Bangalore is the world’s second-largest vehicle transport marketshare, according to new data released by the International Transport Forum.
The global fleet of vehicle transport vehicles is estimated to be at around 1.5 trillion vehicles and has grown by 20% per annum to reach a total of more than 10 trillion vehicles worldwide.
The report, released on Wednesday by the global transportation industry group ITF, showed that India was second in the global transport market, behind only China.
India is estimated at 1.35 trillion vehicles, accounting for around half of the global fleet, with the US accounting for almost two-thirds of the total fleet.
It is followed by Singapore at 1,717 trillion, and France at 1 billion.
In terms of overall market share, the United States, Germany and China have the biggest share, with US at 4.5% and Germany at 2.9%.
The report showed that Singapore and France are the largest global car market in terms of annual sales, accounting to more than $20 billion each, while China is the third largest market and the fourth largest by revenue.
The report also said that the world is in the process of transforming from a car-centric economy to a global one.
In 2025, a global average of 6.5 million vehicles are expected to be registered annually in the US and Europe, up from 5.7 million vehicles in 2020, and 5.2 million vehicles annually in 2030, the report said.
The ITF said the global car fleet is expected to double by 2023 to around 8.3 trillion vehicles.
India’s total fleet was estimated to total 5.4 trillion vehicles by 2025, with its total annual sales of $3.6 trillion.
In 2020, the country’s annual vehicle sales amounted to $1.6 billion.
The ITF report said that India’s overall vehicle fleet is projected to grow to 8.6 percent of global vehicle traffic by 2025.