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Automobile Industry (Two - Wheeler)” A COMPREHENSIVE PROJECT – 1 Entitled On “AUTOMOBILE INDUSTRY (TWO - WHEELER)” Submitted to Anand Institute of Management Affiliated to SARDAR PATEL UNIVERSITY, V.V.NAGAR In Partial Fulfillment of the Requirement of the Award for the Degree of MASTER OF BUSINESS ADMINISTRATION Under the Guidance of Dr. N.N.Patel Shri G.B.Dave Presented by Students’ of M.B.A Semester-III Patel Jigar R. 32 Samtani Manoj 43 Parmar Sunil 66 Patel Urvesh 70 ANAND INSTITUTE OF MANAGEMENT M.B.A PROGRAMME OPP. TOWN HALL, NR.GRID, ANAND December 2005 2 PREFACE As a part of the curriculum of the second Year of MBA Programme of the Sardar Patel University, the students are required to undergo project work in addition to their theoretical study so as to enable them to have the knowledge of the practical aspect of the Business Administration. As students of management it is learning experience to analysis an industry. It is the most essentials tools for us to expose our skill as a future responsible managerial post. So, we decided to Automobile Industry (Two - Wheeler). It helps us to develop our skill & confidence to do better in all respect in management fields. The project work is required to be undertaking where we get the opportunity to know about the real information of the area we have selected, which altogether different from theory. The report contains the detail information about Two- Wheeler and all the information, which is important for management student. 3 ACKOWLEDGEMENT This report has been submitting in partial fulfillment of the requirement of the award of MBA (Full Time Programme) from Anand Institute of Management, Anand. It is a universal fact that for study of a project in depth, we need the support of many people right from the stage of conceiving the idea to completion of report. It is difficult for a single person to do the job efficiently without interaction & involvement of others. We take this opportunity to thank Anand Institute of Management, Anand and Dr N. N. Patel Sir (Hon. Director, AIM) and Mr. Govind B. Dave for giving us Valuable Guidance and providing facilities to successfully complete our CP-I. We are highly indebted to Mrs. Kunjal A. Sinha for her valuable help and support. We are also grateful to other faculty members of Anand Institute of Management for their support whenever required. Discussions with friends also have served to provide sought after information. We are thankful to all our batch mates. Finally we are thankful to our parents and Lord Almighty without whose blessings tasks are incomplete. Patel Jigar R. Samtani Manoj Parmar Sunil Patel Urvesh 4 DECLARATION We, “PATEL JIGAR, SAMTANI MANOJ, PARMAR SUNIL, PATEL URVESH” hereby declare that the report on “Comprehensive Project - I” entitled on “Automobile Industry (Two - Wheeler) ” is a result of our own work and indebtedness to other work publications, if any, have been duly acknowledged. Place: Anand Patel Jigar Date: 05/01/2006 Samtani Manoj Parmar Sunil Patel Urvesh TABLE OF CONTENT Preface Acknowledgement Declaration Executive summary Objectives of the Study Sr. Particulars Page No. No. 1 Evolution and Growth of Industry in India 01 2 Product Profile 09 3 Demand Determinants in the Industry 14 4 Players in the Industry 22 5 Distribution Channel in the Industry 28 6 Key Issues and Trends 40 7 PESTEL Analysis 54 Industry Analysis using Porter’s Five Force 8 77 Model 9 Future outlook 89 10 Conclusions/Suggestions 95 6 Annexure Bibliography LIST OF TABLES SR.NO. PARTICULARS TABLE PAGE NO. NO. 1 Two-Wheelers: Comparative Characteristics 1 9 2 Production report 2 10 3 Income of target customer 3 15 4 Existing Duty Structure 4 20 5 Domestic Sales Flash Report 5 23 6 Delivery time for different region 6 39 7 Cost Structure of Two Wheeler Industry 7 46 8 Two-Wheeler Exports from India 8 51 9 Company wise two-wheeler exports 9 52 10 Growing Prosperity 10 68 11 Economic Highlights of India 11 70 12 Demand Forecast for Motorcycles and Scooters 12 91 13 Projected Export Turnover 13 94 7 LIST OF GRAPHS SR.NO. PARTICULARS GRAPH PAGE NO. NO. 1 Gross Turnover of Automobile Industry 1 1 2 Segmentation of Automobile Industry 2 2 3 Segmental Growth of the Indian Two Wheeler 3 6 Industry 4 Demand for Motorcycles, Mopeds & Scooters 4 8 5 Change in status within Two-wheeler Industry 5 8 6 Annual Growth in Demand for Motorcycles, Mopeds 6 8 & Scooters 7 Changing Scenario In Two Wheeler Industry 7 13 8 Shares of Two-Wheeler Manufacturers in Industry 8 22 Sales 9 2003 India Dealer Satisfaction Study 9 33 10 2004 DSS Ranking 10 35 11 TCS Study Ranking Chart 11 43 12 Segmental Classification and Characteristics 12 47 13 Trends in Segmental Share in Industry Sales 13 48 14 Regional Two Wheeler Market Share 14 66 8 LIST