The Industry became the fourth largest auto market in 2019 displacing Germany with about 3.99 million units sold in the passenger and commercial vehicles categories and is expected to displace Japan as the third-largest auto market by 2021.
FY2021 has been one of the toughest years for the automobile industry, with the outbreak of the COVID-19 pandemic putting a spanner in the works. The automobile industry, which was already facing headwinds of a slowing economy, was brought to a standstill with the nationwide lockdown in April 2020. And this April, the pandemic once again threatens to spiral out of control.
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