India world's 2nd fastest growing PV market

India was the second fastest growth market for passenger vehicles among the top five nations globally, behind China, having expanded by 7 per cent last year.

According to global automobile industry body Organisation Internationale des Constructeurs d Automobiles (OICA) data, passenger vehicle sales in India stood at 29,66,637 units last year as against 27,72,270 units in 2015.

In overall sales, the country retained its position as the fifth biggest global market for passenger vehicles (PVs).

China posted a growth of 14.93 per cent at 2,43,76,902 units last year as compared to 2,12,10,339 units in 2015. It remained the world's biggest market for PVs.

Germany was the third fastest growing market for PVs globally with a growth 4.54 per cent at 33,51,607 units in 2016 as compared to 32,06,042 units in the previous year. In terms of size the country was, however, the fourth largest market behind Japan, which witnessed a decline of 1.65 per cent in its passenger vehicle sales at 41,46,459 units last year as against 42,15,889 units in 2015.

The world's second largest market for PVs was the US which clocked a total of 68,72,729 units in 2016 as compared to 75,16,826 units in the previous year, down 8.56 per cent.