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AUTOMOTIVES April 2010 AUTOMOTIVES April 2010 1 AUTOMOTIVES April 2010 Contents Advantage India Market overview Industry infrastructure Investments Policy and regulatory framework Opportunities Industry associations 2 ADVANTAGE INDIA Automotives April 2010 Advantage India Proximity to emerging markets Product development capabilities • Proximity to emerging markets such as • There are more than 125 Fortune 500 companies in India. Asia and Africa. • India is an emerging global manufacturing • Shipments to Europe from India are hub for low-cost compact cars. more cost effective than those from Brazil and Thailand. Availability of skilled manpower • In India, 0.4 million engineers graduate High quality standards every year. • Eleven Indian component • Seven million people enter the workforce India as an every year. manufacturers have won the Deming automotive award for quality. • Cost of an entry-level engineer is about US$ 8,000. hub • Most leading component manufacturers are QS-ISO certified. • Cost of engineering talent in India is 45 per cent lower than that in the US. Growing domestic demand Export potential • Changing demographics, rising disposable income and entry of several new players • Increased sourcing from low-cost has expanded the domestic market for passenger vehicles. countries. • Low manufacturing costs due to • Total value of vehicle exports is economies of scale, low R&D and estimated to reach US$ 8 billion to sourcing costs, are increasing affordability US$ 10 billion by 2015. and driving domestic demand. Source: Ernst and Young research OEM: Original equipment manufacturers; ISO: International Organisation for Standardisation; QS: Quality System AUTOMOTIVES April 2010 Contents Advantage India Market overview Industry infrastructure Investments Policy and regulatory framework Opportunities Industry associations 4 MARKET OVERVIEW Automotives April 2010 Market overview … (1/4) • The industry turnover is estimated to reach a level Production and exports of automobiles of US$ 155 billion by 2016. 2008–09 11.4 1.57 • Overall production of automobiles increased from 2007–08 11.1 1.27 8.7 million units in 2004–05 to 11.4 million units in 2008–09. 2006–07 11.4 1.01 2005–06 10.0 0.8 • Overall vehicle sales increased marginally from 9.65 million units in 2007–08 to 9.72 million units in 2004–05 8.7 0.63 2008–09. 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 million units • Between 2000 and 2009, the industry witnessed a Production Exports cumulative FDI flow worth US$ 4.3 billion accounting for 4 per cent of the total FDI into the Source: Society of Indian Automobile Manufacturers (SIAM) country. 5 MARKET OVERVIEW Automotives April 2010 Market overview … (2/4) Segment share of automobiles in 2008–09 (production) World’s second-largest two-wheeler market Asia’s third-largest passenger vehicle market Two-wheeler 75.4% Passenger 16.4% World’s fifth-largest bus and truck market vehicles Rankings Three-wheelers (by volume) 4.5% Commercial World’s fourth-largest commercial vehicle 3.7% market vehicles Source: Industry sources Source: SIAM 6 MARKET OVERVIEW Automotives April 2010 Market overview … (3/4) Evolution of automobile industry from five players to more than 35 players • Sector delicensed in 1993 • Closed market • Major OEMs started assembly • Growth of market in India limited by supply • Implementation of value- • Outdated models added tax (VAT) • Number of players • Joint venture (JV) • Imports allowed from — five between the Government of India April 2001 (GoI) and Suzuki to • Number of form Maruti Udyog. players — >35 • Number of players — six 1983–1993 7 MARKET OVERVIEW Automotives April 2010 Market overview … (4/4) • Recent acquisition of Jaguar and Land Rover brands by Tata Motors and launch of world’s cheapest car, Tata Nano, has placed the Indian automobile market on the global automotive map. • Increasing availability of smaller and affordable cars has helped in the expansion of the passenger vehicles market in India. • The Indian automotive industry is expected to be the world’s seventh-largest automobile market by 2016 and the third largest by 2030, only behind China and the US. 1983–1993 8 MARKET OVERVIEW Automotives April 2010 Indian automotive clusters • Ashok • Swaraj • Honda Motors Leyland Mazda SIEL • Bajaj North • Force • Amtek • Maruti Auto Motors Auto Suzuki • Hero • Piaggio • Eicher • Tata Group Delhi–Gurgaon– Faridabad • Ashok • GM Forge • Renault- Leyland • M&M • Tata Nissan West • Bajaj • Eicher Motors • M&M Mumbai– Auto • Skoda • Volkswag Pune– • FIAT • Bharat en Nashik– Aurangabad Kolkata– Jamshedpur • Tata Motors Forgings • Hindustan Motors • JMT East • Simpson & Co • Exide • International Auto • Ashok • Volvo • Hyundai y Chennai– Leyland • Sundara • BMW • Renault- Bengaluru– Hosur South • Ford m • Bosch Nissan • M&M Fastener • TVS • Toyota s Motor Kirloskar • Enfield Compan