EMIS Insights - India Automotive Sector Report 2020 3rd Quarter PDF

INDIA
AUTOMOTIVE
SECTOR 2020 Q3
Including 5-Year Forecast
An EMIS Insights Industry Report
Any redistribution of this information is strictly prohibited.

Copyright © 2020 EMIS, all rights reserved.
CONTACT US www.emis.com FOLLOW US

ABBREVIATIONS
ACMA Automotive Component Manufacturers Association of India
AMP Automotive Mission Plan
BS-VI Bharat Stage-VI (Emission Standards)
BSE Bombay Stock Exchange
CNG Compressed Natural Gas
D&B Dun & Bradstreet
ET The Economic Times
EVs Electric Vehicles
GNCAP Global New Car Assessment Programme
GVW Gross Vehicle Weight
LCV Light Commercial Vehicles
M&HCV Medium and Heavy Commercial Vehicles
NBFCs Non-Bank Financial Companies
OEM Original Equipment Manufacturer
OICA International Organization of Motor Vehicle Manufacturers
PVs Passenger Vehicles
SIAM Society of Indian Automobile Manufacturers
STUs State Transport Utilities
SUV Sport Utility Vehicle
UV Utility Vehicle

FOREWORD p.5
CONTENTS 01 EXECUTIVE SUMMARY

Sector in Numbers
Sector Overview
p.6
Sector Snapshot
Driving Forces
Restraining Forces
02 SECTOR OUTLOOK p.13

Microeconomic Outlook
Economic Sentiment
Total and Passenger Vehicle Sales
Commercial Vehicle Sales
Two- and Three-Wheeler Sales
03 SECTOR IN FOCUS p.20

Quarterly Update
Focus Point – India Automotive Q2 2020
Quarterly Summary
Sector Highlights
Main Sector Indicators
Passenger Vehicle Performance
Commercial Vehicle Performance
Two-Wheeler Performance
Three-Wheeler Performance
Top M&A Deals
M&A Activity, Jun 2018 – Jun 2019
04 COMPETITIVE LANDSCAPE p.35

Timeline India Automotive
Highlights
Top Companies
05 COMPANIES IN FOCUS p.39

Tata Motors Ltd
Maruti Suzuki India Ltd
Hero MotoCorp Ltd
CONTENTS Ashok Leyland Ltd

Bajaj Auto Ltd
06 REGULATORY ENVIRONMENT p.58

Government Policy
07 PASSENGER VEHICLES p.61

Highlights
Main Events
Production
Sales
Domestic Sales
Exports
08 COMMERCIAL VEHICLES p.68

Highlights
Main Events
Production
Sales
Domestic Sales
Exports
09 TWO- AND THREE- p.75

WHEELERS
Highlights
Main Events
Production
Sales
Exports
10 AUTO COMPONENTS p.81

AND PARTS
Highlights
Statistics
INDIA AUTOMOTIVE SECTOR 2020 Q3
Foreword
India knows it must embrace electric vehicles (EVs) fast, if it
is both to achieve a global edge in automotive sales and to
meet its emission norm targets. But a recent slump in
consumer sentiment and the abrupt rollout of reforms have
caused substantial short-term pain.
Boryana Nedyalkova
Editor,
Asia
In March 2019, the Indian government abruptly rolled out a scheme known as FAME II*, reducing the
purchase price of hybrid and electric vehicles, with a focus on vehicles used for public or shared
transportation, such as buses, rickshaws and taxis, as well as private two-wheelers. However, half of
the components of vehicles qualifying under the scheme must be produced in India – a move that
might be beneficial to the industry in the long term, but created immediate chaos. As if they did not
have enough trouble with the sharp drop in vehicle sales that ensued between April and June 2019,
manufacturers had also to refit with locally-made parts the machines they had already produced.
In spite of these difficult beginnings, India’s persistence in adopting EV policies is laudable. So are its
regulations on emission norms and vehicle safety. FAME II is the sequel to a policy adopted in 2015.
Two years after the adoption of FAME I, though, EVs were still at a nascent stage in the country, with
only 2,000 of them sold in 2017, according to data published by the International Energy Agency (IEA).
Nevertheless, the country was Asia’s second-largest EV market after China in the same year.
At the close of the fossil fuel era, India knows it has to embrace EVs fast. For one thing, doing so
would give it a global edge in EV sales when large-scale demand from elsewhere in the world kicks in.
And, for another, it would help the country solve its own problems with greenhouse-gas emissions,
which are measured by standards replicating those in the EU – even though both climate and average
driving speeds are very different.
To deal with this, the country has no other option but to be at the forefront of EV adoption. The
government has also been working systematically to improve fuel efficiency and vehicle safety, in a
rounded approach that will take a few years to bear fruit.
*Faster Adoption and Manufacturing of Electric Vehicles in India

An EMIS Insights Industry Report CONTENTS
01
EXECUTIVE
SUMMARY

Copyright © 2020 EMIS, all rights reserved. 6
01 EXECUTIVE SUMMARY CONTENTS
Sector in Numbers*
7.5% 37mn No. 4

Passenger Car
Contribution Direct and Indirect Manufacturer
to GDP Employees Globally (2018)
No. 2 No. 3 No. 7

Bus and Coach Heavy Truck Commercial Vehicle
Manufacturer Manufacturer Manufacturer
Globally (2018) Globally (2018) Globally (2018)
31mn 79% 85%

Total Vehicle Share of Two- Share of Domestic
Sales Wheelers in Total Sales in Total Sales**
Sales
*Unless otherwise stated, figures are for FY2019.

**Total sales include domestic sales and exports.
Source: ET, OICA
INDIA AUTOMOTIVE SECTOR 2020 Q3 7

Sector Overview
The automotive industry is the backbone of the Indian heavy industry, related with the steel,
aluminium, rubber, plastic and glass manufacturing industries, amongst others. Sectors such as
logistics, banking and insurance, repair services, and fuel retail, are also closely linked with the
performance of automotive manufacturing. The latest statements by the Society of Indian Automobile
Manufacturers (SIAM) – the main industry association – put the automotive sector’s contribution to
Indian GDP at 7.5% and the number of its direct and indirect employees at some 37mn people. The
figures apparently refer to FY2019. The government plans to increase the former percentage to 12%,
and the latter number to around 100mn in FY2026. However, FY2019 saw a substantial decline in the
y/y growth rates of production and sales alike, compared to the double-digit growth rates recorded in
FY2018. For example, overall vehicle sales rose by 6.5% y/y in FY2019 after having improved by 14.5%
y/y in FY2018. A wide-ranging set of factors, both industry-specific and macro, have contributed to this
decline.
Entry Modes
The Indian government first opened up the automotive sector to foreign investment in 1991 as part of
the far-reaching economic liberalisation reforms it introduced at the time. As of FY2019, 100% FDI
“under the automatic route”, i.e. without special approvals, is allowed in the automotive industry in
India. Foreign entities can set up their business operations in the country as incorporated or
unincorporated entities. The legal forms of incorporated entities include the Private Limited Company
and the Limited Liability Partnership, while unincorporated entities include the Liaison Office, the
Branch Office and the Project Office, amongst others. In the automotive industry, the most effective
way to enter is through joint ventures with existing players and by setting up local manufacturing
facilities or buying existing ones.
Segment Opportunities
The Indian automobile market is extremely price-sensitive and setting up local manufacturing
facilities allows foreign companies to compete on cost with local players targeting the mass car
market. Direct car imports are limited to the premium segment, targeting higher-income customers.
Separately, over recent years, the government has adopted policies favouring petrol over diesel
engines for passenger cars. In the CV segment, hybrid or electric vehicles seem to be in demand, not
only because of the large carbon footprint of the commercial vehicle segment, but also because of the
various incentives the government has put in place to encourage a transition to electric commercial
vehicles. Passenger EVs, as well as locally made auto components, are also segments that will enjoy
support and are likely to grow impressively in the foreseeable future.
Government Policy
As noted above, the government has ambitious growth plans for the sector and, generally, its policies
are very supportive. However, it does tend to introduce reforms overnight, affecting company and
sector performance, as well as consumer sentiment. In 2019, it adopted a scheme reducing the
purchase price of hybrid and electric vehicles, if at least half of their components are locally sourced.
It also decided to leapfrog from BS-IV to BS-VI emission norms*, effective April 1, 2020. The
government aims for the automotive sector to generate 12% of GDP and create 65mn additional jobs
by 2026.
Source: EY, Mint, Financial Express, ET *”BS” stands for “Bharat Stage”, referring to the Indian system of emission norms.
BS-IV and BS-VI are roughly equivalent to the EU’s Euro 4 and Euro-6 norms.
Sector Snapshot
India Automotive
Sector
PRODUCTION
Total Vehicle Sales:
30.9mn units
Two-Wheelers: 24.5mn units
EXPORTS PVs: 4mn units
CVs: 1.1mn units
INR 594.15bn Three-Wheelers: 1.3mn units
Vehicle Export Value
4.6mn units
Vehicle Export Volume
~INR 967bn
Auto Component Exports
IMPORTS DOMESTIC MARKET

INR 25.5bn 26.3mn units
Vehicle Import Value Total Vehicle Domestic Sales
~INR 1.12tn
Auto Component Imports
KEY PLAYERS’ NET REVENUES DOMESTIC VEHICLE SALES AUTO COMPONENT

Two-Wheelers: SALES
1. Tata Motors – INR 2,992bn 21.2mn units ~INR 243tn*
2. Maruti Suzuki India – INR 861bn PVs: 3.4mn units
3. Hero Motocorp – INR 340bn CVs: 1mn units
4. Ashok Leyland – INR 332bn Three-Wheelers:
5. Bajaj Auto – INR 303bn 701,000 units
Note: Data for FY2019
*Data for 2018
Source: SIAM, CEIC, ACMA, Company Data, Directorate General of Commercial Intelligence and Statistics

