India passenger vehicle market has slipped down to third position in terms of growth after Italy and China. According to the data released by OICA, passenger vehicles posted 2,966,637 units of sales in Jan-Dec 2016 period growing at rate of 7 percent when compared to 2,772,270 units in Jan-Dec 2015 period. In the year 2015, India was the 2nd fastest growing market for passenger vehicles. The segment grown at a rate of 7.86 per cent in Jan-Dec 2015 after Italy. The primary reason behind the India slipping down to third position because of China grew more than twice the Indian passenger vehicle market. In total China sold 24,376,902 units in Jan-Dec 2016 growing at rate of 15 percent when compared to 21,210,339 units in the same period in 2015. In overall sales, the country retained its position as the fifth biggest global market for passenger vehicles (PVs).