Consumers in India have been spending less over the last many months, taking the shine off the domestic consumption story. But when it comes to cars and sport utility vehicles, demand has been stronger compared to bigger markets such as China and the US.
With sales of more than 3.39 million passenger vehicles (comprising car, SUV and vans) in 2018, India clocked the highest growth among the top five countries globally, in relative terms, at 5.27 percent over 2017.
China, the world’s biggest car market, recorded a fall of 5.77 percent to 22.35 million in 2018 as against 2017. The US followed second at 17.27 million units posting a growth of 0.23 percent in 2018 followed by Japan which clocked 5.27 million units, a growth of 0.76 percent in 2018.
Germany, Europe’s biggest car buyer, suffered a decline of 0.29 percent in sales to 3.43 million units during 2018. The home market of marquee brands like Daimler, BMW and Volkswagen is set to lose its position as the world’s fourth biggest car buyer to India going by the street projections.