Sector Snapshot: India Automotive

In 2018, India remained the world’s fourth-largest automotive market, having overtaken Germany in
2017, according to figures from the International Organization of Motor Vehicle Manufacturers (OICA)*.
China, the US and Japan ranked first, second, and third, respectively. India accounted for some 4.6% of
global new vehicle sales in 2018.
In FY2019, according to SIAM, the local industry body, the Indian automotive industry achieved growth
in the total figures for production, overall sales, domestic sales and exports alike, but the growth
rates were slower than those reported in FY2018. Moreover, there were declines in various individual
segments, which made Indian automobile manufacturers describe FY2019 as negative for the sector.
Total vehicle production, including two- and three-wheelers, came to 30.9mn units in FY2019,
compared to 29mn in FY2018. Total vehicle sales stood at 31mn units in FY2019, up from 29mn units in
the previous year. The sector reported domestic sales of 26.3mn units in FY2019, compared to 25mn
units in FY2018. Exports, on the other hand, reached 4.7mn units in FY2019, up from just 4mn in the
previous year.
However, passenger car sales, for example, declined by 0.8% y/y, while SUV sales registered 1%
growth over the same period. Total sales of commercial vehicles were up by 16% y/y, but there was a
0.82% drop in the number of vehicles sold in the passenger-carrying sub-class of the medium and
heavy commercial vehicle (M&HCV) category – that is, buses and coaches of GVW of up to 49 tonnes.
Total two-wheeler sales increased by 6.3% y/y in FY2019, compared to 15.5% growth in the previous
year. Within this category, however, scooter sales rose less than 1% y/y while moped sales increased
by just 2.3% y/y in FY2019. In exports, y/y declines were observed for passenger cars (11.4%), utility
vehicles (UVs, 4.8%), light commercial vehicles (2.9%), passenger-carrying M&HCVs (32%) and mopeds
(4.2%).
The automotive sector is dominated by two-wheelers, which – in terms of vehicle numbers – claimed
79.3% of total production and 79.2% of total sales, including 71% of exports, in FY2019. Passenger
vehicles are the next best-performing category, accounting for 13% of both production and sales, as
well as 15% of exports, in FY2019. India’s automotive sector caters mostly for the domestic market,
with total vehicle domestic sales claiming a share of 85% of total sales in FY2019. In all, 83% of
passenger vehicles, 91% of commercial vehicles, 87% of two-wheelers and 55% of three-wheelers were
absorbed by the domestic market in FY2019. India is a net vehicle exporter, reporting low levels of
automotive imports, partly because of the country’s long-standing manufacturing traditions and
established manufacturers, and partly because of the government’s drive, through the Make in India
initiative, to persuade foreign manufacturers to produce vehicles in the country. The government has
been making efforts to improve air quality in the country by boosting fuel efficiency and stepping up
incentives for the introduction of hybrid and electric vehicles. Calendar 2019 is the last year before
India adopts the BS-VI emission standards on April 1, 2020.
*OICA provides data on passenger cars, light commercial vehicles, heavy trucks, and buses and coaches.
Source: SIAM

Driving Forces
India has the second-largest population in the world after China, but just 2% of that population own a
car, compared to 17% in the neighbouring Southeast Asian region. This, coupled with India’s generally
expanding economy and rising incomes, makes the outlook for the Indian automotive industry
promising. The government considers the automotive sector a key driver of manufacturing growth and
job creation. It allows FDI of up to 100% automatically, which has helped attract the major
international companies. The country’s federal authorities have announced plans to make India an
important global automotive production hub by creating favourable business conditions in the
country and increasing infrastructure spending. In recent years, the government has made efforts to
reduce India’s carbon footprint by steering the national fleet towards petrol cars and promoting the
deployment of electric vehicles in the country.
External
The political uncertainty India experienced before the general elections of April-May 2019 has ended,
which bodes well for Indian industry – including the automotive industry. A major driving factor for car
sales in India is that its population is young and urbanising, adopting Western-style consumption
patterns. Indians are novelty-driven but price-sensitive car buyers, who have recently become less
inclined to buy cars. This is not only due to slowing economic growth, but also because of the liquidity
crunch faced by non-bank financial companies (NBFCs), which are the main providers of consumer
loans for vehicle purchase in the country. The BS-VI emission norms India will adopt at the beginning
of FY2021 are expected to cause an initial slowdown in sales, but in the medium term are expected to
result in renewal of the Indian vehicle fleet, with plenty of opportunities for both vehicle and
component manufacturers. In parallel, government spending on road infrastructure is likely to
improve the highway network, which will also affect car demand.
Internal
Some of the world’s largest automotive conglomerates have established manufacturing plants in
India, bringing know-how into the country, and created solid supply-chains. This trend has been
encouraged by government programmes such as Make in India, among others. Other political
initiatives, such as FAME II – a programme reducing the purchase price of hybrid and electric vehicles
for personal and shared transportation – are expected to increase the demand for EVs in the country.
New requirements on fuel efficiency and safety features in vehicles, which the government has
recently adopted, are hoped to make vehicles more environment-friendly and less vulnerable in the
event of accident. The Indian domestic market is dominated by two-wheelers, which are considered
cheaper to maintain and more maneuverable than bigger vehicles. With India’s national highway
system expanding and its middle class on the rise, it may be expected that at least some owners of
two-wheelers will switch to passenger cars. Two-wheelers are also India’s largest automotive exports,
and demand in its main markets, in Asia, Africa and Latin America, is unlikely to decline permanently
in future.
Source: Ashok Leyland, D&B, EY

Restraining Forces
In FY2019, its second half in particular, the Indian automotive industry faced a flagging rate of
domestic demand and declining exports, in certain segments at least. Analysts are not unanimous as
to what brought about the low consumer sentiment on the domestic market. It might have been a
reaction to the general elections held in April and May 2019, a cyclical slowdown, or a liquidity crunch
related to the crisis experienced by NBFCs. Or, it might have been a slump associated with the
simultaneous introduction of various incentives to buy EVs, which are being advertised as the “Next
Big Thing”, but which still lack the infrastructure needed to really gain a foothold in the country. In
addition, fuel prices have gone up during the year, which increased the running costs of traditional
cars in India. This combination of factors may be behind the “wait and see” attitude that Indian
consumers have recently adopted.
External
In FY2019, the Indian automotive sector grappled with subdued consumer demand on the domestic
market, alongside falling exports in several segments, caused by the fluid global macroeconomic
environment. Several factors dragged down the sector’s performance, including an economic growth
slowdown in India; the global volatility induced by the US-China trade war; macroeconomic stress in
parts of Latin America; civil unrest in parts of the Middle East and North Africa (MENA); disruptions in
the German automotive industry; and stricter credit policies in China. The government has been
imposing stricter environmental, fuel-efficiency and car-safety regulations which, together with the
rising global crude oil prices, have been increasing the costs of Indian manufacturers. There is
subdued automotive demand in small towns and rural areas because of the lack of adequate
infrastructure. However, massive government investment in infrastructure might soon change this. In
rural areas in particular, demand is tied to agriculture’s performance, which depends on the quality of
the annual monsoon and thus is only partially predictable.
Internal
Consumer purchasing power in India remains lower than in many other emerging markets, which
makes India’s domestic automotive market largely price-driven. As consumers generally cannot afford
expensive vehicles, manufacturers limit their investments in new technology. On the other hand,
consumers are looking for the newest technology features, which necessitates investment in research.
The vehicle industry has been hit hard by the woes of India’s non-bank financial companies, which
had been major providers of car loans for prospective buyers. The decline in vehicle demand in India
resulted in the closure of some 300 car dealerships between April 2018 and June 2019, the UK-based
Financial Times (FT) reported. The newspaper quoting a tweet by the Indian politician Priyanka Gandhi
Vadra, warning that the slowdown has allegedly put some 1mn people working in the automotive
sector at risk of losing their jobs. Since March 2019, the decrease in sales has been aggravated by the
abrupt implementation of an EV policy that obliged manufacturers to refit already produced vehicles
with locally-sourced parts, and left consumers wondering when was the right time to buy and what
was the right type of car, given all the changes taking place simultaneously.
Source: Hero MotoCorp, FT

02
SECTOR
OUTLOOK

02 SECTOR OUTLOOK CONTENTS
Macroeconomic Outlook
Comments
The IMF retained its FY2019 GDP growth forecast for India at 6.1% but assessed risks to be on the
downside. The July projections for FY2020 growth had put the growth expectation at 7% but the
January 2020 edition of the IMF’s World Economic Outlook considerably reduced the forecast figures
to 4.8% for the current fiscal year, followed by acceleration of 5.8% and 6.5% for FY2021 and FY2022
respectively. Other Economic institutions are even less enthusiastic in their forecasts for the Indian
economy. The RBI cut its GDP growth outlook with more than a percentage point in December 2019,
estimating 2019–20 GDP growth at 5%. According to the central bank, both domestic and external
demand conditions remained weak in the second half of the fiscal year. Projections about the first
half of FY2021 are in the range of 5.9–6.3%. The consensus forecast of FocusEconomics puts economic
growth at 5.7% y/y for FY2019-20 and 6.4% for FY2020-21. This assessment is underpinned by projections
for weak private and government consumption growth. High-frequency indicators, such as passenger
car sales, two-wheeler sales, tractor sales, core sector growth and exports, which are used as a
barometer of economic activity, reflect a considerable decline in growth compared to one year ago.
Therefore, the short-term macroeconomic outlook remains bleak.
Real GDP, y/y change Consumption, Investment, and Public

Spending, y/y change
7.1% 9.4%
6.9%
6.7% 8.5% 8.5%
6.4% 8.4% 8.4%
6.9% 7.1%
5.7% 6.8%
7.1%
6.6% 6.6% 6.8%
6.1%
5.0%
4.2%
FY2019f FY2020f FY2021f FY2022f FY2023f
Private Consumption
FY2019f FY2020f FY2021f FY2022f FY2023f Fixed Investment
Public Spending
Source: IMF, FocusEconomics, CEIC

