Professional Documents
Culture Documents
December 2008
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AU TO M OT I V E I N D U S T RY
December 2008
Contents
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PROFILE OF INDIAN
AUTOMOTIVE INDUSTRY
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• T
he Indian auto industry has the potential to emerge Automotive Production (Million units)
as one of the largest in the world. Presently, India is 2007-08 10.83
2005-06 9.74
-Fourth largest commercial vehicle market in the world
2004-05 8.47
- 11th largest passenger car in the world and is 2003-04 7.24 CAGR
expected to be the seventh largest market by 2016. 2002-03 6.28
11.5%
0 2 4 6 8 10 12
million units
Source: SIAM, IMaCS analysis
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• M
G • Tata Motors
• Toyota • Mahindra & Mahindra
• Ford • Bajaj Auto
Global OEM Indian OEM
• Hyundai • TVS Motors
• Maruti Suzuki • Hero Honda
• Honda • Bajaj Tempo
• Skoda • Ashok Leyland
• Volvo
• Mercedes • Bharat Gorge
• Sundram Fasteners
• Delphi Global Indian • Rane Group
Suppliers Suppliers
• Visteon • Shriram Pistons
• Bosch • RICO Auto
• Denso • Sona Koyo Steering
• Valeo
• Thyssen Krupp
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• T
he Indian auto industry is highly competitive
with a number of global and Indian auto companies
present
• T
he supplier industry is equally competitive with
a mix of global and Indian players
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
2008
• Scooter/Scooterette :
7.25 6% Wheel size less than or
2007 7.86 14% equal to 12 inches
• Motorcycle: Wheel size
2006 7.05 more than 12 inches
2005
• Mopeds: Engine capacity
6.21
less than 75 cc with fixed
2004 5.36 transmission, wheel size
more than 12 inches
2003 4.81 • Electric Two Wheelers:
CAGR 13%
2002
Electrically Driven
4.2
80%
0 1 2 3 4 5 6 7 8
Source: SIAM, IMaCS analysis n Motorcycles n Scooters
n Mopeds
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• D
omestic two-wheeler industry has steadily
grown at a CAGR of 9.5 per cent to reach
7.25 million units in 2006-07
• M
otorcycle segment has attained highest growth
and dominates the market
• E ntry level bikes (engine power below 125 cc
and price US$ 850-1,100) account for around
80 per cent sales
• C
ost of ownership and economics of operation
are key purchase criteria
• P
remium bike segment (engine power above
125 cc and price US$ 1,200-2,000) growing
at a faster pace as compared to the entry level
vehicles, an indication of increasing affluence
of users
• S ome manufacturers have opted out of 100CC
segments and are positioning the 125cc as entry level
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• S cooter segment as a whole has been shrinking, Segment-wise analysis of two-wheeler market
except for the A2 segment Segment Description Share in Share in
2001-02 2007-08
• B
ikes having engine capacity 75-125 cc corner
A1 Scooter with engine capacity 5% 0.5%
the major share of the two wheeler market less than 75 cc
A2 Scooter with engine capacity 5% 13%
• B
3 segment is the fastest growing segment in the between 75-125 cc
Indian two wheeler market. A3 Scooter with engine capacity 12% 1%
between 125-250 cc
B2 Motorcycle with engine 62% 58%
capacity between 75-125 cc
B3 Motorcycle with engine 5% 21%
capacity between 125-250 cc
B4 Motorcycle with engine capacity 1% 0.5%
above 250 cc
C1 Mopeds 10% 6%
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• H
ero Honda: Largest Two-wheeler manufacturer Market share of key players in 2006-07
in the world 3%
9%
• B
ajaj Auto: Second largest Two-wheeler
manufacturer in India and the largest 3 wheeler
42%
manufacturer 19%
• T
VS Motor Co: Third largest Two-wheeler
manufacturer in India. Established a manufacturing
facility in Indonesia 27%
• H
onda Motors: Has recently entered the Indian
n Hero Honda Motors n Bajaj Auto Ltd
market through its direct subsidiary (in addition n TVS Motor Co, n HMSIL
to its joint venture Hero Honda) n Others
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
2004 265.1
17%
2003 179.7
2002 104.2
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
2008 1548.0
22%
2007 1379.7
2006 1143.1
2005 1061.6
78%
2004 902.1
2003 707.2
CAGR14.8%
2002 675.1
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• T
he domestic Indian passenger vehicles market has
grown at a CAGR of 14.8 per cent over the last six
years to reach 1.5 million units in 2007-08.
• P
assenger cars, contributing to 78 per cent of
volumes, grew at a CAGR of 15 per cent.