OF DIAGRAMS SR.NO. PARTICULARS DIAGRAM PAGE NO. NO. 1 A three-wheeled business 1 29 2 Channel Structure 2 30 3 Competitive Model for Automobile Dealer 3 31 4 Grid Analysis 4 37 5 Regulatory Framework 5 72 9 CHAPTERCHAPTER 11 EVOLUTIONEVOLUTION ANDAND GROWTHGROWTH 10 AUTOMOBILE INDUSTRY In India, as in many other countries, the auto industry is one of the largest industries. It is one of the key sectors of the economy. The industry comprises of automobile and the auto component sectors and encompasses commercial vehicles, multi utility vehicles, passenger cars, two-wheelers, three-wheelers, tractors and related auto components. The industry has shown great advances since deli censing and opening up of the sector to foreign direct investment (FDI) in 1993. It has deep forward and backward linkages with the rest of the economy, and hence, has a strong multiplier effect. This results in the auto industry being the driver of economic growth and India is keen to use it as a lever of accelerated growth in the country. There are in place 15 manufacturers of cars and multi utility vehicles, 9 of commercial vehicles, 14 of Two/Three Wheelers and 10 of Tractors besides 5 of engines. With an investment of Rs.50,000 crores, the turnover was Rs. 59,500 crores in Automotive Sector during 1999-2000. It employs 4,50,000 people directly and 100,00,000 people indirectly Gross Turnover of Automobile Industry Graph: 1 Gross Turnover of Automobile Industry ) n 800000 o i l l i 600000 m 400000 n i ( . 200000 s R 0 1996- 1997- 1998- 1999- 2000- 2001- 2002- 97 98 99 00 01 02 03 YEAR Source: SIAM 11 This graph shows last few years’ scenario of Indian automobile industry with considering the gross turnover. Here we can see the rapid increment from the year 2000-01. Segmentation of Automobile Industry Graph: 2 Market Share 2004-05 13.44% 4.03% Commercial Vehicle 3.90% Two-Wheeler Three-Wheeler Passenger 78.63% Vehicle Source: SIAM This graph shows the segmentation of Indian Automobile industry. There are mainly four segments Two-wheeler, Passenger Vehicles, Commercial Vehicles and Three Wheelers. Two-wheeler has maximum market share (78.63), Passenger vehicles is at second place with market share (13.44), commercial vehicles is at third place with market share (4.03) and three Wheeler are at last with market share (3.90). 12 HISTORICAL DEVELOPMENT: EVOLUTION OF TWO- WHEELER INDUSTRY IN INDIA. India is the second largest manufacturer and producer of two-wheelers in the world. India manufactures about 38, 00,000 2-wheelers. It stands next only to Japan and China in terms of the number of two-wheelers produced and domestic sales respectively. This distinction was achieved due to variety of reasons like restrictive policy followed by the Government of India towards the passenger car industry, rising demand for personal transport, inefficiency in the public transportation system etc. The Indian two-wheeler industry made a small beginning in the early 50s when Automobile Products of India (API) started manufacturing scooters in the country. The two-wheeler industry (henceforth TWI) in India has been in existence since 1955. It consists of three segments viz., scooters, motorcycles, and mopeds. Until 1958, API and Enfield were the sole producers. In 1948, Bajaj Auto began trading in imported Vespa scooters and three-wheelers. Finally, in 1960, it set up a shop to manufacture them in technical collaboration with Piaggio of Italy. The agreement expired in 1971. In the initial stages, API dominated the scooter segment; Bajaj Auto later overtook it. Although various government and private enterprises entered the fray for scooters, the only new player that has lasted till today is LML. Under the regulated regime, foreign companies were not allowed to operate in India. It was a complete seller market with the waiting period for getting a scooter from Bajaj Auto being as high as 12 years. The motorcycles segment was no different, with only three manufacturers viz Enfield, Ideal Jawa and Escorts. While Enfield bullet was a four-stroke bike, Jawa and the Rajdoot were two-stroke bikes. Enfield 350cc bikes and Escorts 175cc bike initially dominated the motorcycle segment. 13 The two-wheeler market was opened to foreign competition in the mid- 80s. And the then market leaders - Escorts and Enfield - were caught unaware by the onslaught of the 100cc bikes of the four Indo-Japanese joint ventures. With the availability of fuel-efficient low power bikes, demand swelled, resulting in Hero Honda - then the only producer of four stroke bikes (100cc category), gaining a top slot. The first Japanese motorcycles were introduced in the early eighties. TVS Suzuki and Hero Honda brought in the first two-stroke and four- stroke engine motorcycles respectively.
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