Macroeconomic Outlook (cont’d)
Total Exports and Imports, y/y change
11.9%
11.0% 10.9%
10.4% 9.8%
9.4%
5.1%
4.6%
2.5%
0.9%

Exports Imports
Current Account Consumer Price Index, y/y change

0 0.0%
4.3%
-10
-20 -50.0% 4.2%
-30 4.1%
-40 -100.0%
-50
3.9%
-52.4
-60 -150.0%
-61.6
-70 -177.1% -70.4
-192.4% 3.8%
-80 -199.8% -206.9% -200.0%
-214.1%
-90 -79.9
-91.2
-100 -250.0%
Current Account, USD bn

Current Account, % of GDP
Source: FocusEconomics, CEIC

Economic Sentiment
Comments
Consumer confidence – as measured by the future expectations index of RBI’s consumer confidence
survey for the period November 2017–November 2019 – peaked at 133.4 in March 2019 and fell
thereafter, reaching 114.5, its lowest value since March 2014. The most obvious culprits for the drop in
performance are the overall slowdown of the Indian economy and the rise of wholesale prices, which
is hampering consumption growth. Other contributory factors, according to the RBI Financial Stability
Report published in December 2019, are trade tensions, fears of a global recession, and uncertainties
on the global oil market. Consumption is likely to experience a slow revival in 2020 according to
Oxford Economics’ Country Forecast. Projections for Q2 2020 reveal an uptick in bot car and two-
wheeler sales. It is also expected that the flow of credit towards Indian consumers would increase and
thus give an additional boost to consumption recovery. In the meantime, India’s business expectation
index followed a similar pattern – peaking in March 2019 at 116.2 only to drop dramatically to 102.2 in
December 2019 – its lowest value since the global financial crisis of 2007-09. This performance
indicates that companies in India’s manufacturing sector assess the business climate as particularly
bad.
Consumer Confidence Survey (Future Business Expectation Index

Expectations Index)
135 120
130 115
125
110
120
105
115
100
110
105 95
12/2016
03/2017
06/2017
09/2017
12/2017
03/2018
06/2018
09/2018
12/2018
03/2019
06/2019
09/2019
12/2019
Source: Reserve Bank of India, CEIC, Oxford Economics

Total and Passenger Vehicle Sales
Total Automotive Sales Forecast, thou Passenger Vehicle Sales Forecast, thou
units units
36,076 4,361 4,460
34,084 4,124 4,237
32,375 11 4,054 191
30,897 30,854 10 1,401 196
8 219 207
5 7 1,338 221
1,278 1,170 1,189
1,269 1,276 1,146
1,100 1,126
27,132 28,936
24,462 24,276 25,628
2,884 2,995 3,080

2,732 2,779
1,107 1,172 1,224 1,267

1,243
4,054 4,124 4,237 4,361 4,460
FY2019 FY2020f FY2021f FY2022f FY2023f FY2019 FY2020f FY2021f FY2022f FY2023f
Passenger Vehicles Commercial Vehicles

Two-Wheelers Three-Wheelers Passenger Cars Utility Vehicles
Quadricycles Total Multi-Purpose Vehicles Total
Comments
EMIS Insights’ forecast does not see the slowdown in vehicle sales that took place in FY2019 lasting
beyond FY2020. Thus, total vehicle sales are expected to decline by 0.1% y/y in FY2020, but to rise in all
subsequent years of the forecast period – by 4.9%, 5.3% and 5.8% in FY2021, FY2022 and FY2023,
respectively. The share of the various segments in the sales mix will be essentially the same in FY2023
as in FY2019 and FY2020. Two-wheelers will still claim the lion’s share of sales, accounting for 79.2% in
FY2020 and 80.2% in FY2023. The share of quadricycles is also likely to rise marginally, from 0.02% of
total automotive sales in FY2020 to 0.03% in FY2023. The passenger and commercial vehicles, as well
as the three-wheelers are expected to slightly lose market shares between FY2020 and FY2023. That of
passenger vehicles will drop from 13.1% in FY2020 to 12.3% in FY2023, and that of commercial vehicles
will drop from 3.6% to 3.5% over the same period. Three-wheelers’ share will decrease from 4.11% in
FY2020 to 3.9% in FY2023. This implies that, despite its disadvantages for the two-wheeler subsector,
FAME II will not hamper the growth of that subsector’s sales. The data also suggest that the share of
passenger vehicles in total sales will decline slightly, which does not bode well for the performance of
passenger EVs in the country during the forecast period.
Source: EMIS Insights

Commercial Vehicle Sales
Comments Commercial Vehicle Sales Forecast, thou

units
EMIS Insights expects the government policies
relevant to the CV subsector to bear fruit over the 1,243 1,267
1,224
FY2020-FY2023 forecast period. These include the 1,172
1,107
FAME II initiative promoting EVs for mass 486 500 515
465
transport, and the transition to BS-VI emission 439
standard from the beginning of FY2021. According

to EMIS forecast, the sales of passenger-carrying
LCVs and M&HCVs will increase by 10.8% and
707 738 743 753
14.4% y/y, respectively, in FY2020 – the highest y/y 668
growth rates expected for the entire forecast

period. The sales of goods-carrying LCVs and
M&HCVs are also expected to post their highest FY2019 FY2020f FY2021f FY2022f FY2023f
growth rates for the forecast period in FY2020 - Medium & Heavy Commercial Vehicles
5.4% and 4.7% y/y, respectively. Light Commercial Vehicles
Total
Light Commercial Vehicle Sales Forecast, Medium & Heavy Commercial Vehicle
thou units Sales Forecast, thou units
738 743 753

707 515
668 486 500
465
439
674 678 685

644 447 466
612 410 429
392
56 62 65 65 67 48 55 58 53 49
Goods Passenger Total Light Commercial Vehicles Passenger Goods Total M&HCVs

Two- and Three-Wheeler Sales
Two-Wheeler Sales Forecast, thou units Three-Wheeler Sales Forecast, thou units
28,936 1,401
1,338
27,132 1,269 1,276 1,278
25,628 840 111
24,462 24,276 792 113
806 135 127 116
897 806
18,206 20,011
16,798
16,466 16,280
1,225 1,290
1,134 1,149 1,162
7,100 7,189 8,024 8,134 8,085
Scooters Motorcycles Mopeds Total Passenger Goods Total
Comments
Three-wheelers are also mostly used to carry passengers and many of them are already running on
powertrains that use alternatives to fossil fuels. Three-wheeler sales, both domestic and export, have
been on the rise since FY2017, so they may have already derived whatever benefits they could from
FAME II, their sales reaching a saturation point. Thus, EMIS Insights expects passenger-carrying three-
wheeler sales to report modest growth rates of 1.3% y/y in FY2020 and 1.1% y/y FY2021, then picking up
to 5.5% and 5.3% y/y in FY2022 and FY2023, respectively. The sales of goods-carrying three wheelers
will decline throughout the forecast period. They will drop the most in FY2020 and FY 2021, by 6% and
8.6% y/y, respectively, before moderating their rate of decline to 2.5% in FY2022 and 2% in FY2023.
Motorcycles will dominate total two-wheeler sales, accounting for 67.3% in FY2019 and 69.2% in FY2023.
The shares of scooters and mopeds in total two-wheeler sales are expected to decline marginally over
the forecast period. The sales in three segments of the two-wheeler subsector – scooters, motorcycles
and mopeds – are expected to both decline and grow in different years within the forecast period. For
example, the leading segment, that of motorcycles, is expected to post a 1.1% y/y drop in sales in
FY2020, but register growth rates of 3.2%, 8.4%, and 9.9% y/y in FY2021, FY2022, and FY2023,
respectively.

03
SECTOR
IN FOCUS

03 SECTOR IN FOCUS CONTENTS
India Automotive Q3 FY2020

(October 2019 – December 2019)
Motor Vehicle Production
-7.8% -26.8%
Passenger Commercial
Vehicle Production, Vehicle Production,
y/y change y/y change
-12.5% -13.2% -0.8%

Output Volume, Two-Wheeler Three-Wheeler
Production, Production, y/y
y/y change y/y change change
+15.1%
Quadricycle
Production, y/y change
Motor Vehicle Production by Segment, q/q change vs. y/y change

15.1%
7.4%
-0.8%
-5.1%
-5.7%
-7.8%
-12.5%
-12.5%
-13.2%
-14.5%
-26.8%
-53.8%
Passenger Vehicles Commercial Vehicles Two-Wheelers Three-Wheelers Quadricycles Total

Total: 9.01% / 0.16%
q/q change y/y change
Source: SIAM, CEIC


(cont’d)
Motor Vehicle Sales (incl.Exports)
+1.1% -18.6%
Vehicle Sales, Vehicle Sales,
-9.2% y/y change y/y change
Sales Volume -11.1% +1.8%

(including Two-Wheeler Three-Wheeler
exports), Sales, y/y change Sales, y/y change
y/y change
+18%
Quadricycle Sales,
y/y change
Motor Vehicle Sales by Segment, q/q change vs. y/y change

18.1%
18.0%
13.4%
1.8%
1.1%
-0.6%
-4.5%
-8.6%
-9.2%
-11.1%
-18.6%
-49.1%
Total: 9.01% / 0.16%

Source: SIAM, CEIC


(cont’d)
Motor Vehicle Domestic Sales
-0.5% -17.2%
Vehicle Sales, Vehicle Sales,
-12.6%
Domestic Sales -14.9% +5.7%
Two-Wheeler Three-Wheeler
Volume, Sales, y/y change Sales, y/y change
y/y change
+53.3%
Quadricycle Sales,
y/y change
Motor Vehicle Domestic Sales by Segment, q/q change vs y/y change

53.3%
26.4%
16.8%
5.7%
-0.5%
-2.7%
-4.9%
-9.9%
-12.6%
-14.9%
-17.2%
-29.6%
Total: 9.01% / 0.16%

