S&P Global Mobility has reported that India has slipped to fourth place in global light vehicle sales in the first quarter of the current calendar year. Last year, India surpassed Japan to become the third-largest market, but the two countries have swapped places once again. The category of light vehicles encompasses all passenger vehicles, small commercial vehicles, and vans weighing less than 6 tonnes. The drying up of pent-up demand, higher interest rates, and increased vehicle prices have impacted entry-level car buyers in India, leading to the trend reversal. Nevertheless, India's light vehicle sales are still growing at a healthy pace, expected to touch a record of 4.7 million units in 2023, beating the previous record of 4.4 million set in 2022. Other markets have seen strong pent-up demand, with high double-digit sales increases year on year.
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