The Indian market ranks first in the world in sales of commercial vehicles in 2010 over China
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Economic development and new models are driving India’s car sales in 2010. The growth rate of the Indian market is thus ranked second in the world, surpassing advanced markets such as Japan, Brazil, the United States, and the United Kingdom, second only to China.
Not only that, India’s sales growth of commercial vehicles has even surpassed China’s number one in the world, which is mainly due to the development of infrastructure. However, this rapid pace may be slowed by rising interest rates, strong commodity prices, and high inflation rates, which will dampen confidence and reduce demand.
According to data from the Indian Automobile Manufacturers Association, sales of passenger cars in India rose by 31% between January and November 2010, exceeding 10% in Japan, 9% in Brazil, 5% in the United States, and 3% in the United Kingdom. China’s sales in the world’s largest auto market have increased by 39%.
However, India beat China in sales growth of commercial vehicles. Sales of such vehicles in India increased by 47% from January to November 2010, exceeding 41% in Brazil and 25% in China.
An analyst said: "Although the absolute amount of the Indian market may be less than some of the above markets, but high growth rates and low vehicle penetration rates mean that India may soon catch up in the next few years."
According to the Indian Automobile Manufacturers Association, India currently accounts for 5% of global production, which is much higher than 1.4% a decade ago. At the same time, India has become one of the top ten automakers, rising from 15th in 2000 to 7th in 2010.