India is now world's fifth largest car manufacturer
As per the recent reports released by the Organisation Internationale des Constructeurs d'Automobiles (OICA), India has been rated as the fifth largest car manufacturer in the world. With a total production of 25.7 lakh cars in 2016 till date, India is trailing behind the countries like the United States, China, Japan and Germany. The production numbers considered are inclusive of two-wheelers and passenger and commercial vehicles manufactured during the said period.
Until 2015, India was the sixth largest car manufacturer behind South Korea as our nation manufactured 41.2 lakh units compared to 45.5 lakh units of the latter. It is also been speculated that India will continue to retain its lead over South Korea considering the fall in sales both domestic and exports in the South Korean market. In the first seven months of this year, India has set a lead of 20,000 units over South Korea.
Leading the race is China with a total production of 1.28 crore units. The United States and Japan posted 70.8 lakh and 54 lakh units respectively while Germany reported a production of 36.2 lakh units.
India has also clocked a positive growth in the domestic market. As per SIAM figures, during the 2015-16 fiscal year, a growth of 5.97 per cent was registered in the passenger vehicle production compared to the same in the previous year. Even in terms of exports, India posted an increase of 5.23 per cent.
India has been in the forefront in automobile production as many international players like Jeep and Kia are setting their plants here.