's top auto market, ahead of the United States (US), which came in second with 15.4 million cars, and Japan, which came in third with 4.44 million.
  • Between January and November 2022, 4.13 million new cars were reportedly supplied in India, according to the Society of Indian Automobile Manufacturers.
  • The number is anticipated to increase further with the inclusion of pending fourth-quarter commercial vehicle sales figures, as well as year-end results by Tata Motors and some automakers that have not yet been disclosed.
  • The number is anticipated to increase further with the inclusion of pending fourth-quarter commercial vehicle sales figures, as well as year-end results by Tata Motors and some automakers that have not yet been disclosed.
  • In India, around 4.4 million automobiles were sold in 2018, but the volume fell to under 4 million in 2019 due mostly to the credit constraint that struck the nonbank sector. As a result of the lockdown connected with the COVID-19 pandemic in 2020, sales further declined below the 3 million-unit threshold.
  • Sales increased to about 4 million units in 2021, but a shortage of automotive chips constrained growth.
  • India is soon speculated to surpass China in 2024 because of its growing population.

Question: 

Q.1 According to the Nikkei Asia report, India will surpass whom to become the third-largest auto market in the world?
a. Russia
b. USA
c. Japan
d. China
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