Source: SIAM, CEIC


(cont’d)
Motor Vehicle Exports
+9.2% -32.3%
Vehicle Exports, Vehicle Exports,
+9.4% +12.9% -3.0%

Export Volume, Two-Wheeler Three-Wheeler
Exports, Exports, y/y
y/y change y/y change change
+14.4%
Quadricycle Exports,
y/y change
Motor Vehicle Exports by Segment, q/q change vs y/y change

14.4%
12.9%
9.4%
9.2%
2.4%
-1.8%
-2.8%
-3.0%
-8.9%
-16.9%
-32.3%
-51.0%
Total: 9.01% / 0.16%

Source: SIAM, CEIC

Quarterly Summary
Production
In Q3 FY2020, the automotive output volume in India reached 6.31mn units. This performance was well
below the average production volume of the preceding six quarters (Q1 FY2018 to Q2 FY2020) which
averaged at 7.56mn units. On a quarterly basis, production fell by 12.5% q/q in Q3 FY2020. Likewise, on
an annual basis, the output dropped by 12.5% compared to Q3 FY2019. The drop in production was
mainly explained by weaker domestic demand which resulted in producers’ adjusting their output
plans. At segment level, passenger vehicle production dropped by 5.7% q/q, while commercial vehicle
output increased by 7.4% y/y. On an annual basis, the output in both segments fell, by 7.8% and 26.8%
y/y, respectively. The production of two- and three-wheelers declined by 13.2% y/y and 0.8% y/y. On a
quarterly basis, the output also dropped, by 14.5% q/q and 5.1% q/q, respectively. Quadricycle
production increased by 15.1% y/y in Q3 FY 2020, contrasting its quarterly output drop of 53.8%.
Sales
The domestic market is the main destination for Indian motor vehicles. Therefore, there is a tight
correlation between the performance of domestic sales and the Indian motor vehicle industry. The
Indian automotive industry sold 5.37mn vehicles in Q3 FY2020. This was lower than the average
domestic sales volume in the period Q1 FY2019-Q2 FY2020, which was at 6.33mn vehicles. As consumer
sentiment in India remained low, domestic sales volume fell by 4.9% q/q and by 12.6% y/y in Q3
FY2020. At segment level, passenger and commercial vehicle sales grew by 26.4% q/q and 16.8% q/q,
but fell on an annual basis, by 0.5% y/y and 17.2% y/y, respectively. Two-wheeler sales decreased by
9.9% q/q and by 14.9% y/y in Q3 FY2020. Three-wheeler sales shrank by 2.7% q/q, contrasted by a rise of
5.7% y/y. Quadricycle sales reported the largest quarterly fall, 29.6% q/q, while also recording the most
significant annual increase - 53.3% y/y.
Exports
In terms of volume, the Indian automotive sector exported 1.22mn units in Q3 FY2020. Exports have a
complementary yet increasing role for the country’s automotive industry as an alternative strategy to
overcome periods of low domestic demand. The export volume fell by 2.8% q/q. However, from an
annual perspective it improved by 9.4% y/y in Q3 FY2020. In line with this trend, the share of exports
over imports grew from 15.4% in Q3 FY2019 to 19.3% Q3 FY2020. At a segment level, passenger vehicle
exports registered a quarterly fall of 8.9%, compensated by an annual increase of 9.2%. Commercial
vehicle exports fell by 16.9% q/q and 32.3% y/y. Two- and three-wheeler exports dropped by 1.8% q/q
and 2.7%, respectively. At an annual level, the same exports increased by 12.9% y/y and 5.7% y/y,
respectively. Finally, quadricycle exports recorded the largest quarterly fall of 51%, as well as the
largest annual increase, 14.4 y/y.
Source: SIAM, CEIC

Sector Highlights
 In December 2019, the South Korean car manufacturer Kia Motors opened a manufacturing plant in
Erramanchi, Anantapur district. The production capacity of the plant is 300,000 units per year. The
Korean company invested USD 1.1bn in the construction of its first manufacturing plant in the
country, creating more than 3,000 new direct jobs.
 In December 2019, Morris Garages (a British motor vehicle brand owned by the Chinese motor
vehicle manufacturer SAIC) announced plans to invest INR 30bn to implement its long-term plans
in India. The company has already spent INR 20bn in its manufacturing plant located in Halol,
Gujarat district, which started operations in July 2019. The company aims to produce and start
selling four SUV models by July 2021.
 In November 2019, the Indian ETO Motors, an electric mobility services company, announced plans
to deploy a fleet of electric cargo vehicles supplied by the Chinese electric mobility solutions
provider BYD. The first stage of this plan consists in expanding the fleet of ETO Motors by 50
electric vehicles in November and December 2019. In the second stage, the Indian company will add
4,000 more electric vehicles until the end of 2020.
 In November 2019, Suzuki and Toyota announced the creation of a joint venture for dismantling and
recycling vehicles in India. The new plant will be located in the city of Noida and is expected to
become operational by 2021. The plant will engage in recycling and optimisation using environment
friendly systems and processes.
 In October 2019, Tork Motors, an electric motorcycle manufacturer, announced that Mr. Ratan Tata,
Chairman Emeritus of the Indian holding company Tata Sons Private Limited, has decided to invest
in the company. The intended amount of investment remains undisclosed. Tork Motors will use
these funds to expand its electric motorcycle business.
 In October 2019, the Indian motor vehicle manufacturer Mahindra became the majority shareholder
of Ford Motor Co, a subsidiary of the US manufacturer Ford. The Indian company will acquire 51% of
the local subsidiary’s shares, taking control of the activities of the US company in India. The new
joint venture will produce and sell motor vehicles of the two brands. As part of the agreement,
Mahindra will gain control over the manufacturing plants owned by Ford located in Chennai and
Sanand. Moreover, being a majority shareholder of the South Korean car company SsangYong,
Mahindra is planning to include it in the alliance for developing new products (including electric
vehicles), platform sharing and global marketing.
Source: The Hindu Business Line, Economic Times, Business Today

Main Sector Indicators
Q1 FY2019 Q2 FY2019 Q3 FY2019 Q4 FY2019 Q1 FY2020 Q2 FY2020 Q3 FY2020
GDP, Current Prices, INR bn 45,306.8 46,787.3 47,843.3 50,164.2 48,926.9 49,635.5 51,888.6
GDP, Constant Prices, y/y change, % 8.0 7.0 6.6 5.8 5.0 4.5 4.7
WPI Manufactured Products, FY2012=100, end-quarter value 117.3 118.4 118.3 118.3 118.5 117.9 118.0
WPI Manufactured Products, Motor Vehicles, Trailers and Semi-
111.7 112.9 112.9 112.9 114.7 113.7 114.9
Trailers, FY2012=100, end-quarter value
Consumer Price Index, FY2012=100, end-quarter value 138.5 140.2 140.1 140.4 142.9 145.8 150.4
Total Motor Vehicle Production, thou units 8,064.7 8,580.6 7,208.2 7,060.8 7,215.5 7,212.2 6,308.7
Passenger Vehicle Production, thou units 1,025.8 1,080.3 887.2 1,034.7 903.0 867.3 818.3
Commercial Vehicle Production, thou units 272.1 287.4 258.7 294.1 232.8 176.4 189.4
Two-Wheeler Production, thou units 6,463.4 6,874.4 5,757.1 5,405.1 5,810.6 5,848.2 4,998.0
Three-Wheeler Production, thou units 302.4 336.7 304.3 325.3 267.2 318.1 301.9
Total Motor Vehicle Sales, thou units 8,137.5 8,435.3 7,262.6 7,060.0 7,282.1 6,904.5 6,592.3
Passenger Vehicle Sales, thou units 1,040.7 1,053.6 949.3 1,010.1 885.7 812.8 959.7
Commercial Vehicle Sales, thou units 254.6 285.0 259.2 308.4 219.9 186.1 211.1
Two-Wheeler Sales, thou units 6,535.9 6,755.8 5,748.2 5,421.0 5,899.5 5,591.2 5,110.0
Three-Wheeler Sales, thou units 305.5 338.8 305.0 319.4 275.0 312.1 310.4
Total Motor Vehicle Domestic Sales, thou units 6,942.7 7,211.7 6,149.8 5,962.2 6,085.4 5,651.6 5,374.3
Passenger Vehicle Domestic Sales, thou units 873.5 870.8 788.9 844.2 712.6 620.6 784.6
Commercial Vehicle Domestic Sales, thou units 230.2 257.1 235.9 284.1 208.3 167.2 195.3
Two-Wheeler Domestic Sales, thou units 5,677.3 5,891.2 4,958.3 4,653.3 5,014.1 4,682.7 4,218.2
Three-Wheeler Domestic Sales, thou units 161.7 192.6 166.5 180.2 149.8 180.9 176.1
Total Motor Vehicle Exports, thou units 1,194.8 1,223.6 1,112.9 1,097.8 1,196.7 1,252.9 1,217.9
Passenger Vehicle Exports, thou units 167.2 182.8 160.4 165.9 173.1 192.2 175.1
Commercial Vehicle Exports, thou units 24.4 27.9 23.3 24.3 11.6 19.0 15.8
Two-Wheeler Exports, thou units 858.6 864.7 789.9 767.7 885.4 908.6 891.7
Three-Wheeler Exports, thou units 143.8 146.2 138.4 139.2 125.2 131.2 134.3
Source: Reserve Bank of India, Central Statistics Office, Ministry of Commerce and Industry, SIAM, CEIC

Main Sector Indicators (cont’d)
Production, thou units Total Sales (incl. Exports), thou units

8,580.6 8,435.3
8,064.7 8,137.5
7,208.2 7,060.8 7,215.5 7,212.2 7,262.6 7,060.0 7,282.1 6,904.5
1.8 6,308.7 2.1 6,592.3
1.1 336.7 0.8
305.5 338.8
302.4 0.8 1.6 1.9 2.1 1.0 1.2 2.0
2.2 1.1
304.3 325.3 267.2 318.1 1.0 305.0 319.4 275.0
312.1 310.4
301.9
6,463.4 6,874.4 6,535.9 6,755.8
5,757.1 5,405.1 5,810.6 5,848.2 5,748.2 5,421.0 5,899.5 5,591.2
4,998.0 5,110.0
254.6 285.0 259.2 308.4 219.9 186.1 211.1

