India tops Japan in new car sales amid high economic growth
This photo shows a Maruti Suzuki India Ltd. vehicle displayed in an auto show in Greater Noida, India, in January 2023.
New car sales in India in fiscal 2022 ended March jumped 28.2 percent from a year ago to 4.85 million units, surpassing annual sales in the Japanese market, industry data showed.
The figure topped 4.39 million new vehicles sold in Japan, as the emerging market continues to expand on the back of high economic growth and an increasing population.
The data came after India became the world’s third largest auto market after China and the United States in 2022, overtaking Japan in new car sales on a calendar basis for the first time.
Of the 4.85 million units sold in fiscal 2022, passenger cars accounted for a record 3.89 million, up 26.7 percent from the previous year.
Commercial vehicle sales stood at 962,468 units, up 34.3 percent, according to the Society of Indian Automobile Manufacturers.
The sales were boosted as a drop in coronavirus infections lifted personal consumption to pre-pandemic levels.
By passenger car brand, the country’s top automaker, Maruti Suzuki India Ltd., a subsidiary of Japanese automaker Suzuki Motor Corp., sold 1.61 million cars, accounting for 40 percent of the total.
South Korea’s Hyundai Motor Co. was second with 567,546 units, followed by India’s Tata Motors Ltd. with 544,391 cars.
Among other Japanese manufacturers, Toyota Motor Corp. delivered 173,245 units, while Honda Motor Co. and Nissan Motor Co. sold 91,418 and 33,611 cars, respectively.
