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Detailed explanation-1: -India surpasses Japan to become 3rd largest auto market globally. India’s sales of new vehicles totaled at least 4.25 million units, based on preliminary results, topping the 4.2 million sold in Japan. In 2021, China continued to lead the global auto market, with 26.27 million vehicles sold.

Detailed explanation-2: -The automotive industry in India is the fourth-largest in the world as per 2021 statistics. In 2022, India became fourth largest country in the world by valuation of automotive industry. As of 2022, India is the 3rd largest automobile market in the world, surpassing Japan and Germany in terms of sales.

Detailed explanation-3: -India has pipped Japan to become the third-largest car market in the world in 2022. According to S&P Global Mobility forecasts, Indian light vehicle sales in CY2022 are set to reach 4.4 million units, registering a growth of 23.4%.

Detailed explanation-4: -India surpassed Germany to become the world’s fourth largest automotive market in 2021, data by the Organisation Internationale des Constructeurs d’Automobiles (OICA) showed. As per the data, India saw 3,759,398 vehicles sold in 2021, compared to 2,973,319 vehicles in Germany.