India Second Fastest Growing Market for Passenger Vehicles Globally
In overall sales, India retained its position as the fifth biggest global market for passenger vehicles (PVs).
Representative Image. (Image: Reuters)
India was the second fastest growth market for passenger vehicles among the top five nations globally, behind China, having expanded by 7 per cent last year.
According to global automobile industry body Organisation Internationale des Constructeurs dAutomobiles (OICA) data, passenger vehicle sales in India stood at 29,66,637units last year as against 27,72,270 units in 2015.
In overall sales, the country retained its position as the fifth biggest global market for passenger vehicles (PVs).
China posted a growth of 14.93 percent at 2,43,76,902 units last year as compared to 2,12,10,339 units in 2015. It remained the world's biggest market for PVs. Germany was the third fastest growing market for PVs globally with a growth 4.54 percent at 33,51,607 units in 2016 as compared to 32,06,042 units in the previous year.
In terms of size, the country was, however, the fourth largest market behind Japan, which witnessed a decline of 1.65 percent in its passenger vehicle sales at 41,46,459 units last year as against 42,15,889 units in 2015. The world's second largest market for PVs was the US which clocked a total of 68,72,729 units in 2016 as compared to 75,16,826 units in the previous year, down 8.56 percent. The UK retained its position as the sixth-biggest global market for PVs last year at 26,92,786 units as compared to 26,33,503 units in the previous year, a growth of 2.25 per cent.
France overtook Brazil to the seventh spot with PV sales of 20,15,177 units as compared to 19,17,226 units in 2015, up 5.1 percent. The south American nation posted total PV sales of 16,76,722 units last year as against 21,23,009 units in 2015, down 21 percent to drop to the ninth position behind Italy. PV sales in Italy stood at 18,24,968 units last year as against 15,75,737 units in 2015, up 15.81 percent. South Korea occupied the 10th position with PV sales of 15,33,813 units as against 15,33,670 units in the previous year posting a marginal increase.
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