India may lead global growth in light-vehicle production: S&P Global

As of 2023, India is the fourth-largest light vehicle producer with 5.4 million vehicles, upstaging Germany (4.3 million) and South Korea (4.2 million)

India is projected to lead global growth in light vehicle production with a compound annual growth rate (CAGR) of 4.6 per cent from 2023 to 2033, according to estimates by S&P Global Mobility. This marks an increase from the previous decade’s growth rate of 4.1 per cent, which was also the highest among major countries. India’s performance over the next 10 years is expected to outdo its previous record and outperform other key markets.

In contrast, Mainland China is expected to see a CAGR of 1.7 per cent from 2023 to 2033, while the US is expected