India is ranked 10th in the world with respect to domestic car sales in the year 2007, according to a report published on Tuesday by an international Automobile Manufacturers Association.
According to the report, global car sales crossed the 70 million mark for the first time ever last year, and the U.S topped the list with sales of 16.46 million cars. But the U.S share of the global car market has fallen from 29.1% in 2002 to 22.9% last year.
The second to sixth places for 2007 remained the same as in 2006: China ranked second (8.792 million), followed by Japan (5.354 million), Germany (3.483 million), the UK (2.8 million) and Italy (2.741 million).
India was one among the 3 emerging markets that rose one notch from the 2006 rankings. The total domestic sales in India for the year 2007 was 1.99 million cars. Besides India, Russia climbed to seventh position with 2.644 million domestic sales, and Brazil climbed to ninth spot (2.463 million).
A total of 71.82 million cars were sold worldwide in 2007, up 4.5% from the previous year.
In the recent years, India has emerged as one of the major bases for manufacturing small passenger cars. At present the Indian automotive industry boasts of being the 3rd largest manufacturer of small cars.
According to the international car statistics almost 70% of the cars sold in the country come under the segment of small cars. A number of car manufacturers like Maruti Suzuki, Tata Motors, Hyundai, Honda, Ford, Hindustan Motors, Fiat, General Motors etc offer various new model of cars now and then.
It is expected that the various automobile manufacturers will be investing about $ 5 billion in India, between 2005-2010.