India overtakes Germany to become fourth largest Automobile market
According to a global survey conducted recently, India has surpassed Germany to become the fourth largest automobile market in the world.
The Indian automobile market has grown 9.5 per cent since 2016, selling 4.02 million units, whereas Japan saw a growth of 5.4 per cent growth, selling 5.24 million units since 2016. USA, which is the second largest automobile market in the world, saw a decline of 1.6 per cent, selling 17.58 million vehicles since 2016. China is the number one automobile market, with 3.9 per cent growth and 29.12 million vehicles sold. Germany is in fifth position overall, with a growth of 2.8 per cent, selling 3.81 million vehicles. Other markets in the top ten include UK, France, Brazil, Italy and Canada.
The Maruti Suzuki Dzire became the top selling mid-size sedan in the country, posting a YoY growth of 44.4 per cent. Maruti Suzuki reached 35 lakh units with the Alto recently. The company holds 50.24 per cent of market share as per 2016-17 data. Hyundai is not behind either, as it is the second largest carmaker in the country, with a 17.02 per cent market share, with the i10 being its best selling model. It posted a 4.1 per cent half year growth (Jan-Jun) for 2017, which are its largest, selling over 2.53 lakh vehicles in the domestic market. The Bolero and Scorpio, which are Mahindra’s top selling vehicles, have posted a growth of 24.4 and 19.2 per cent (YoY).
The compact SUV market has also seen an exponential growth in the last few years. The Ford EcoSport posted 81.7 per cent YoY (2016-17) growth while the Maruti Suzuki Brezza grew 31.9 per cent (YoY) to keep the momentum going. All these have contributed to the growth of Indian automobile market.