Ashish Bahuguna

JULY AUTO SALES - PASSENGER VEHICLE RISES AND TWO-WHEELER FALLS

In terms of sales, the Indian automobile industry overtook Germany in 2022, and it improved it ranking in the sector to fourth place based on industry valuation. With a market value of $100 billion and contributing 2.3% to the GDP, this sector has a bright future. The automotive industry was on the verge of a sales and revenue boom following the pandemic and acute semiconductor chip scarcity that had an impact on the sector globally. However, the ongoing hostility between Taiwan and China and the US's involvement in this geopolitical crisis have raised serious concerns for the sector.