India Zooms Past Germany as Fourth Largest Auto Market
India Zooms Past Germany as Fourth Largest Auto Market

India Zooms Past Germany as Fourth Largest Auto Market

India Zooms Past Germany as Fourth Largest Auto Market

India overtook Germany last year to become the world’s fourth-largest auto market in another sign of emerging countries’ growing importance to the industry.
According to data released by the Society of Indian Automobile Manufacturers full-year sales rose 10% to roughly 4.01 million vehicles, an all-time high, Asian Review reported.
Maruti Suzuki India, a subsidiary of Japan’s Suzuki Motor consolidated its lead in passenger vehicles. The company’s car sales jumped 15% to more than 1.6 million in 2017, boosting its market share by 2.6% points to 49.6%.
Emerging markets have become a major driver of global vehicle sales. They accounted for more than half the worldwide total for the first time back in 2010. According to the UK based financial services company IHS Markit, China has been the world’s largest market since 2009.
India has been a standout performer in recent years. Its auto market doubled in size in just a decade. IHS Markit sees it continuing to expand by nearly 10% a year, surpassing third-place Japan’s as early as 2020.
This owes largely to a growing economy that has lifted consumer incomes. Gross domestic product per capita shot up about 70% between 2007 and 2016 to just over $1,700, World Bank data shows.

Short URL : https://goo.gl/VKhBjy
  1. https://goo.gl/25Kane
  • https://goo.gl/hiFhxE
  • https://goo.gl/MJRmQ9
  • https://goo.gl/XqfKUS
  • https://goo.gl/nRoHVN

You can also read ...

IMF Pledges Continued Work With Central Bank of Iran
More than a week after US Treasury Department blacklisted...
The Sartak-Pishta border gate between the Kurdistan Regional...
Billet Export Prices Increase
Iranian export steel billet prices picked up in the week ended...
More Grain Shipments to Iran
For transport and logistics industry experts, spring is always...
Foiling US Sanctions on Iran: The EU Blocking Regulation
The EU has announced its intention to protect European...
Majlis Forex Options Still on Agenda
Chairman of Majlis Economic Commission said on Tuesday a...
The GDPR clarifies and strengthens existing individual privacy rights.
New European privacy regulations that were to go into effect...
Flooding Inflicts Heavy Damage on Roads
Recent heavy rainfall and flooding in Iran have inflicted...

Add new comment

Read our comment policy before posting your viewpoints