10% 8%
5% 4% By 2020, India's share in the Third-largest automobile global passenger vehicle industry by 2016E market to double to 8 per cent 0% 2010 2020 from 4 per cent over 2010–11 2010 2020
40.0 CAGR: 11% 34.0 30.0
20.0 15.9 Two–wheeler sales to rise from World’s second-largest two 10.0 15.9 million in FY2013 to 34.0 wheeler manufacturer 0.0 million by FY2020E FY13 FY20 FY13 FY20
10.0 8.6 CAGR: 13%
5.0 Passenger vehicle sales to Passenger vehicle sales to 3.2 increase from 3.2 million in nearly triple by 2020E FY2013 to 8.6 million in - FY2021E FY13 FY21 FY13 FY21
Source: IHS, NEMMP 2020, ACMA, Aranca Research Note: E – Estimate
FY10 GrowingGrowing demand demand Innovation opportunities FY16E • Strong growth in demand due to • Tata Nano and the upcoming Pixel Market rising income, middle class, and a have opened up the potentially Market size: young population is likely to propel large ultra low-cost car segment size: India among the world’s top five USD57.7 • Innovation is likely to intensify USD145 auto manufacturers by 2015 among engine technology and billion billion • Growth in export demand is set to alternative fuels accelerate
Advantage India Rising investments Policy support
• India has significant cost • The government aims to develop advantages; auto firms save 10-25 India as a global manufacturing as per cent on operations vis-à-vis well as R&D hub Europe and Latin America • There has been a wide array of • A large pool of skilled manpower policy support in the form of sops, and a growing technology base taxes and FDI encouragement would induce greater investments
Source: Automotive Mission Plan (2006–2016) Notes: R&D – Research and Development; FDI – Foreign Direct Investment; FY – Indian Financial Year (April – March); FY16E – Estimated figure for Financial Year 2016
20.7 million units (FY13) 11 million units (2007)
0.6 million units (1992) 2008 onwards
1993–2007 • More than 35 market 0.4 million players • Sector de-licensed in units (1982) 1983–92 1993 • Removal of most import controls • Major Original • Joint Venture (JV): • Indian companies Indian government and Equipment Manufacturers (OEMs) gaining acceptance on a Before 1982 Suzuki formed Maruti global scale Udyog; commenced started assembly • Setting up of National • Closed market production in 1983 operations in India Automotive Board to act • Five players • Component • Imports permitted from April 2001 as facilitator between the • Long waiting manufacturers entered government and industry periods and the market via JV • Introduction of value- outdated models • Buyer’s market added tax in 2005 • Seller’s market
Source: Tata Motors, Society of Indian Automobile Manufacturers (SIAM), Aranca Research Note: JV – Joint Venture Automobiles
Passenger Commercial Two-wheelers Three-wheelers vehicles vehicles
Mopeds Passenger cars Light Passenger carriers commercial vehicles
Scooters Utility vehicles Goods carriers Medium and heavy commercial vehicles Motorcycles Multi-purpose vehicles
Electric two- wheelers The gross turnover of automobile manufacturers in India expanded at a CAGR of 17.7 per cent over FY07-11
Excluding three wheelers, trucks accounted for the largest share of revenues (47.8 per cent in 2011)
Revenue trends over the past few years Market* break-up by revenues (2011) (USD million)
70.0 58.6 60.0 20.4% CAGR: 17.7% 50.0 Trucks 43.3 40.0 36.6 33.3 47.8% 30.5 Cars 30.0
20.0 Two Wheelers 31.8% 10.0
0.0 FY07 FY08 FY09 FY10 FY11
Source: SIAM, Datamonitor, Aranca Research Note: *Does not include three wheelers Production of automobiles increased at a CAGR of 11.8 per cent over FY05-13
Passenger vehicles was the fastest growing segment, representing a CAGR of 12.9 per cent
Total production of automobiles in India (million units)
18
15.9 15.5 16
14 13.4
12
10.5
10
8
8.4
8.5 7.6
8 6.5
6
4
3.0
3.1
3.2
2.4
1.8
1.6
1.2
1.3 1.3
2 0.8
0.8
0.6
0.8
0.6
0.6
0.5
0.8
0.8
0.4
0.4 0.4
0.5
0.5
0.8
0.4 0.6 0 0.4 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
Passenger Vehicle Commercial Vehicle Three Wheelers Two Wheelers
Source: SIAM, Aranca Research Note: CAGR – Compound Annual Growth Rate Two wheelers dominate production volumes; in FY13, the Market share by volume (FY13) segment accounted for about three quarters of the total automotive production in the country
4% 4% India is the world’s second-largest two wheeler Two Wheelers manufacturer and fourth-largest producer of commercial vehicles 15% Passenger Vehicle
