India has overtaken Japan as the third largest light vehicle market in the world in 2022 with a massive growth of 23.40 percent.

Global forecasting agency S&P Global Mobility had estimated in December 2022 that the Indian light vehicle sales for 2022 would see a growth of over 22 percent, to 4.4 million units, whereas the sales in the Japanese market are expected to slip to 4.2 million units. Light vehicle sales include all passenger vehicles, small commercial vehicles and vans up to six tonnes.

In terms of output, India has retained its position as the fourth largest light vehicle producer with a milestone of over 5 million units for the first time.

China remains the biggest auto market with 24.8 million units sold in CY2022. The country is also said to register a growth of 3.6%. The United States takes the second spot with 13.8 million units sold.

According to Gaurav Vangaal, Associate Director, S&P Global Mobility, India is amongst the only three markets in the top 10 markets, which has posted growth in the last 10 years.