• T
he remaining share is with utility vehicles and
sports vehicles
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• M
aruti Udyog: Largest passenger car manufacturer Market shares of key players in 2007-08
in the country, India considered as strategic market
by Suzuki 13%
• T
ata Motors: Largest automotive player in the 4%
46%
• H
yundai Motors: Third largest passenger car 14%
manufacturer in India, has established India as one
of its manufacturing bases in the world 15%
n Maruti Udyog Ltd. n Tata Motors Ltd . n Hyundai Motor India Ltd.
n Mahindra & Mahindra n Toyota n Others
Source: SIAM, IMaCS Analysis
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• M
ahindra & Mahindra: Amongst the largest players
in the multi utility vehicles segment, has tied up
with Renault for manufacturing and marketing of
Logan brand of cars in India
• T
oyota: Has vision of capturing 10 per cent share
of the Indian passenger car market by 2010
• H
onda Motors: One of the leading players in the
Indian premium cars segment
• Ford: Leading player in the premium cars segment
• G
eneral Motors: Leading player in the premium
segment; entered the compact car segment recently
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• T
here are more than a dozen manufacturers
in the industry
• M
ost of the leading global players have a presence in
India in the form of joint ventures or subsidiaries
• T
he industry leader is Maruti Udyog with
46 per cent market share, closely followed by Tata
Motors and Hyundai Motors at 15 per cent and
14 per cent respectively
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
2006 175.57
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
2008 486.82
6%
2007 467.88 8%
2006 351.04
2005 318.43
38% 48%
2004 260.11
23 www.ibef.org
PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• D
omestic CV industry sales reached 486.82 thousand
vehicles in 2007-08, registering a CAGR of
22 per cent over last six years.
• S hare of LCVs is gradually increasing, indicating the
emergence of hub and spoke model of transportation
• In 2007-08, M&HCV passenger vehicles lead the
growth at 34 per cent over the last year.
• G
oods industry is dominated by multi axle vehicles,
which account for nearly 50 per cent of the market
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• T
ata Motors Ltd: Largest commercial vehicle Market Shares of Key Players in 2006-07
manufacturer in the country, has acquired the
6%
Korean manufacturer Daewoo Gap Motors 6%
• A
shok Leyland Ltd: Second largest player with 11%
• M
ahindra & Mahindra Ltd: Relatively new player
in the segment; has formed JV with International
Trucks to manufacture M&HCV trucks in India
n Tata Motors Ltd n Ashok Leyland Ltd
• E icher Motors Ltd: Leading player in the LCV trucks n M&M Ltd n Eicher Motors Ltd
segment; has entered the M&HCV trucks segment n Others
Source: SIAM, IMaCS Analysis
recently
• S waraj Mazda Ltd: One of the leading players in the
LCV segment
• V
olvo India: One of the leading players in luxury
passenger buses and heavy duty tippers
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• T
ata Motors is the market leader in both goods and
passenger segments, closely followed by Ashok Leyland
• L CV market is dominated by Tata Motors, followed
by Mahindra & Mahindra
• Introduction of Tata Ace has contributed significant
growth in the sub one tonne segment
• M
any players are in the process of strengthening
their hold in the market through JVs .
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
2%
2008 59.00 4%
2006 40.60
12%
2005 29.94
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
Domestic three wheeler Industry (Thousand units) Break-up of Industry by segment (2008)
2008 364.70
2007 403.91
2006 359.92
36%
2005 307.86
64%
2004 284.08
2003 231.53
CAGR 10.5%
2002 200.28
29 www.ibef.org
PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• T
hree Wheeler sales in India touched a new record
of 0.36 Million registering a growth of 10.5 per cent
CAGR over the last six years
• T
he proportion of Goods carriers in the
proportion of overall sales has doubled
indicating towards the increased need for
low cost last mile transportation systems
• S ub 3.5 tonne segment in goods accounted
for 71 per cent of the sales and Sub Four seater
segment in passenger versions accounted for
97 per cent of the sales
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• B
ajaj Auto Ltd. : Market leader in the Market Share of Key players 2007-08
Three wheeler segment, in the process of revamping
its product portfolio 8%
9%
• Piaggio Vehicles : The Italian manufacturer is one
of the leading players with fast growing market 42%
of ‘Chakda’’ a Three wheeler reengineered from Two Source: SIAM, IMaCS Analysis
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• B
ajaj Auto emerged the leader in Three Wheeler
industry with 42 per cent share, closely followed
by Piaggio with 41 per cent share
• B
ajaj Auto lead the passenger carrier segment
with 54 per cent share, while Piaggio lead the goods
segment with 44 per cent market share
