India Overtakes Germany to Become 4th Largest Vehicle Market

BANKING AND ECONOMY

In terms of Passenger Vehicles (PV), India becomes the fourth largest country in the world after crossing Germany. The data was released by the Organisation Internationale des Constructeurs d’Automobiles (OICA).

The automobile vehicle market is topped by China however the automobile sales remained stagnant. China was followed by the USA and Japan.

In the year 2021, India sold around 3.8 million vehicle units compared to 3.0 million vehicles in Germany in the same year. This registers a growth of almost 26% for India and is the only country to register double-digit growth among the top 5 countries.

It is expected that India would reach the third spot by the year 2025. To reach the spot, India should be sold around 4.5 million units of vehicles in the year 2021.

The personal mobility space is around 33 vehicles per 1,000 which is one of the lowest compared to the developed market.

OICA is an international trade association that was founded in 1919 in Paris. It comprises 39 countries' automotive industry trade associations across the world. OICA facilitates communication among its member national automotive industry trade associations and advocates for policies and positions of mutual interest to its members at the international level and to the general public.

 

   Important points for the exam:

  • In terms of Passenger Vehicles (PV), India becomes the fourth largest country in the world after crossing Germany. 
  • The data was released by the Organisation Internationale des Constructeurs d’Automobiles (OICA). 
  • The market was topped by China, the USA, and Japan.
  • In the year 2021, India sold around 3.8 million vehicles sold compared to 3.0 million vehicles in Germany in the same year. 
  • It is expected that India would reach the third spot by the year 2025.

   Facts to know:

  • Organisation Internationale des Constructeurs d’Automobiles (OICA) was established in 1919.
  • Headquarters of OICA: Paris, France.
  • It comprises 39 countries' automotive industry trade associations across the world.
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