Study on the Automotive Car Industry in India: Scenario Analysis and New Future Business Models

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Study on the Automotive Car Industry in India: Scenario Analysis and New Future Business Models POLITECNICO DI TORINO Collegio di Ingegneria Gestionale Master of Science in ENGINEERING AND MANAGEMENT Master of Science Thesis STUDY ON THE AUTOMOTIVE CAR INDUSTRY IN INDIA: SCENARIO ANALYSIS AND NEW FUTURE BUSINESS MODELS. Academic Supervisor PROF. LUIGI BENFRATELLO Candidate HARDIK BHARATBHAI DESAI (S250004) October 2020 1 | P a g e ACKNOWLEDGMENT First and foremost, with due respect, I would like to express my sincere gratitude to Professor Luigi Benfratello, for assistance in the completion of my thesis, for continuous support on my thesis patterns, patient guidance, and motivation. He helped me and gave constant support in the completion of my dissertation. Secondly, I also place on record to the city of Turin and my friends here in Politecnico di Torino, who has given me full cooperation through this master studies, and my professors, who guided for being supportive of my work. Last but not the least, I would wish to acknowledge my Indian friends and family for supporting me through my entire master’s studies. Especially, I would like to thank my parents for encouragement and love. It is not easy for me to pen down my thanks, who helped me directly or indirectly in this dissertation. આભાર - धन्यवाद - Thank you - Grazie Author HARDIK BHARATBHAI DESAI ([email protected]) 2 | P a g e ABSTRACT The Indian Automotive Car Industry, it is one of the major industries, as it is the fastest growing industry in the world as it has a strong democracy and global partnership. In this scenario, the demand is increasing day by day in this country to raise the small car market in India. India is developing the 5th largest economy in the world and India holds the US $2.94 trillion nominal GDP and the US $10.51 trillion GDP (PPP). Later after the Indian government’s successes and impulsivity economic growth program focusing on economic policy in 1991, the automotive industry has drifted along. In consideration of the consequence of the sector at the world level, the current analytical research was conducted to analyze the latest updates and patterns to deliver inventory based on Porter’s five forces model. Through economic and industrial reforms, the automotive car industry with low energy consumption has rendered it in attractive destination for worldwide automotive manufacture which is combined with an increase in per capita and expendable income of the working workforce. However, the research indicates that the overall competitiveness of the Indian Automotive car industry in the current context can be considered as moderate. Consequently, the estimation for the expected growth rate in upcoming years and opportunities in the fragmented Indian rule market with supportive government initiatives, the desired aspect will decrease on a large scale. 3 | P a g e Contents ACKNOWLEDGMENT ................................................................................... 2 ABSTRACT ....................................................................................................... 3 LIST OF FIGURES ........................................................................................... 6 LIST OF TABLES ............................................................................................. 7 Chapter 1. The Economy: The Republic of India ............................8 1.1 Introduction: An overview of India. ............................................................ 8 1.1.1 Political structure. ...................................................................................................... 8 1.1.2 Governmental size by major Indian states ................................................................. 9 1.1.3 A Brief History of the Indian economy. .................................................................. 12 1.2 Economic Profile of India. ......................................................................... 15 1.2.1 Top Developing sectors of the Indian Economy. .................................................... 22 1.2.2 Strength, Recent Development, and Future Aims. .................................................. 25 1.2.3 Opportunities and Challenges. ................................................................................. 29 1.2.4 Impact on the current economic situation due to Coronavirus ................................ 31 1.2.5 Forecasting of future growth scenario. .................................................................... 32 Chapter 2. Evolving Car industry ...................................................34 2.1 Automotive Car Industry: An Overview ................................................... 34 2.1.1 A short timeline of the Global Automotive Car Industry in the world. ................... 34 2.1.2 History of Indian Automotive Car Industry ............................................................ 38 2.1.3 Indian Automobile clusters and Top ten companies in India .................................. 40 2.2 The Current Situation of the Automotive Car Market in India. ................ 45 2.2.1 The Present Scenario of the Car segment Industry in India. ................................... 45 2.2.2 The Indian Mission Plan is an evolving car industry. ............................................. 46 2.2.3 Slowdown of the Car Industry ................................................................................. 47 4 | P a g e Chapter 3. Overall market demand in the Indian car industry. ..49 3.1 Development and Future Prospects of the Car industry. ........................... 49 3.1.1 Global Car sales of market growth .......................................................................... 49 3.1.2 Car Sales trend in the Indian market. ...................................................................... 50 3.1.3 Car industry attractiveness analysis in the Indian Market. ...................................... 56 3.1.4 Future trends of Investment in the Car Industry in India. ....................................... 58 3.1.5 Key Success Factor and SWOT Analysis of the Car Industry. ............................... 59 3.1.6 Automotive components of suppliers and used car market in India ........................ 60 Chapter 4. Automobile Car Business in India ................................63 4.1.1 Indian governmental policy evolves towards new future implementations ............ 63 4.1.2 Self-drive of the Rental Car business ...................................................................... 64 4.1.3 Car-sharing business ................................................................................................ 65 4.1.4 Luxury Car business ................................................................................................ 66 4.1.5 Revolution of Eco-Friendly Business: Electric Car Mobility ................................. 69 4.1.6 Mergers and acquisitions ......................................................................................... 72 Chapter 5. CONCLUSION & SUGGESTIONS. ...........................75 Bibliography .......................................................................................77 Webography .......................................................................................81 Acronyms and Abbreviations ...........................................................83 5 | P a g e LIST OF FIGURES Figure 1: The map of India’s Gross state domestic product (GSDP) ...................................... 11 Figure 2: India’s annual GDP growth rate from 2000 to 2018. .............................................. 17 Figure 3: India’s annual GDP growth rate by constant price from 2001 to 2020. .................. 18 Figure 4: India’s inflation rate by average consumer prices from 2000 to 2020. ................... 18 Figure 5: India’s total employment by sector-wise from 2015 to 2019. ................................. 19 Figure 6: India’s unemployment rate from 1991 to 2019. ...................................................... 20 Figure 7: Total trade of India’s Export & Import by year wise. .............................................. 21 Figure 8: India’s Manufacturing as a share of GDP from 2011-12 to 2017-18. ..................... 24 Figure 9: India’s Current Account Balance per percent of GDP by year wise. ....................... 32 Figure 10: Forecasting India’s GDP growth rate per percent at year wise. ............................. 33 Figure 11: Forecasting India’s inflation rate at year wise........................................................ 33 Figure 12: Total car production in different countries in 2019. ............................................... 36 Figure 13: Automobile clusters in India .................................................................................. 40 Figure 14: Market share of an Indian passenger vehicle by different companies from 2019 to 2020.......................................................................................................................................... 44 Figure 15: Domestic Market Share of different vehicles from 2019-20. ................................ 46 Figure 16: Total number of New car sales all over the world from 2005 to 2019. .................. 49 Figure 17: Market share by segment from 2017 to 2018 ......................................................... 50 Figure 18: The total number of car sales in India from 2005 to 2019. .................................... 50 Figure 19: Production, domestic sales, and export data from 2019 to 2020. ........................... 51 Figure 20: Car sales data by segment-wise from May 2019 to May 2020. ............................
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