272.1 287.4
258.7 294.1 232.8 176.4 189.4
1,080.3 1,040.7 1,053.6 949.3 1,010.1 885.7 812.8 959.7
1,025.8 887.2 1,034.7 903.0 867.3 818.3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY2019 FY2019 FY2019 FY2019 FY2020 FY2020 FY2020 FY2019 FY2019 FY2019 FY2019 FY2020 FY2020 FY2020
Passenger Vehicles Commercial Vehicles Passenger Vehicles Commercial Vehicles

Two-Wheelers Three-Wheelers Two-Wheelers Three-Wheelers
Quadricycles Total Quadricycles Total
Domestic Sales, thou units Exports, thou units

6,942.7 7,211.7 1,194.8 1,223.6 1,196.7 1,252.9 1,217.9
1,112.9 1,097.8
6,149.8 5,962.2 6,085.4
0.1 5,651.6 5,374.3
0.0 2.0 2.0 1.0
192.6 0.8 1.4
161.7 146.2 0.9 0.7 131.2 134.3
0.1 0.4 0.6 143.8 125.2
166.5 149.8 0.2 138.4 139.2
180.2 0.1
180.9
176.1
5,677.3 5,891.2
4,958.3 858.6 864.7 885.4 908.6 891.7
4,653.3 5,014.1 789.9 767.7
4,682.7 4,218.2
230.2 257.1 284.1 24.4 27.9 23.3 24.3 11.6 19.0 15.8
235.9 208.3 167.2 195.3
873.5 870.8 788.9 844.2 712.6 620.6 784.6 167.2 182.8 160.4 165.9 173.1 192.2 175.1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Passenger Vehicles Commercial Vehicles Passenger Vehicles Commercial Vehicles

Two-Wheelers Three-Wheelers Two-Wheelers Three-Wheelers
Quadricycles Total Quadricycles Total
Source: SIAM, CEIC

Passenger Vehicle Performance
Production of Passenger Vehicles, thou Total Sales of Passenger Vehicles, thou

units units
1,080.3 1,053.6
1,025.8 1,034.7 1,040.7 1,010.1
949.3 959.7
55.7 887.2 903.0 867.3 56.6 885.7
49.0 61.7 55.7 57.5
818.3 51.7 812.8 30.7
278.8 51.1 39.0 36.9 41.4
280.3 23.3 273.2 267.9 31.2
303.6 261.2 297.4
236.6 274.0 262.0 260.6 334.8
302.4 261.1
696.4 745.8 669.3 711.7 729.0

599.5 590.0 568.5 636.4 655.3 583.7 594.1
492.6 520.5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Passenger Cars Sport Utility Vehicles Passenger Cars Sport Utility Vehicles
Multi-Purpose Vehicles Total Multi-Purpose Vehicles Total
Domestic Sales of Passenger Vehicles, Exports of Passenger Vehicles, thou units

thou units
873.5 870.8 844.2 192.2
182.8
788.9 784.6 173.1 175.1
167.2 165.9
712.6 160.4
55.1 0.9
55.3 56.3 1.3
620.6 29.8 0.6 0.5 41.0 0.9
50.8 38.4 0.9 1.2
234.9 229.5 40.9 38.4 38.1 36.4
217.8 259.2 43.4 56.1
30.3
224.2 278.7
220.1
143.1 136.2 150.3
583.5 586.0 520.3 528.7 128.2 116.1 126.6 118.1
447.5 476.1
370.2
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Passenger Cars Sport Utility Vehicles Passenger Cars Sport Utility Vehicles
Multi-Purpose Vehicles Total Multi-Purpose Vehicles Total
Source: SIAM, CEIC

Commercial Vehicle Performance
Production of Commercial Vehicles, thou Total Sales of Commercial Vehicles, thou

units units
287.4 294.1
308.4
272.1 285.0
258.7
232.8 254.6 259.2
219.9 211.1
189.4 123.7
114.9 115.3 176.4 115.7 186.1
108.1 106.0 99.6
100.4
89.1 79.2 60.0
48.7 50.4 55.3
164.0 172.5 178.8 169.3 159.6 184.7

152.6 143.6 139.0 154.3 140.7 130.8 151.1
127.7
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Light Medium and Heavy Total Light Medium and Heavy Total
Domestic Sales of Commercial Vehicles, Exports of Commercial Vehicles, thou

thou units units
284.1 27.9
257.1
235.9 24.4 24.3
230.2 23.3
208.3
112.4 195.3 19.0
101.6
89.2 87.5 167.2
14.1 15.8
74.4 53.8 11.2 11.3
48.2 12.1
11.6 7.2
6.2
155.5 171.7 4.8
141.1 148.4 133.9 141.5
119.0 13.2 13.9 13.0 11.8
11.2 9.6
6.8
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Light Medium and Heavy Total Light Medium and Heavy Total
Source: SIAM, CEIC

Two-Wheeler Performance
Production of Two-Wheelers, thou units Total Sales of Two-Wheelers, thou units

6,874.4 6,755.8
6,463.4 6,535.9
5,810.6 5,848.2 5,748.2 5,899.5
5,757.1 5,591.2
5,405.1 217.6 240.7 5,421.0
230.6 5,110.0
235.6 4,998.0
218.4 172.0
214.0 164.6 175.4 220.2 167.8
225.0 167.5
157.9
4,562.7 4,396.3 4,458.2
4,356.5 3,872.0 4,121.9
3,881.5 4,110.7 3,874.9 3,737.7 3,710.3
3,699.1 3,406.4 3,511.0
1,871.3 2,081.2 1,661.7 1,798.0 1,922.0 2,056.9 1,657.8 1,605.6 1,713.1

1,481.1 1,535.3 1,433.8 1,463.1 1,431.5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Scooters Motorcycles Mopeds Total Scooters Motorcycles Mopeds Total
Domestic Sales of Two-Wheelers, thou Exports of Two-Wheelers, thou units

units
5,891.2 908.6 891.7
5,677.3 858.6 864.7 885.4
4,958.3 5,014.1 789.9 767.7
207.6 237.6 4,653.3 4,682.7 3.4 4.1
10.1 3.1 3.9
4,218.2
216.8 168.1 1.6 1.9
218.3 164.3
163.4
3,651.5 3,718.7
3,170.5 3,331.8 2,915.1 744.8 739.4 790.1 795.2 802.7
3,057.7 2,708.3 701.6 680.0
1,818.2 1,934.8 1,571.1 1,514.2 1,603.2

1,377.3 1,346.5
103.7 122.1 86.7 85.7 91.4 109.9 85.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Scooters Motorcycles Mopeds Total Scooters Motorcycles Mopeds Total
Source: SIAM, CEIC

Three-Wheeler Performance
Production of Three-Wheelers, thou units Total Sales of Three-Wheelers, thou units

338.8
336.7 319.4
325.3 318.1 312.1 310.4
304.3 305.5 305.0
302.4 301.9
32.3 33.2 275.0
38.5 267.2 28.6 38.0 28.6 31.5
34.0 31.2 31.0 32.1 31.4
32.2 32.2
304.4 286.8 289.5 305.6 283.5

268.4 273.1 271.0 273.4 273.5 281.4 278.9
235.0 242.8
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Passenger Goods Total Passenger Goods Total
Domestic Sales of Three-Wheelers, thou Exports of Three-Wheelers, thou units

units
192.6 146.2
180.2 180.9 143.8 139.2
176.1 138.4 134.3
166.5 131.2
161.7 125.2
149.8 1.2 1.8
31.4 1.4 1.8 1.8
26.9 1.8
36.2 29.7 1.7
30.9 30.1
30.5
142.7 144.4 137.1 137.4

161.2 123.5 129.5 132.5
144.0 154.0 146.4
130.8 136.4
119.3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Source: SIAM, CEIC

Top M&A Deals

Top M&A Deals in the Indian Automotive Sector,* Apr 1, 2018 – Dec 31, 2019
Country of Deal Value,
Date Target Company Deal Type Buyer Stake, %
Buyer USD mn
Nomura Funds Ireland Public LTD Nomura

Funds Ireland India Equity; DSP BlackRock
Initial Public United 284.51
28/6/2018 Varroc Engineering Ltd Investment Managers Pvt Ltd.; ICICI Prudential 14.9
Offering States (Official)
Asset Management; Retail Investors; SmallCap
World Fund, Inc.; Non Institutional Investors
125
12/3/2019 Aurangabad Electricals Ltd Acquisition Mahindra CIE Automotive Ltd India 100
(Official)
92.41
1/10/2019 Ardour Automotive Pvt Ltd Acquisition Mahindra & Mahindra Ltd India 51
(Official)
65
15/10/2018 Twenty Two Motors Pvt Ltd Minority stake KWANG YANG MOTOR CO., LTD. Taiwan 25
(Market Est.)
45.71
17/5/2018 Minda Corporation Ltd Minority stake Qualified Institutional Buyers (QIBs) India 8.6
(Official)
22 Undisclose
11/12/2018 Hero Electric Vehicles Pvt Ltd Minority stake Alpha Capital Advisors Pvt Ltd India
(Market Est.) d
Canyon Point Investment Holdings Pte Ltd; ADV 19.7

17/5/2019 Tata International DLT Pvt Ltd Minority stake Hong Kong 50
Partners Ltd (Official)
Open Market Undisclose 19

