Market balance India 9 months 2022
- The Indian automotive market (PC+LUV) recovered some of its loss in 2022 after two weak years in 2020 and 2021, as registration volumes did not exceed 2.9 million units in 2020 and 3.7 million units in 2021, compared to 3.8 million units in 2019.
- In the first half of 2022, 1.9 million units were registered, compared to 1.85 million in the first half of 2021 and 1.0 million in the first half of 2020, a small increase from the previous year and a doubling of volume compared to 2020. However, it is still behind the numbers achieved in the first half of 2019 (over 2 million units).
- The year 2020 had been marked by the Covid 19 crisis, which caused the Indian market to slump in March, April and May due to the closure of factories and car dealerships. The Indian market had recovered well in the second half of 2020 (1.9 million sales) compared to the first half (1.0 million sales).
- The year 2021 started at the same pace as the second half of 2020, but May crashed again due to the return of the Covid 19. The first half of 2021 ended with a volume of 1.9 million sales. The second half of the year continued that pace with 1.8 million sales.
- In the first nine months of 2022, the Indian market grew by 5.5% compared to the first nine months of 2021, which is the best performance for a major global market after China. During this period, 99% were internal combustion engine vehicles or HEVs and 1% were BEVs.
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