Source: Industry sources M&M: Mahindra & Mahindra 9 MARKET OVERVIEW Automotives April 2010 Market segments Automobiles Tw o -wheelers Passenger vehicles Commercial vehicles Three-wheelers Mopeds Passenger cars Light commercial Passenger vehicles (LCV) carriers Medium and heavy Scooters Utility vehicles commercial Goods carriers vehicles (M & HCV) Motorcycles Multi-purpose vehicles Electric two- wheelers Source: Industry sources 10 MARKET OVERVIEW Automotives April 2010 Tw o -wheelers — market overview … (1/2) • Domestic sales of two-wheelers have grown Domestic sales of two-wheelers in 2008–09 steadily at a compound annual growth rate (CAGR) of about 7 per cent, from 6.5 million units 2008-09 6.80 1.15 0.43 in 2004–05 to 8.3 million units in 2008–09. 2007-08 6.50 1.07 0.43 • The motorcycle segment constitutes more than 80 2006-07 7.11 0.94 per cent of the two-wheeler market. 0.37 2005-06 6.20 1.02 0.37 • Models with sub-125 cc engines account for up to 80 per cent of the market. 2004-05 5.19 0.98 0.34 • Increase in scooter sales due to the launch of fuel- 0.00 2.00 4.00 6.00 8.00 10.00 efficient gearless scooters. million units Motorcycle Scooter Moped Source: SIAM 11 MARKET OVERVIEW Automotives April 2010 Tw o -wheelers — market overview … (2/2) Two-wheelers – segment-wise share of production India’s two-wheeler industry is the (2008–09) second largest in the world after China. Scooters Hero Honda Motors Limited, the 13.9% market leader in India, is the world’s Mopeds largest two-wheeler company. 5.2% Motorcycles Key insights Key 80.6% Growth is driven by rural Electric two- 0.3% demand, new product launches and wheelers lower interest rates. Source: Ernst and Young analysis Source: SIAM 12 MARKET OVERVIEW Automotives April 2010 Tw o -wheelers — exports … (1/2) • The exports of two-wheelers from India have grown Two-wheelers - exports at a CAGR of about 22 per cent between 2004–05 and 2008–09, crossing the one-million mark in 2009. 2008–09 1.00 • Motorcycles constitute 96.7 per cent of the total 2007–08 0.82 exports of two-wheelers. 2006–07 0.61 2005–06 0.51 CAGR 22.6% 2004–05 0.36 0.00 0.50 1.00 1.50 million units Source: SIAM 13 MARKET OVERVIEW Automotives April 2010 Tw o -wheelers — exports … (2/2) • Principal export markets are the developing Two-wheelers — company-wise share of exports economies of South Asia and Latin America. (2008–09) Bajaj Auto 63% • Bajaj Auto is the market leader in exports with a share of 63 per cent, followed by TVS Motor Company and Hero Honda Motors Limited. TVS Motor Company19% Hero Honda Motors 8% Increasing replacement demand Growing Honda Motorcycle & 5% disposable Scooter India Primary growth income Others 4% drivers Wider choice of offerings Increasing penetration specially in small towns and rural areas Source: Ernst and Young analysis 14 MARKET OVERVIEW Automotives April 2010 Tw o -wheelers — dominated by domestic players … (1/2) • Hero Honda Motors Limited is the largest two- Motorcycle — market share in 2008–09 wheeler manufacturer in the world. (by volume) • Bajaj Auto is the second-largest two-wheeler Bajaj Auto 52.8% manufacturer in India. Hero Honda 28.3% • TVS Motor Company is the leading player in the TVS Motors moped segment and the third-largest two-wheeler 9.4% manufacturer in India. Yamaha 2.1% Honda Motorcycles & 6.0% Scooters Others 1.4% Source: SIAM 15 MARKET OVERVIEW Automotives April 2010 Tw o -wheelers — dominated by domestic players … (2/2) New entrants Scooter — market share in 2008–09 (by volume) Honda Motorcycles & 56.9% • Honda Motors recently entered the motorcycle Scooters segment in addition to its joint venture (JV) with Hero Group. TVS Motors 21.2% Hero Honda • Mahindra & Mahindra is a recent entrant in the 13.3% segment through its acquisition of Kinetic Motors. Mahindra two-wheelers 0.5% • Foreign players such as BMW, Harley Davidson and Ducati have forayed into the Indian market with a Suzuki Motorcycles 7.1% range of high-end motorcycles. Bajaj Auto 1.0% Source: SIAM 16 MARKET OVERVIEW Automotives April 2010 Passenger vehicles (PV) — market overview … (1/2) • Domestic sales of passenger vehicles have grown Domestic sales of PVs at a CAGR of 12.2 per cent from 1.2 million units in 2004–05 to 1.8 million units in 2008–09. 2008–09 1.62 0.21 • Passenger cars, accounting for 78.6 per cent of 2007–08 1.52 0.24 the total PVs produced, grew at a CAGR of 15 per cent in 2008–09. 2006–07 1.32 0.22 • This segment is expected to grow at 12 per cent 2005–06 annually over the next five years to touch 3.75 1.11 0.19 CAGR million units by 2014. 8.8 % 2004–05 1.02 0.18 0.00 0.50 1.00 1.50 2.00 million units Cars Utility vehicles Source: SIAM 17 MARKET OVERVIEW Automotives April 2010 Passenger vehicles (PV) — market overview … (2/2) Segment share in passenger vehicle in 2008-2009 The production of PVs in India has grown more than threefold over the last decade.
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