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• E xports of three wheelers touched a new high Three wheeler exports and growth
(Thousand Units)
of 141.24 thousand units, registering a robust
growth of 44.5 per cent CAGR over the last six years 2008 141.24
2007 143.90
• T
his has been contributed almost entirely
by Bajaj Auto, which accounted for around 2006 76.88
2005 66.80
97 per cent of exports in 2006-07
2004 68.14
• B
ajaj Auto exports to Sri Lanka, Egypt, Nepal, 2003 43.37
CAGR 44.5%
Bangladesh among other countries 2002 15.46
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• M
ajor automotive clusters - Mumbai-Pune-Nasik-
Aurangabad (West), Chennai-Bangalore-Hosur
(South) and Delhi-Gurgaon-Faridabad (North)
• E xport oriented companies have formed base
in the West/South regions, due to proximity
to ports
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
North / Central
• Ashok Leyland • Eicher Delhi-Gurgaon-Noida-
Ghaziabad
• Force Motors • Hero Honda Ludhian Haridwar
a
• Hindustan Motors • Honda
• Honda SIEL • ICML
Jamshedpur
• Kinetic • LML Pitampur Kolkata
• Majestic • Maruti Suzuki
• Piaggio • Yamaha
• Swaraj Mazda • Tata Motors
East
• Hindustan Motors
• Tata Motors Chennai Bangalore Hosur
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
West
• Ashok Leyland • Atul Auto Delhi-Gurgaon-Noida-
Ghaziabad
• Bajaj Auto • Daimler Chrysler Ludhian Haridwar
a
• FIAT • Force Motors
• GM • Greaves
Jamshedpur
• Kinetic • M&M Pitampur Kolkata
• Piaggio • Premier
• Skoda • Tata Motors
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
South
• Ashok Leyland • Enfield Delhi-Gurgaon-Noida-
Ghaziabad
• Ford • Greaves Ludhian Haridwar
a
• Hindustan Motors • Hyundai
• Mahindra & Mahindra
Jamshedpur
• Tatra • Volvo Pitampur Kolkata
• Toyota Kirloskar • TVS Motors
38 www.ibef.org
PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
Indian Auto Policy is designed for supporting the growth of the industry
EMPHASIS
ON R&D
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• T
he key regulations that are likely to impact the n Fully/ Partially Allign n In Process of Being Aligned
n Items/ Regulations to be covered
auto industry and create the need for world class Source: ARAI, IMaCS Analysis
products in the future are crash related regulations
and introduction of Bharat Stage IV norms
40 www.ibef.org
PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
NCR and 10
EURO - IV Major Cities
NCR and 10 Entire Country
EURO - III Major Cities
NCR and 3 NCR and 10 Entire Country Emission Regulations
EURO - II Major Metros Major Cities
Entire Country
EURO - I
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
Ahmednagar-VRDE Up-Gradation
Research, Design, Development and Testing of Vehicles
Centre of Excellence For Photometry, EMC, EMI,Test
Tracks
Commissioning Schedule Phase-I : July 2010; Phase-II :
Aug 2010
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
Manesar- iCAT
Complete homologation services to all vehicle
categories as per Indian or Global Standards
Center of Excellence For Component Development,
NVH
Commissioning Schedule Phase-I : 2008; Phase-II : 2010
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
Silchar Centre
Hill area Driver Training Centre and Inspection &
Maintainence Facilities
Centre of Excellence For Driver Training
Commissioning Schedule Phase-I : 2008; Phase-II : 2010
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PRO F I L E OF I N D I A N AU TO MOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
Chennai Centre
Complete homologation services to all vehicle
categories as per Indian or Global Standards
Center of Excellence For Infotronics,EMC,Passive Safety
Commissioning Schedule Phase-I : 2008; Phase-II : 2011
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GROWTH POTENTIAL OF INDIAN
AUTOMOTIVE INDUSTRY
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46
GROW T H P OT E N T I A L O F I NDIAN AUTOMOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
Cost
Competiveness
- E xport competitiveness
- Reduced cost to consumer
- India emerging as a manufacturing hub
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GROW T H P OT E N T I A L O F I NDIAN AUTOMOTIVE INDUSTRY
AUTOMOTIVE INDUSTRY • December 2008
• T
he size of the Indian automotive industry Potential vehicle sales in India (2015-16)
million units
is expected to grow at 13 per cent p.a over the next
decade to reach around US$ 120-159 billion Cars 2.65
by 2016
• T
he total investments required to support the CVs 0.64
• T
otal export in the automotive sector would Total
31.96
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INDIA AS A
MANUFACTURING HUB
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
• N
issan Motor Co. has identified India as one of
the five low-cost countries to manufacture its new
generation compact cars, including the Micra.
• Volkswagen is investing in 110,000-unit passenger car
assembly plant, expected to be operational by end of
2009.Volkswagen’s India plans include manufacture of
small cars based on the ‘Polo’ platform.
• T
oyota has announced plans for a second plant to
begin operations in 2010, having an initial annual
production capacity of around 100,000 vehicles apart
from the transmission plant which it had already setup
to meet the regional demand.
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
• H
yundai Motors - Hyundai has shifted its entire
production of the Atos Prime, its compact model, to
its Chennai Plant. It has also set up a US$ 40 million
computer-aided design centre in Hyderabad. For the
newly launched Model i10,India would be the sole
manufacturing base. The company also plans to invest
a further US$ 250 million in India by 2013, raising its
cumulative investment in the country to around
US$ one billion.
• G
eneral Motors, the US$ 60 million technical centre
in Bangalore will be its powerhouse for developing
future technologies and shaping new cars.
• Ford Motor Co: It exports 58 per cent of the total
production from India.
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
Indian Auto Industry is witnessing more JVs and acquisitions than ever.
• M
ergers, acquisitions and joint ventures have
continued to be the driving force in the Indian
automobile industry in sync with the dynamics of an
open market. Leading automobile companies have
either set up their own manufacturing base in India or
have tied up with Indian automotive firms to roll out
new products from Indian market. The list includes
International, MAN, Daimler, Toyota, Nissan, Renault,
Fiat, Honda, Kawasaki, Cummins and many more.
During the first half of 2008, Daimler AG bought 26
per cent stake in Sutlej Motors.
• Indian companies have also been bullish in acquiring
foreign automobile companies to reinforce their
presence in the global market. The landmark deal in
the first half of 2008 has been Tata Motors’ acquisition
of Jaguar-Land Rover from Ford for US$ 2.30 billion.
During this period M&M acquired three Italian
companies - GR Grafica Ricerca, Metalcastello and
Engines Engineering.
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
• India compares favourably with other low cost India Brazil China Thailand
countries in productivity adjusted labour cost Labour cost (US$/hour) 0.75 4.2 0.75 0..8
• Indian labour productivity in the manufacturing Labour cost (US$/day)* 6 33.6 6 6.4
sector is on an increase with the application of Productivity index** 1.0 2.0 1.0 1.2
production management techniques and many Productivity adjusted 6 16.8 6 5.33
companies have doubled their productivity labour cost (US$/day)
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
• R
ecent downturn across the global economy has Power costs
forced the central banks of major countries to slash Country Cost per kwh (US$)
lending rates. India 0.14
Brazil 0.05
• P
ower cost in India is the highest amongst the
China 0.03
competing countries Thailand 0.11
• H
owever, power cost accounts for around
3 per cent of the overall cost structure, hence not
a significant disadvantage Interest costs
• P
ower costs in India varies by state and Country Annual lending interest rate
is as low as US$ 0.1 in states like Maharashtra India 10-11%
Brazil 14-16%
• W
ith privatisation and competition in the China 5-6%
emerging Indian power sector, cost of power Thailand 7-8%
is expected to come under control
• Interest rates in India are high as compared
to competing countries, but expected to soften
in the future
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
Source: Government websites, discussions with leading automotive players, IMaCS analysis
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
disadvantage vis-à-vis Thai vehicle manufacturers, Cost of vehicle of an Indian 100 100
primarily due to higher level of taxes in India. Company
Less
The cost disadvantage has reduced by 2.23 per cent Taxes and Duties Net state level -4.69% -5.36%
over last year in the case of small cars due to two levies and cascading
impact of taxes
consecutive cuts in excise duty announced by GOI in
Import duty on -0.1% -0.1%
FY 2008-2009. raw materials
Corporate taxes -0.2% -0.20%
• H
owever the large market potential and steady
Total -4.79% -5.46%
growth of the Indian market more than makes Industry costs Power & fuel -1.26% -1.11%
up for this disadvantage. Labour cost -0.3% -0.5%
Cost of funds -0.5% -0.66%
Total -2.06% -2.27%
Cost disadvantage -6.85% -7.73%
for India
Economies of scale no diff no diff
Total cost -6.85% -7.73%
disadvantage for
India
Source: Government websites, discussions with leading automotive players, IMaCS Analysis
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
Source: Government websites, discussions with leading automotive players, IMaCS Analysis
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
Conclusions
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IN D I A A S A M A N U FAC T U R I NG HUB
AUTOMOTIVE INDUSTRY • December 2008
Conclusions
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AU TO M OT I V E I N D U S T RY
December 2008
DISCLAIMER
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Services Limited, IMaCS (“Authors”). professional advice.
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Neither the Author nor IBEF shall be liable for any direct or
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on the part of the user due to any reliance placed or guidance
This presentation is for information purposes only. While due taken from any portion of this presentation.
care has been taken during the compilation of this presentation
to ensure that the information is accurate to the best of the
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