1/10/2019 Wheels India Ltd Undisclosed 10.4
Purchase d (Official)
15 Undisclose
4/6/2018 Divgi TorqTransfer Systems Pvt Ltd Minority stake Oman India Joint Investment Fund India
(Market Est.) d
10.26
17/6/2019 Maharashtra Scooters Ltd Minority stake Bajaj Holdings & Investment Ltd India 27
(Official)
Undisclose
2/7/2019 Skavionn Auto Pvt Ltd Minority stake SucSEED Venture Partners; Angel investors India Undisclosed
d
Eagle10 Ventures; Blue Hills Capital; Buyer(s) Undisclose
4/4/2019 Pi Beam Labs Pvt Ltd Minority stake India Undisclosed
unknown d
Harita Ltd; Harita Venu Private Limited;

Harita Cheema Private Limited; Harita
14/2/2019 Merger Minda Industries Ltd India Undisclosed 100
Financial Services Limited; Harita Seating
Systems Ltd.
30/1/2019 Telematics hardware business of KPIT Acquisition Minda Industries Ltd India Undisclosed 100
Undisclose
27/9/2018 E14 Technologies Pvt Ltd Minority stake Indian Angel Network (IAN) India Undisclosed
d
23/8/2018 Pithampur manufacturing facility Acquisition Force Motors Ltd India Undisclosed 100
* NAICS Codes: 3361, 3362, 3363

Source: EMIS DealWatch

M&A Activity, Apr 2018 – Dec 2019
Number and Value of Deals Deals by Type

Acquisition
345.22
25.0%
3 Merger 6.3%
2 125.00
3 3 111.41 Initial Public
2 87.00 2 Offering
6.3%
29.96 1
0.00 0.00 Minority
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Stake 56.3% Open Market
FY2019 FY2020 Purchase
6.3%
Number of Deals Value of Deals, USD mn
Deals by Country of Investors Deals by Deal Value
100-300mn;
12.5%
Hong Kong Undisclosed;

6.3% 37.5%
Taiwan 6.3% 50-100mn;

12.5%
United States
6.3%
India 75.0%
Undisclosed
6.3%
0-50mn;
37.5%
Source: EMIS DealWatch

04
COMPETITIVE
LANDSCAPE

04 COMPETITIVE LANDSCAPE CONTENTS
1945
Timeline India
Market Players
Vehicle manufacturer
Automotive Tata Motors is set up.
Sector
1948 Market Players
1981 Market Players Commercial vehicle manufacturer

Ashok Leyland Ltd is established.
Maruti Suzuki India Ltd (MSIL), India's largest motor
vehicle manufacturer by volume as of FY2019, is
established.
1984 Market Players
Two-wheeler manufacturer Hero

Motocorp Ltd is set up.
1985 Development Milestones
The government partially deregulates the automotive

industry, which drives capacity expansions. 1991 Development Milestones
The government introduces full sector deregulation.
The government allows automatic approval for

automotive sector FDI up to 100%, with no
minimum investment requirements. India launches the National Mission for

Electric Mobility 2020.
India launches the Make in India initiative

to encourage local manufacturing.
India adopts an Automotive Mission Plan 2016-2026,

aimed at promoting safe and efficient mobility for
all Indians.
2018 Market Players
Tata Motor Sets Up an EV Division.

The Indian government introduces FAME II, a sequel to the

FAME I policy of 2015. Under FAME II, EVs for personal and
2020 Development Milestones shared transportation with 50% local content are eligible
for price reductions, benefitting individuals or companies
The Indian government implements the Bharat adopting them.
Stage VI (BS-VI) emission standards, in an effort
to improve air quality in the country in line with
its international commitments.
Source: Company Data, Mint, Financial Express

Highlights
Overview
The vehicle and automotive component manufacturing is recognised as one of the key sectors of the
Indian heavy industry and as such receives considerable government attention. According to the
government-sponsored Make in India portal, which promotes foreign investment in the country, India
is home to at least five highly organised automotive and auto component manufacturing clusters.
Clusters typically include the manufacturing plants of several industry players, are close to ports, and
have good supporting infrastructure and reliable power and water supply. The five clusters are located
in Chakan in the western state of Maharashtra; in Oragadam in the southern state of Tamil Nadu; in
the National Capital Region* (NCR); in Sanand in the westernmost state of Gujarat; and in Pithampur
in the state of Madhya Pradesh, central India.
Market Structure
In terms of total sales – that is, numbers of vehicles sold, including both domestic sales and exports –
two-wheelers are the leading category, with a share of 79% in FY2019. Passenger vehicles (PVs) came
next with 13%, followed by three-wheelers with 4% and commercial vehicles (CVs) with 3.6%. The PV
segment in India is home to no more than 20 players, the top four of whom together account for
some 74% of total sales per year. CV manufacturing is also fairly consolidated, with the top three
players accounting for some 88% of the segment sales. The two leading two-wheeler manufacturers
had a combined 54.7% share on the domestic market in FY2019. EV manufacturing is at a nascent
stage, but the government has been making efforts to encourage production. Thus, if EVs really gain a
foothold, the Indian market may experience a permanent shift that some manufacturers will struggle
to recover from.
Main Players
The top four players in the Indian PV manufacturing segment are Maruti Suzuki India Ltd (MSIL),
Hyundai Motors India Ltd (HMIL), Ford India and Mahindra & Mahindra Ltd. Mahindra is also one of
the first and largest manufacturers of EVs in the country, having bought EV maker Reva in 2010, while
Tata Motors established its EV division in 2018. Tata Motors, Mahindra & Mahindra, and Ashok Leyland
are India’s top three CV manufacturers. Hero MotoCorp Ltd and Bajaj Auto Ltd claimed 36% and 18.7%
of domestic two-wheeler sales in FY2019, respectively. Bosch Ltd, Motherson Sumi Systems Ltd, Bharat
Forge, Sundaram Fasteners, Sundaram Clayton and Wheels India are among the major auto
component manufacturers in the country. The automotive clusters in Maharashtra and Tamil Nadu
are the largest among the five, housing the biggest number of auto component manufacturers.
*NCR is a rural-urban region comprising the National Capital Territory of Delhi and several surrounding districts from the
States of Haryana, Uttar Pradesh and Rajasthan.
Source: D&B, Make in India

Top Companies
Top Companies by Total Operating Revenue
1. Tata Motors
INR 3,245,633mn
2. Mahindra & Mahindra

INR 1,047,206.8mn
3. Maruti Suzuki India
INR 860,685bn
4. Motherson Sumi Systems

INR 635,228.8mn
5. Hyundai
Motor India
INR 398,716.3mn
6. Hero MotoCorp
INR 339,708.2mn
7. Ashok Leyland
INR 331,968.4mn
8. Bajaj Auto
INR 302,499.6mn
9. Sundaram Clayton
INR 215,478.9mn
10. TVS Motor Company

INR 201,599.9mn
Source: EMIS Company Database

05
COMPANIES
IN FOCUS

05 COMPANIES IN FOCUS CONTENTS
Tata Motors Ltd
Income Statement, INR bn

6.2
1.1 1.1
-1.0
185.6
178.4
177.6
172.0
162.1
151.9
133.5
130.2
113.6
108.7
108.4
100.0 -10.4
-12.8
Jun-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19
Revenue Expenditure Net Profit
Quarterly Update
According to the standalone quarterly results of Tata Motors Ltd (TML) – the Indian operation of Tata
Motors Group – the company’s revenues fell by 33.1% y/y in Q3 FY2020 that ended in December 2019.
On the other hand, its revenues increased by 8.4% q/q due to the bad performance of the company in
Q2 FY2020. The same negative factors that affected the company in the first six months of FY2020
persisted in Q3 2020. These included weak domestic demand in a context of general economic
slowdown, higher axle load requirements, liquidity stress and low freight availability for cargo
operators. In line with this, motor vehicle sales volume (including domestic and export sales)
decreased by 24.6% y/y to 129,185 units in Q3 FY2020. Domestic motor vehicle sales volume alone fell
by 23% y/y. At segment level, passenger and commercial vehicle sales volume fell by 26% y/y and 24%
y/y, respectively.
Guenter Butschek, CEO of TML, told media at the end of Q3 FY2020 that the company had successfully
applied a stock reduction strategy with two objectives, in particular, to adapt faster to the slowing
trend in domestic consumption and to get ready for a smooth transition to BS-VI emission standards.
Sales during the festive months of Q3 FY2020 were not enough to boost the company’s overall
performance. Domestic sales are expected to grow in the coming quarters as infrastructure
investments from the government accelerate their pace.
Source: Bombay Stock Exchange, Company Data

Tata Motors Ltd (cont’d)
Highlights
In July 2017, TML launched a programme called Turnaround aimed at strengthening the company’s
position on the domestic market. According to TML management, the programme has been yielding
positive results. For instance, in the commercial vehicles segment, which is the backbone of its
domestic business, the company has maintained its leadership position in the industry with a market
share of 45.1% in FY2019. The segment reported a 17.2% volume growth y/y, which is quite robust,
especially if considered in the light of weaker performance in H2, when sector performance generally
was subdued as a result of more stringent axle load norms, liquidity crunch and lower demand. In the
passenger vehicles segment, TML achieved its highest unit sales and market share in five years. The
company launched its Nexon, the only car in India with a 5-star safety rating from GNCAP (the Global
New Car Assessment Programme) and the second-best selling SUV in India, according to TML‘s annual
report. Tata’s Harrier SUV was launched in January 2019, and over 10,000 vehicles were sold by July the
same year. In FY2019, TML pursued a strategy of increasing the exports of vehicles of Tata and other
company’s brands to both new and existing markets. The company reported net loss at the end of the
year, but this was mostly explained by reduced profitability of Jaguar Land Rover, increased marketing
expenses and higher depreciation and amortisation expenses related to significant capital
expenditure incurred in prior periods.
Income Statement, Consolidated, INR bn Balance Sheet, Consolidated, INR bn
14.7% 14.9%
2.14
12.5%
12.0%
2,737.54
2,386.58
3,071.95
370.96
9.1%
2,671.41
2,776.61
2,663.45
1.23
315.01
1.12
2,744.92
2,954.09
584.75
0.95
433.80
384.11
2,991.91
0.76
3,313.51
413
392
139.86
116.78
353
344
273
960
90.91
75.57
-289.34
607
585
567
794
FY2015 FY2016 FY2017 FY2018 FY2019 FY2015 FY2016 FY2017 FY2018 FY2019
Total Assets Shareholders' Equity
Net Revenues EBITDA
Net Profit EBITDA Мargin Net Debt Net Debt/EBITDA
Source: EMIS Company Database, Company Data