Commercial Vehicle
77% Three Wheelers
Source: SIAM, Aranca Research Share in production of passenger vehicles (FY13) Share in production of commercial vehicles (FY13)
19.3% 29.4%
Passenger cars MCV & HCV
Utility vehicle LCV 70.6% 80.7%
Source: SIAM, Aranca Research Notes: LCV – Light Commercial Vehicle; MCV – Medium Commercial Vehicle; HCV – Heavy Commercial Vehicle Share in production of three-wheelers (FY13) Share in production of two-wheelers (FY13)
5.9% 18.3 15.3% Mopeds Goods Carrier
Motorcycles
Passenger Carrier
Scooters 81.7 78.7%
Source: SIAM, Aranca Research Automobile export volumes increased at a CAGR of 19.1 per cent over FY05–13
Two-wheeler segment reported the fastest growth (22.2 per cent) followed by three-wheelers (16.3 per cent) over FY05–13
Exports of automobiles from India (million units)
2.0 2.0 2.0
1.8
1.6 1.5
1.4
1.2 1.1 1.0
1.0
0.8
0.8
0.6
0.5 0.5 0.5
0.5
0.5
0.6
0.4 0.4
0.3
0.3 0.3
0.4
0.2
0.2 0.2 0.2 0.2 0.2
0.1 0.1 0.1 0.1
0.2 0.1
0.1
0.1
0.1
0.0 0.0
0.0
0.1 0.0 0.0 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Passenger Vehicle Commercial Vehicle Three Wheelers Two Wheelers
Source: SIAM, Aranca Research Two wheelers accounted for the largest share in exports (by Exports shares by volume (FY13) volume) at 67 per cent in FY13
Passenger vehicles comprised a sizeable 19 per cent of overall exports 19% Passenger Vehicle
Exports of passenger vehicles registered the highest growth 3% Commercial at 9.02 per cent in FY13 Vehicle
11% Three Wheelers 67%
Two Wheelers
Source: SIAM, Aranca Research Auto sales across categories domestically rose by 3.53 per Growth in sales cent in FY14 30% 28% 27% Passenger vehicles declined by 6.05 per cent in FY14 25% 20% Passenger car segment declined by 5.01 per cent 15% 12% 10% 4% 3% 4% SUVs declined by 19.58 per cent 5% 0% FY09 FY10 FY11 FY12 FY13 FY14 Commercial vehicles declined by 20.2 per cent Auto Sales growth LCVs declined by 17.6 per cent Growth for the auto segment MCVs and HCVs declined by 25.3 per cent 60%
50%
Three wheelers declined by 10.9 per cent in FY14
40% 33%
33%
33%
28%
25%
25%
20%
16%
Two-wheelers registered a growth of 7.31 per cent during 20% 13%
5%
5%
7%
FY14
2%
3%
2%
3%
0%
- 0%
0% 0%
FY09 FY10 FY11 FY12 FY13 FY14
Car sales rose 3 per cent following a stable government in 6% -
-20%
11%
the center -
20%
-40% - 33% Source: SIAM, Aranca Research, News articles - Notes: E – Estimate, UV – Utility Vehicle Passenger Vehicle Commercial Vehicle Three Wheelers Two Wheelers 10.0 9.0 CAGR: 16% Passenger vehicles to increase at a CAGR of 16 5.0 5.0 per cent during FY2013–20 3.2
- FY13 FY15 FY20 FY13 FY15 FY20
3.0 CAGR: 16% 2.2 2.0 Commercial vehicles expected to register a CAGR 1.4 of 16 per cent during FY2013–20 0.8 1.0
- FY13 FY15 FY20 FY13 FY15 FY20
40.0 CAGR: 9% 30.0 Two and three wheelers projected to expand at a 30.0 CAGR of 9 per cent during FY2013–20 16.8 22.0 20.0
10.0
- FY13 FY15 FY20 FY13 FY15 FY20
Source: SIAM, Vision 2020, Aranca Research The Indian luxury car market expanded at a CAGR of 30 per cent, with 23,000 units in 2011 (about 1 per cent of the passenger vehicle market in India). The market is Scenario dominated by players such as BMW, Mercedes, Audi, Jaguar. Audi sold 10,126 units in 2013-14, remaining the biggest luxury car seller over Mercedes-Benz which sold around 9,003 cars in calendar year 2013
India has the world’s 12th-largest HNI population, with a growth of 20.8 per cent (highest among the top 12 countries) Key drivers With expansion in the education and realty sectors, and increasing wealth of IT professionals, more consumers aspire to own luxury cars Affluent class of the country is driving the demand of the luxury cars
The Indian luxury car market is estimated to expand at a CAGR of 25 per cent during 2012–20 and reach 150,000 units by 2020 (accounting for 4 per cent of the estimated Notable 6.8-million-unit domestic car market) trends The luxury SUV segment is growing at about 50 per cent, while luxury sedans are increasing at 25–30 per cent Audi to launch A3 sedan later in the year
Source: World Wealth Report (2011) of Merrill Lynch Wealth Management and Capgemini, Aranca Research, News Articles Note: HNI - High Networth Individuals The automotives industry is concentrated with leaders in each segment commanding a share of over 40 per cent
Market leader Others
