India Pips Germany As The Fourth Largest Automobile Market As Sales Register 9.5 Per Cent GrowthA car showroom in India. (Daniel Berehulak via Getty Images) 

India has pipped Germany to become the world's fourth largest automobile market, with the country clocking 4 million units in sale, more than Germany's 3.8 million automobile sales in the same period, Economic Times has reported.

The growth of automobile sales in India was also the highest among major global markets. India's automobile sales grew 9.5 per cent, while Germany saw a growth of 2.8 per cent.

While China at 29 million in automobile sales maintains a commanding lead over the rest of the world, its rate of growth stood at 3.9 per cent with the US witnessing a negative rate of minus 1.6 per cent. Brazil followed closely behind India with a growth rate of 9.2 per cent with 2.24 million units sold in 2017.

Within the Indian passenger vehicles segment, domestic carmaker Maruti Suzuki enjoys a commanding lead with almost a 50 per cent market share even as the market is witnessing an increasing number of offerings from foreign car-makers like Renault, Nissan, Ford, Hyundai etc.

The high rate of growth is being attributed to several factors like better economic conditions, easier finance options and improved government focus on roads and highways infrastructure. The resale market too has become mainstream in India with reports pegging it at least 2.5 times the new car market.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement