That's a pretty nice growth rate for a mature industry, 7% or so per annum.
From the Japan Times, July 22:
India’s car market is on track to reach 20 million units by 2047, helped by promising growth in battery electric vehicles (EVs), Suzuki Executive Vice President Kenichi Ayukawa said.
First, the goal is for Maruti Suzuki India, the Japanese carmaker’s subsidiary, to grab 50% market share by 2030, from around 40% for the fiscal year through March. "We’re confident that the Indian market will expand in the mid to long term,” he said in an interview.
The emergence of India as an economic powerhouse and its expanding middle class present a clear opportunity for the manufacturer based in Hamamatsu, Shizuoka Prefecture, which has been active in the South Asian nation since 1983 and has found success as the top-selling automaker with models such as the Swift and Brezza.
In order to keep its lead, Suzuki plans to introduce its first-ever EV in India, as well as in Europe, next year after exhibiting its mass production model at the upcoming auto expo in India in January, according to Ayukawa.
"We’ll develop products, invest and expand our network,” he said.
A total of 4.2 million passenger vehicles were sold in India in the fiscal year ended March, according to the Society of Indian Automobile Manufacturers. To put that number — and Ayukawa’s prediction —
in perspective, 3.1 million passenger cars were sold in the United States last year, while Europe saw 15 million in unit sales....
....MUCH MORE
Those numbers don't make any sense. Here's Best-Selling Cars.com with one of their many lists:Car Sales by Major Global Market in 2024 (First Half)
New light passenger vehicle sales per major global international car market according to the VDA were as follows during the first semester of 2024:
| Region | Jan-Jun 2024 | Jan-Jun 2023 | % 23/24 |
| Europe** | 6,878,400 | 6,588,900 | 4.4 |
| USA* | 7,810,700 | 7,658,200 | 2.1 |
| Mexico | 707,700 | – | 11.9 |
| Japan | 1,800,100 | 2,047,700 | -12.1 |
| Brazil* | 1,078,300 | 934,700 | 15.4 |
| India | 2,161,500 | 2,014,400 | 7.3 |
| China | 9,856,000 | [11,143,000] | 3.3 |
| *Light vehicles **(EU+EFTA+UK) | |||
| Source: VDA |
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