Passenger vehicles 45% 20% 10% 4%
MCVs & HCVs 63% 23% 7%
LCVs 59% 30% 4% 4%
Three wheelers 41% 40% 10%
Motorcycles 59% 24% 7% 6%
Scooters 51% 21% 14% 10%
Source: SIAM, Aranca Research Note: Data is for FY10 • Large number of products available to consumers across various segments; this has New product launches gathered pace with the entry of a number of foreign players • Reduced overall product lifecycle have forced players to employ quick product launches
Improving product- • Increasing R&D investments from both the government and the private sector • Private sector innovation has been a key determinant of growth in the sector; two good development examples are Tata Nano and Tata Pixel; while the former has been a success in India, the capabilities latter is intended for foreign markets
• In FY11, the CNG market was worth more than USD330 million; CNG cars and taxis are expected to register a CAGR of 28 per cent over FY11–FY14 Alternative fuels • The CNG distribution network in India is expected to increase to 250 cities by 2018 from 30 cities in 2009
• Carmakers such as BMW, Audi, Toyota, Skoda, Volkswagen and Mercedes-Benz have New financing options started providing customised finance to customers through NBFCs • Major MNC and Indian corporate houses are moving towards taking cars on operating lease instead of buying them
Note: NBFCs - Non-Banking Finance Companies
Competitive Rivalry
• Competitive rivalry has increased post liberalisation to a great extent • The competition has turned more intense after the entry of foreign players like Volkswagen and Ford in low- priced hatchback segment Threat of New • Foreign firms have aggravated the competition by changing their traditional Entrants designs and substituting it to cater Indian needs (Low)
Threat of New Entrants Substitute Products
• The threat of new entrants is • The threat from substitute products Bargaining generally medium because of the continues to be low, with public Competitive Substitute Power of brand equity and capital intensive transportation being under Rivalry Products Customers nature of the business developed even in cities (High) (Low) • But, considering India, foreign firms • Changing travel patterns and the (High) (with capital) have done pretty well convenience give it an edge
Bargaining Power of Suppliers Bargaining Power of Customers Bargaining • Bargaining power of suppliers is • In a market, like India there is lot Power of low as most of the auto of bargaining power available to Suppliers component manufacturers are the customers as there are variety (Low) specialised in some segments of products available in the same related to only one client range, by different manufacturers • Suppliers, in turn depend on them • It still depends on the markets
• Most of the big auto names in the World have their presence in the country, industry today • Every company wants to increase its capacity addition with Nissan and Mercedes to Capacity addition increase their capacity in Chennai and Chakan respectively • Most of the companies eyeing India as an outsourcing hub. Cheap labor in India is giving them an edge
• Mahindra & Mahindra launched Verito Refresh, Quanto and Rexton in 2013 Launch of new models • Tata unveiled three new models (including Zest and Bolt)after a span of nearly four years • Maruti unveiled Ciaz (Keeping India and Chinese markets in mind) and SX4 S-Cross
• Each and every firm is now focusing on shelling out a chunk of their profits on advertisement Marketing & • The idea is to make the customers more brand conscious and increasing brand advertisement positioning • This is giving the firms differential advantage. Success today lies in structuring and restructuring strategies
• India boasts a large population of middle class • Most of the firms including Ford and Volkswagen have adapted themselves to cater to this Catering Indian needs class by dropping their traditional structure and designs • This allows them to compete directly with domestic firms making the sector highly competitive
Increasing GrowingGrowing demanddemand PolicyStrong support investments government support
Goal of Rising investments Rising income, establishing India from domestic and young population as an auto- foreign players manufacturing hub
Inviting Resulting in R&D focus; GOI Greater availability Greater product of credit and has set up a technology innovation; market financing options modernisation fund segmentation
Demand projected Strong growth in Policy sops, FDI to remain strong, exports encouragement making returns attractive
Note: GOI – Government of India Changing income dynamics of India’s population Increasing income and middle-class population Million Household,100% 120
• GDP per capita has grown from USD1,432.25 in 2010 to 222 273 322 100 USD1,500.76 in 2012, and is expected to reach 15 USD1,869.34 by 2018 26 80 50 • Apart from the impact of rising incomes, widening of the 32 60 consumer base will also be aided by expansion of the 40 middle class, increasing urbanisation, and changing 40 29 lifestyles 35 20 25 • A young population is boosting demand for cars 17 12 2 6 0 1 3 7 • Demand for commercial vehicles increased due to the 2008 2020 2030 Globals (>18412.8) Strivers (9206.4-18412.8) development of roadways and greater market access Seekers (3682.5 - 9206.4) Aspirers (1657-3682.5) Deprived (<1657)
Source: IMF, McKinsey Quarterly, Aranca Research Indian car finance market size Easy availability of credit 15.0 13.2 12.9 11.7 • Greater access to credit eases the purchase of 12.0 passenger and commercial vehicles 9.3 9.0 7.7 • The auto finance industry has grown at the rate of 13 per cent over FY08-13; the car finance penetration has 6.0 increased from 68 per cent – 70 per cent in FY08-10 to 2.5 2.6 2.7 70 per cent – 72 per cent in FY11-13 3.0 1.5 1.9
• BMW, Audi, Toyota, Skoda, Volkswagen and Mercedes- 0.0 Benz have started providing customised finance to FY09 FY10 FY11 FY12 FY13 customers, dealers and suppliers through dedicated Car industry sales volume (mn) Car finance industry (USD bn) Non-Banking Finance Companies (NBFCs)
Source: Kotak Mahindra Prime, Aranca Research Note: Greater distributional efficiencies, increasing demand (especially from rural areas) due to rising disposable incomes have created new markets for products within the country design and Manufacturing Manpower Supplier Raw engineering skills skills costs base materials Korea China East Asia Thailand Indonesia Vietnam Czech Republic Romania Poland Central & Eastern Slovakia Europe Russia Hungary Turkey Brazil Latin America Mexico
Less competitive than India In competition with India Source: ACMA, Aranca Research • Automatic approval for foreign equity investment up to 100 per cent; no minimum Auto Policy 2002 investment criteria • Encourage R&D by offering rebates on R&D expenditure
• AMP’s vision is to make India a preferred destination for designing and manufacturing of Automotive Mission automobiles and achieve a market size of USD154 billion by 2016 Plan (AMP) 2006–16 • Setting up of a technology modernisation fund focused on SMEs • Establishment of automotive training institutes, auto design centers and special auto parks
• Set up at a total cost of USD388.5 million to enable the industry to be on par with global standards NATRiPs • Nine R&D centers of excellence with focus on low-cost manufacturing and product development solutions
Dept. of Heavy • Worked towards reduction of excise duty on small cars and increase budgetary allocation Industries & Public for R&D • Weighted increase in R&D expenditure to 200 per cent from 150 per cent (in-house) and Enterprises 175 per cent from 125 per cent (outsourced)
Union Budget FY14 & • Proposal to allocate USD2.7 billion for JNNURM to bolster sales volumes of Medium and Heavy Commercial Vehicles (MHCV). Relaxation of excise duty on small cars from 12 to 8 Budget FY15 per cent bound to help the sector in the long run
Notes: SME – Small and Medium Enterprises, R&D - Research and Development, NATRiP – National Automotive Testing and R&D Infrastructure Project, AMP - Automotive Mission, JNNURM - Jawaharlal Nehru National Urban Renewal Mission • Business description
• Research, design, development and testing of vehicles Vehicles Research & Development Establishment (VRDE), Ahmednagar • Centre of excellence for photometry, electromagnetic compatibility (EMC) and test tracks Indore — National Automotive Test • Complete testing facilities for all vehicle categories Tracks (NATRAX) • Centre of excellence for vehicle dynamics and tyre development
Automotive Research Association of • Services for all vehicle categories India (ARAI), Pune • Centre of excellence for power-train development and material
• Complete homologation services for all vehicle categories Chennai Centre, Tamil Nadu • Centre of excellence for infotronics, EMC and passive safety
• Services to agri-tractors, off-road vehicles and a driver training centre Rae Bareilly Centre • Centre of excellence for accident data analysis • Services to all vehicle categories International Centre for Automotive Technology (iCAT), Manesar • Centre of excellence for component development, Noise Vibration and Harshness (NVH) testing
• Research, design, development and testing of vehicles Silchar Centre, Assam • Centre of excellence for photometry, EMC and test tracks List of companies
• Ashok • Swaraj • Maruti Leyland Mazda Suzuki Delhi–Gurgaon–Faridabad North • Force • Amtek Auto • Tata Motors Motors • Eicher • Bajaj Auto • Piaggio • Honda SIEL • Hero Group
• Ashok • M&M • Tata Motors Leyland • Eicher • Volkswagen Mumbai–Pune– West • Bajaj Auto • Skoda • Renault- Nashik– • FIAT • Bharat Nissan Aurangabad • GM Forge • M&M Kolkata– Jamshedpur
• Tata Motors • International • Hindustan Auto East Motors Forgings • Simpson & • JMT Co • Exide
• Ashok Kirloskar • Hyundai • Renault- Leyland • Volvo • BMW Nissan Chennai– Bengaluru– Hosur South • Ford • Sundaram • Bosch • M&M Fasteners • TVS Motor • Toyota • Enfield Company
Source: ACMA, Aranca Research NORTH: Delhi is a hub for light NORTH WEST: Rajasthan is vehicle manufacturing, whereas a major hub for light vehicle Haryana and Uttarakhand are manufacturing hubs for heavy vehicle manufacturing
EAST: Jamshedpur is the site for Tata’s heavy WEST: Maharashtra, and vehicle manufacturing Gujarat are hubs for heavy and light vehicle manufacturing Heavy vehicle manufacturing plant Light vehicle manufacturing plant SOUTH: Chennai hosts manufacturing plants for heavy and light vehicles
Source: Aranca Research Note: All figures as of 2011-12 FDI inflows in the automotives sector aggregated USD9.6billion (4.5 per cent of the total FDI) over April 2000 – February 2014
FDI trends over the past few years (USD billion)
1.8 1.5 Delhi–Gurgaon– 1.6 Faridabad 1.4 1.3 1.3 1.2 1.2 1.2 1.0 0.9 Ahmedabad 0.8 Mumbai–Pune– 0.6 Nashik– Aurangabad 0.4 Kolkata– 0.2 Jamshedpur - FY09 FY10 FY11 FY12 FY13 FY14* FDI in Automobile Industry (USD Billion)
Source: Department of Industrial Policy & Promotion (India), Aranca Research Note: FY14* - April to February (11 months only) Chennai– Bengaluru– Hosur Global car majors have been ramping up investments in India to cater to the growing domestic demand. Also, these manufacturers plan to leverage India’s competitive advantage to set up export-oriented production hubs
• Planning to double its current investment level of about USD2.5 billion over the next five years • Aims to raise its market share from 1.5 per cent in FY13 to 10 per cent by FY17 • To increase the Chennai Plant capacity to 400,000 units a year in a few years time
• Investing in Chennai and Sanand plants to raise capacity to 0.44 million cars & 0.61 million engines by FY14 • Long term strategy to export 25 per cent of vehicles and to make India compact car global production base
• Is in the process of expanding its dealer network from 33 in January 2013 to 50 by 2014 end • Plans to raise the number of car offerings in the sub USD46,000 category
• Plans to launch up to eight models over the next 5–6 years
• Aims to invest USD460 million in Rajasthan plant by 2014 to build a new assembly line for cars • This will include a new diesel engine component production and a forging plant
• Expects to invest another USD163 million at Bidadi plant near Bengaluru • Plans to increase capacity to 310,000 units by 2013 with an investment of USD187 million
• Plans to invest USD552-737 million over the next two to three years to develop new products
• Plans to infuse USD46 million to double India capacity to 20,000 vehicles by the end of CY13 • Expansion of MIDC and MoU, and to invest USD244mn for capacity expansion in Chakan, Pune
Source: Respective Company Websites, News Articles, Aranca Research
Opportunities for creating India is fast emerging as a sizeable market segments Small-car manufacturing hub global R&D hub through innovations