Highlights Revenue by Key Businesses, FY2019

The Indian vehicle manufacturer and importer
Tata Motors was established back in 1945 as part
of the industrial conglomerate Tata Group. Tata
Motors Ltd (TML) is a subsidiary of Tata Motors Jaguar Land
Group, catering primarily, but not exclusively, to Rover 23%
the Indian market. Tata Motors
Ltd
(Standalone)
TML’s portfolio includes vehicles ranging in GVW 74%
from less than 1 tonne to 49 tonnes, and in type
from trucks through small, medium, and large
TMF
buses and coaches, to passenger vehicles. The Holdings Ltd
company is a leader in India in CV sales, claiming 2%
a 45.1% market share in FY2019, which translated Others 1%

into 468,788 vehicles sold. TML’s share of India’s
passenger vehicle segment in FY2019 was 6.3%,
up from 5.7% in the previous year.
Revenue by Geographical Region,
TML is also India’s largest original equipment FY2019, %
manufacturer (OEM), operating manufacturing
facilities and R&D and design centres in nine US 17%
Rest of
locations – six in India, and the other three in the Europe 16%
UK (TMETC), Italy (Trilix) and South Korea (TDCV).
TML has been a truck exporter for more than 50
years, with markets in 45 countries as of FY2019,
UK 16%
according to the company’s annual report. Rest of the
World 17%
TML boasts a global network of 134 subsidiaries,
associate companies and joint ventures, including
Jaguar Land Rover (JLR) in the UK and Tata
Daewoo in South Korea. JLR became part of the China 10%
Tata Group in 2008.
India 23%
Source: Company Data

Sales of Tata and Other Brand Vehicles
FY2018 FY2019
Number of Vehicles % Number of Vehicles %
Passenger Cars 140,815 20.8 130,887 17.2
Utility Vehicles 78,459 11.6 103,613 13.6
Light Commercial Vehicles 285,857 42.3 334,005 43.8
Medium and Heavy

170,695 25.3 193,281 25.4
Commercial Vehicles
Total 675,826 100 761,786 100
Income Statement of Tata Motors Balance Sheet of Tata Motors Group*,

Group*, Consolidated, INR bn Consolidated, INR bn
0.12
251.8%
0.09
178.7%
2,991.91
2,893.86
3,313.51
3,071.95
695.64
632.78
354
276
90.91
960
607
-287.24
FY2018 FY2019 FY2018 FY2019

Net Revenues EBITDA
*Includes the financials of Tata Motors Ltd and its subsidiaries, associates, joint ventures and joint operations.

22.4
18.0
15.6
14.9 14.4
13.6
224.3
214.6
207.1
197.2
196.7
192.0
190.3
186.3
177.6
177.3
169.9
154.1
Quarterly Update
Maruti Suzuki India Ltd (MSIL) reported revenue of INR 207.1bn in Q3 FY2020, ending in December 2019.
This represented an annual increase of 5.3% - the best performance among the top five companies in
the Indian motor vehicle industry. In line with this, the company’s revenue grew by 21.9% q/q in Q3
FY2020.
The performance was mainly the result of improved sales in spite of the overall declining trends in
the Indian automotive sector. Total sales, including domestic and exports, rose by 2% y/y to 437,361
units. Domestic sales were the main sales component with a volume of 413,698 vehicles and an annual
increase of 2% y/y. This was complemented by satisfactory exports which rose by 2.7% y/y to 23,663
units. At a segment level, compact vehicles was the main segment of domestic sales with 218,780
units, up by 16% y/y in Q3 FY2020. Likewise, the sales of utility vehicles increased by 8.7% y/y, reaching
a volume of 70,120 units. Mini passenger vehicles recorded a 13% y/y decline in sales with a volume of
78,726 units.
According to the company, the good result was due to cost reduction efforts, lower operating
expenses, lower commodity prices and reduction of the corporate tax rate. However, higher sales
promotion expenses, higher depreciation and lower fair value gains on invested surplus undermined
MSIL’s performance.


(cont’d)
Highlights
In FY2019, Maruti Suzuki sold a total of 1,753,700 vehicles on the domestic market, up by 6.1% y/y. This
comprised 1,729,826 passenger vehicles, an increase of 5.3% y/y, and 23,874 LCVs – a y/y surge of no
less than 138%. Exports amounted to 108,749 vehicles in FY2019. Total sales in the year thus stood at
1,862,449 vehicles, up by 4.7% y/y, MSIL reported in the press release that accompanied the filing of its
FY2019 financial results with the BSE.
According to the company’s statement, FY2019 was a difficult year because of adverse foreign
exchange rates and an increase in commodity prices which raised input costs for vehicle
manufacturing. The overall market was slow, so activity had to be supported by higher sales
promotion spending, which, however, was partially offset by cost reduction efforts.
Indeed, according to the Moneycontrol website, it was precisely due to these cost control efforts that
results for Q1 FY2020 (April-June) exceeded the estimates of Goldman Sachs. The investment bank had
trimmed its FY2021 earnings forecast for MSIL, although it emphasised that it still remains the best-
positioned automotive stock going into BS-VI transition.
0.04
25.2% 0.04
639.69
602.48
14.7%
519.61
13.4% 12.8%
471
427.26
12.2%
820.41
426
306
344.79
651.06
773.16
371
860.69
560.52
243
0.00
164
0.00
121
78.80
110
76.49
75.10
2.88
0.27
4.60
0.47
104
54.97
0.00
38.07
68
-0.30
Net Revenues EBITDA
Source: EMIS Company Database, Company Data, Moneycontrol


(cont’d)
Highlights Sales, units

Maruti Suzuki India Ltd (MSIL) was set up in 1981
as a joint venture between the Indian government 1,862,449
and the Suzuki Motor Corporation (SMC) of Japan.
108,749
SMC owned some 56% of the company in 2018. 1,779,574
MSIL is India’s largest vehicle manufacturer, 126,074

producing almost half of all cars sold on the
domestic market as of FY2019. 1,753,700
1,653,500
According to its FY2018 annual report, that year
the company produced vehicles under 16 brands
and had five plants, all located in the state of FY2018 FY2019
Haryana.
Domestic Exports Total Sales
Domestic Sales by Segment, FY2019 Domestic Sales by Segment, FY2019
Mid Size 3%
871,864
Compact UVs 15%

50%
368,990
264,197
Vans 10%
178,606
46,169 23,874 LCV 1%
Mini Compact Mid Size UVs Vans LCV

Mini 21%

Hero MotoCorp Ltd
12.6
9.8
8.7 8.8
7.7 7.3
90.9
80.3
78.8
78.6
77.1
75.7
70.0
68.2
67.6
65.4
61.4
59.6
Quarterly Update
According to the standalone quarterly results of Hero MotoCorp Ltd, in Q3 FY2020 that ended in
December 2019, the company’s revenues declined by 11% y/y to INR 70bn. This was the third
consecutive quarter of revenue decrease for Hero MotoCorp Ltd. Moreover, its revenue dropped by
7.6% q/q in Q3 FY2020. In line with the declining trend of domestic sales in the Indian motorcycle
industry, the number of two-wheelers sold by Hero MotoCorp fell by 14.3% y/y, from 1.80mn in Q3
FY2018 to 1.54mn in Q3 FY2020.
In a media statement, Niranjan Gupta, CFO of Hero MotoCorp, commented that the overall economic
slowdown will continue to negatively affect the two-wheeler industry through weakened domestic
demand. There are good signs for future recovery, such as the good performance of Rabi crops and
the macroeconomic measures announced by the finance minister which will boost the Indian
economy. A sustained recovery in the motorcycle sector is forecast to begin in the second half of
FY2021.
In Q3 FY2020, Hero MotoCorp launched two motorcycle models that comply with BS-VI standards.
These are Splendor iSmart and HF-Deluxe. Moreover, the company declared readiness to adapt all its
products to the new emission norms before the regulatory deadline. This includes stopping the
production of motorcycles compliant with BS-IV by the end of February 2020.

Hero MotoCorp Ltd (cont’d)
Highlights
In FY2019, Hero MotoCorp entered two new product segments – those of premium motorcycles (with
the Xtreme 200R) and of 125cc scooters (with the Destini 125). In FY2020, the company plans to launch
these two models across key markets in Asia and South America, in an effort to strengthen its
presence in these product categories.
In FY2019, most of Hero MotoCorp’s global markets operated in a complex and dynamic
macroeconomic environment, which led to a weaker global expansion, especially in the second half of
2018. Despite these challenges, Hero MotoCorp managed to increase its sales by 38% y/y in Latin
America and by 12% y/y in the Asian region. In Bangladesh the company achieved the milestone of
selling more than 100,000 machines. Hero MotoCorp recorded its highest ever annual domestic sales
of 7.61mn units during FY2019 – 2mn units more than Bajaj Auto, its nearest competitor.
In an effort to keep abreast of current trends, Hero MotoCorp revamped its management line-up in
July 2019, creating an Emerging Mobility business unit, to develop products in the new mobility trends
such as electric vehicles, the online portal Hindu BusinessLine reported.
Income Statement, INR bn Balance Sheet, INR bn
21.7% 0.01
0.01
16.1% 0.00
14.8% 14.8% 0.00
185.04
153.12
12.0%
128.96
173.97
339.71
132
331.01
106.54
121
309.84
307.15
104
292.56
89
66
0.51
0.53
0.05
67
37.20
35.84
34.44
31.12
53
50
23.65
46
35
-1.16
-0.13
-0.03
Net Revenues EBITDA Total Assets Shareholders' Equity
Source: EMIS Company Database, Company Data, The Hindu BusinessLine

