India is now a Top 10 market for Toyota

India is among the top 10 markets in the world for Toyota. The Indian market was ranked no. 12 in 2016 and no. 11 in 2017. It overtook Saudi Arabia to take the 10th spot in 2018. 

Toyota sold 1,52,000 vehicles, registering a growth of 9%. In comparison, the industry average was 5.5%. According to the company, the Indian market is expected to rise higher up the rankings and could become the third largest auto market for Toyota in the coming decade. The company expects its sales to grow with urbanisation and an expanding economy. 

Toyota entered the Indian market with the Qualis in January 2000. In the past few years, its market share has remained in the 5-7% range. 

Toyota has partnered with Maruti Suzuki to cater to the sub-Rs. 10 lakh market. As part of a model sharing deal, Toyota is expected to launch a Baleno-based hatchback later this year. The two carmakers are also working on small cars and EVs. Toyota also plans to leverage the government's new policy that allows the import of 2,500 completely built units (CBUs) without the need for homologation.

Source: Economic Times