• Strong support from the • The world’s cheapest car • General Motors, Nissan and government; setting up of (Tata Nano) has directed Toyota announced plans to NATRiP centres focus on the low-income make India their global hub • Private players, such as market for small cars Hyundai, Suzuki, GM, keen • Bajaj Auto, Hero Honda and • Light vehicle sales estimated to set up R&D base in India M&M plan to jointly develop to cross 3 million by the end • Strong education base, large a technology for two- of 2012 skilled English-speaking wheelers to run on natural • Strong export potential in manpower gas ultra low-cost cars segment • Comparative advantage in • Electric cars likely to be a (to developing and emerging terms of cost sizeable market segment in markets) • Firms both national and the coming decade foreign are increasing their • Tata Motors to launch footprints with over 1031 MiniCAT, a car running on centers compressed air, thereby stepping into the next era where cars would not require any fossil fuel and emissions would be almost nil
Note: M&M – Mahindra & Mahindra
Plans to setup two facilities in Gujarat To launch six new Continuing market models by the end leadership of this year Accounted for 45 per cent share in 2013-14 Product portfolio the Indian car Total sales expansion market crossed 1.15million units Increased Product portfolio productivity comprising 16 passenger vehicle 2011 models Roll-out of 10 Enhanced R&D millionth car capability In the process of establishing Suzuki’s largest Capacity R&D facility expansion 1994 outside Japan Production of Roll-out of people’s 1 millionth car car (Maruti 800)
1983 1994 1997 2001 2004 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Company website, Aranca Research Acquired Introduction stake in of Production of Hipo Megapixel, Disruptive innovation JV with first an electric Daimler AG Carrocera indigenously SA vehicle designed LCV Market expansion Launch of the Unveiled first three new Product portfolio indigenous models in expansion CV Launched Acquisition 2014 Indica, India's of Jaguar first fully and Enhancing Landrover R&D capability indigenous passenger car Establishment Acquisitions of Tata Engineering & Launched Locomotives Tata Nano Joint Ventures
1945 1954 1961 1977 1982 1986 1991 1998 2005 2008 2010 2012 2013 2014
Source: Company website, Aranca Research M&M has been the market leader in utility vehicles in India M&M auto sales – domestic and export for over 50 years since building the first Willys jeep in 1947 (‘000 units)
600 Manufactures passenger vehicles, utility vehicles, light 563 507 commercial vehicles (including three-wheelers) 483 500 Produces 15 passenger vehicle models and 8 commercial 400 CAGR: 19% 377 vehicle models, noteworthy among which are Scorpio, Thar, 298 300 Xylo, XUV 500 231 230 178 200 Global player in exporting products to several countries in 117 145 149 65 87 North America, Europe, Africa, South America, South Asia, 100 and the Middle East; exported 32,457 units in FY13 -
Recorded four wheeler revenue of USD3.3 billion in FY13
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY02 Launched Verito Refresh, Quanto, and Rexton in FY2013 Source: Company website, News articles, Aranca Research Sluggish industrial activity, strict financing environment hurt sales sentiments
In 2013, inked a partnership with online shopping portal Snapdeal.com to sell its two-wheelers
In 2014, company sales were down by 9.97 per cent, with the same period previous fiscal, deteriorating consumption and investment demand remains to be a key concern
Society of Indian Automobile Manufacturers (SIAM) Core 4-B, 5th Floor, India Habitat Centre Lodhi Road, New Delhi – 110 003 India Phone: 91 11 24647810–2 Fax: 91 11 24648222 E-mail: [email protected] CAGR: Compound Annual Growth Rate
CV: Commercial Vehicle
FDI: Foreign Direct Investment
FY: Indian Financial Year (April to March)
So FY10 implies April 2009 to March 2010
GOI: Government of India
HCV: Heavy Commercial Vehicle
INR: Indian Rupee
LCV: Light Commercial Vehicle
OEM: Original Equipment Manufacturers
PV: Passenger Vehicle
SIAM: Society of Indian Automobile Manufacturers ULCC: Ultra Low Cost Car
USD: US Dollar
Wherever applicable, numbers have been rounded off to the nearest whole number Exchange rates (Fiscal Year) Exchange rates (Calendar Year)
Year INR equivalent of one USD Year INR equivalent of one USD
2004–05 44.81 2005 45.55
2005–06 44.14 2006 44.34
2006–07 45.14 2007 39.45
2007–08 40.27 2008 49.21
2008–09 46.14 2009 46.76
2009–10 47.42 2010 45.32
2010–11 45.62 2011 45.64
2011–12 46.88 2012 54.69
2012–13 54.31 2013 58.44
2013–14 60.28 Q12014 61.58
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