Prashant P Nair Official Webpage

It was predicted that India's vehicle sector is positioned for a rapid expansion to become the third largest in sales, hitting 5.5 million sales by 2022, in an internal report I authored in 2017–18. India's vehicle sales (commercial and passenger vehicles combined) grew by an average of 21.6 in FY 2020–21 and FY 2021–22, despite the effects of COVID, and are now the third largest in the world, surpassing Japan. According to Nikkei Asia, India had the third-highest sales of new vehicles in 2022 , behind the US and China, with 4.25 million units sold. Two characteristics with the Indian automotive market stand out in 2022: output there hit new heights of almost 5.1 million, and it was dubbed one of the few fastest-growing markets after Covid. For major players like Hyundai, Skoda, Kia, and Suzuki, the stakes in India have only increased. These increases in sales and production were only made feasible by pent-up demand and recent improvements in the supply of semiconductor chips.