Last year, the carmakers in India sold around 3 million units, while around 21 million vehicles were retailed in China. Both the countries has faced negative YoY sales.
We’ve been saying from the past few months that the demands of new vehicles in the domestic market was low last year. Almost every automaker around the country has recorded negative sales in their year to year car sales. The Indian carmakers managed to retail 29,62,100 units last year, which means that there was a sales drop of 12.7 per cent compared to the new cars sold in 2018. By selling around 3 million units in 2019, India was the 5th largest car manufacturer in the world.
Almost 29,62,100 cars were sold in the Indian market last year
However, China continues to maintain its leading status by retailing a whopping 2,10,45,000 units. Nevertheless, the surprising part is that, in spite of being the biggest market by volume, even China faced de-growth of 9.5 per cent. For reference, In 2018, 2,32,56,300 were retailed in China.
1) China (-9.5%)
2) USA (-1.5%)
3) Europe (EU+EFTA) (1.2%)
4) Japan (-2.1%)
5) India (-12.7%)
6) Brazil (7.7%)
7) Russia (-2.3%)
Moreover, other big car markets around the world like the USA and China are facing stagnation since 2019. Many automakers are now focusing more on developing markets like those of India and Russia. Russia was the 7th largest car market in 2019. It registered a sale of 17,59,500 units, a 2.3% decline from 18,00,600 units sold in 2018.
By retailing around the 3 million units, India was the fifth-largest car manufacturer
Talking about the Indian automobile industry, even the first quarter of 2020 was not very fruitful for the carmakers as many had postponed their car buying decision until the advent of BSVI emission norms. To make things worse, car sales of all manufacturers fell drastically due to the ongoing unfavourable situation in the country. However, industry experts opine that the sales would soar once the situation gets better. This is something that has already been seen in China and it's also something that Maruti Suzuki, the country's largest-selling carmaker feels. Moreover, the influx of new models like the second-gen Hyundai Creta or the all-new Honda City should further help lift the sales growth curve.