World’s Largest Top 10 Car Markets Of 2022 – India At 3rd Position
Listed below are 2022’s largest car markets in the world. Approximately 81.5 billion units are estimated to have been sold in the year 2022, including the missing markets. Reports state that global sales volume fell by 2 percent to 78.49 billion units (PV & LCV) after gathering preliminary data from 78 countries.
|Rank||Country||Volume in Units||YoY Growth|
Also Read: Real Driving Emission (RDE) Norms Explained
- China and the US retained their positions as the first and second largest car markets in the top 10 list.
- Replacing Japan from its usual position, India held the third position for the first time ever. The strong boost in demand contributed to the 24 per cent growth when compared to the last year.
- Save for China, India and Germany, all the other markets have shown negative growth in demand in 2022. India recorded the highest gain, followed by China. Germany remains neutral.
- Russia (59% decline), Singapore (32% decline), Egypt (27% decline), Austria (20% decline), and Denmark (19% decline) witnessed the highest decline in 2022.
- Southeast Asian markets like Indonesia, Thailand, Malaysia, And Vietnam Shine recorded sharp increases over the year. Indonesia overtook Spain to become the 14th largest market. There has been significant growth in this market due to the arrival of locally produced BEVs (Battery Electric Vehicles), such as the Wuling Air EV.