Hero MotoCorp Ltd (cont’d)
Highlights Sales, thou units

Hero MotoCorp Ltd was set up in 1984 and is
active in development, manufacturing, marketing,
FY2019 7,821
sales and distribution of two-wheelers and their
parts. It has its registered corporate office in New
Delhi. It existed as a JV called Hero Honda until FY2018 7,587
2010.
In FY2019, the company had five plants and an FY2017 6,664

R&D centre in India, and one plant in each of
Colombia and Bangladesh, as well as an R&D
FY2016 6,632
centre in Germany.
Hero MotoCorp Ltd is the dominant seller of two-

FY2015 6,632
wheelers in India, which, in turn, is the world’s
largest two-wheeler market. The company also
sells its products in 37 other countries across
Asia, Africa, and South and Central America.
In its FY2019 annual report, Hero MotoCorp Ownership Structure as of July 2019
announced it has been working on several
electric vehicle (EV) projects with a view to Financial
Institutions
staying competitive in a market increasingly Foreign 11%
focused on EVs, shared mobility and connected Institutions
35%
two-wheelers. Bank Mutual
Funds 8%
In FY2019, the company reported market shares of
56.4% in the entry segment, 80.8% in the deluxe
100cc segment and 56.2% in the deluxe 125cc General
segment. Additionally, Hero MotoCorp had a Public 7%
10.7% market share in the scooter segment, and

1.4% in the premium 150cc+ segment. The Others 5%
company sold more than 11,000 two-wheelers to
government customers, which was its biggest Company
ever sales volume in this category. It had sold Founders
35%
some 2,000 two-wheelers to government
customers in FY2018.
Source: Company Data, The Economic Times

Ashok Leyland Ltd
Income Statement, Standalone, INR bn
6.5
4.6
3.8
2.3
88.5
78.9
76.1
68.4
0.4 0.3
63.3
57.0
56.8
51.8
40.2
39.3
38.3
38.0
Quarterly Update
According to the standalone results of Ashok Leyland Ltd, in Q3 FY2020, ending in December 2019, the
company’s revenue was INR 40.2bn, down by 36.5% y/y. On the other hand, this was a 2.2% q/q growth,
following the bad performance registered in Q2 FY2020 when the company generated INR 39.3bn.
Vipin Sondhi, MD and CEO of the company, said that Ashok Leyland’s sales in the medium and heavy
vehicle segment reported double-digit falls, in line with the 40% y/y drop in the revenue of the Indian
industry over Q3 FY2020. As a consequence of this, the company applied voluntary retirement and non-
working day schemes during Q3 FY2020, in an attempt to reduce production and avoid stock
accumulation in a context of weak domestic demand. In spite of the adverse context, Ashok Leyland
Ltd successfully introduced into the market heavy duty vehicles compliant with BS-VI emission
standards. The Indian government has mandated that all motor vehicle manufacturers produce, sell
and register solely BS-VI vehicles from April 2020.
Gopal Mahadevan, whole-time director and CFO of the company, told the media upon completion of
Q3 FY2020 that Ashok Leyland is still applying the productivity and cost reduction programmes which
started at the beginning of 2019. These programmes are considered the key to achieving a significant
reduction in costs that will allow the company to increase its cash flow and preserve resources for
future growth opportunities.
Source: Bombay Stock Exchange, Company Data, The Economic Times

Ashok Leyland Ltd (cont’d)
Highlights
In FY2019, Ashok Leyland sold 131,936 medium and heavy commercial vehicles on the Indian domestic
market, up by 13.2% y/y. The increase was achieved in spite of challenges such as the revision of axle-
load norms and the NBFC liquidity crisis. In FY2019, the company reported a leading 41.2% domestic
market share in the 4x2 haulage segment.
Ashok Leyland also enjoyed robust demand in the medium-duty bus segment in FY2019. This happened
as a result of increased demand for medium-duty passenger buses during the year, which, in turn, was
the outcome of a central government decision to allow private companies to operate bus routes
owned by State Transport Undertakings (STUs) under profit-sharing agreements. In FY2019, Ashok
Leyland sold 54,508 light commercial vehicles, up by 26% y/y.
At the same time, it managed to double its revenues from spare parts, as a result of improved
operational efficiency and market penetration, the company stated in its FY2019 annual report.
According to the document, Ashok Leyland has adopted an electric vehicle strategy and roll-out plan.
4.05
19.1%
391.22
18.1%
335.18
15.1% 14.8%
266.68
331.97
2.72
221.99
299.01
2.41
241.90
9.3%
223.20
195.25
1.92
162.75
1.70
133.70
49
46
45
109.17
20.79
40
18.14
16.33
88.48
68.83
98
7.12
82
61.41
15
1.34
70
57
48
Net Revenues EBITDA

Ashok Leyland Ltd (cont’d)
Highlights Sales Volume, units

Established in 1948 to collaborate with UK’s
Austin Motor Company in assembling Austin cars
197,366
in India, Ashok Motors switched to commercial
vehicle production in 1955 under an equity
174,873
agreement with Leyland Motors, also a UK entity.
145,066
Although this arrangement ended in 1975, the
140,457
technical cooperation lasted into the 1980s. As of
FY2019, the company had five plants in the states
104,902
of Tamil Nadu, Maharashtra and Rajasthan. Ashok

Motors also has one technical centre in
Uttarkhand. The company reported 21
subsidiaries, five associates and two JV
companies as of March 31, 2019. According to its
21,859
18,751
16,491
15,551
14,023
annual report, during FY2019, Ashok Leyland Ltd

completed the amalgamation of Ashok Leyland
Vehicles Ltd, Ashley Powertrain Ltd and Ashok FY2015 FY2016 FY2017 FY2018* FY2019
Leyland Technologies Ltd.
Vehicles Engines
Sales of Spare Parts and Components, Number of Employees

INR bn
11,966
11,906
11,865
19.50 18.80
16.94
11,204
13.92
12.73
10,352

Bajaj Auto Ltd
Income Statement, Standalone, INR bn
14.0
13.1
12.6
11.5 11.3
11.0
79.9
77.6
77.1
76.4
74.1
74.0
65.6
64.4
64.3
62.7
62.6
58.9
Quarterly Update
According to the standalone quarterly results of Bajaj Auto Ltd, its revenues reached INR 76.4bn in Q3
FY2020, ending in December 2019, up from INR 74.1bn in Q3 FY2019. This represented an annual
increase of 3.1% y/y. On the other hand, the company’s revenues dropped by 0.9% q/q in Q3 FY2020. On
an annual basis, Bajaj Auto Ltd reported the second best revenue performance among the top five
companies in the Indian motor vehicle industry. However, its sales volume (including domestic sales
and exports) decreased by 4.6% y/y, from 1.26mn units in Q3 FY2019 to 1.20mn units in Q3 FY2020.
Following the trend registered in the first six months of FY2020, exports were the key driver for the
good performance of Bajaj Auto Ltd. In Q3 FY2020, its exports reached 562,772 units, an increase of 7.3%
y/y, the export volume accounting for 46.8% of the company’s total sales. At the same time, the
overall declining trend of the Indian domestic market had a negative effect on the performance of
domestic sales which shrank by 13% y/y, from 735,111 units in Q3 FY2019 to 639,714 units in Q3 FY2020.
Motorcycles were the main product of Bajaj Auto, accounting for 85.4% of its total sales in Q3 FY2019.
Motorcycle total sales reported a 4.7% annual decline to 1.03mn units. Of this, motorcycle domestic
sales fell by 15.7% y/y, while motorcycle exports increased by 11.5% y/y.

Bajaj Auto Ltd (cont’d)
Highlights
Despite the weakening of the Indian economy and the global challenges, FY2019 was a strong year for
Bajaj Auto and it reported its best-ever revenue, operating income and net profit. The company also
increased its share in the domestic motorcycle market to 18.7%, selling some 2.54mn machines. Also in
FY2019, Bajaj Auto exported 1.7mn motorcycles, as well as three-wheelers and its new quadricycle,
QUTE, to 79 countries. The exports of motorcycles alone grew by 15.4% y/y in FY2019. On the domestic
front, Bajaj Auto’s poorest-performing segment was that of ungeared scooters, which reported flat y/y
sales in FY2019 after having grown by some 20% y/y in FY2018. At the same time, the company’s
overall three-wheeler sales grew by more than 22% y/y to their highest-ever value. Much of this
growth was driven by an impressive 43% y/y expansion in exports, the company stated in its FY2019
annual report. Bajaj Auto accounted for almost 57% of total three-wheeler sales in India, and for two-
thirds of total sales to export markets that year. Specifically, the number of three-wheelers Bajaj Auto
sold in India in FY2019 grew by 10.3% y/y to over 701,000 in FY2019, while three-wheeler exports
increased by 49% to over 567,500 units.
Income Statement, INR bn Balance Sheet, INR bn
25.4% 24.9%
-0.05
20.3%
18.3%
16.5%
140
302.50
288.34
-0.12
251.41
172.40
255.63
216.38
238.83
232
230.88
225.24
204
159.66
179
-0.14
49.28
-0.15
111
61
42.19
40.79
40.61
57
52
50
30.26
41
-0.19
-4.81
-8.67
-3.01
-7.93
-9.33
Net Revenues EBITDA Total Assets Shareholders' Equity


Highlights Capacity and Product Range by Plant, as

of March 2019
Bajaj Auto Ltd is a motorcycle and auto-rickshaw
manufacturer. It was set up in 1945 and is part of Production
Plant Product Type Capacity, Product Range
the industrial conglomerate Bajaj Group. Bajaj units
Auto is a major global motorcycle manufacturer
and the world’s largest producer of three- Boxer, CT, Platina,
Waluj Motorcycles 2,400,000
Discover, Pulsar, V
wheelers. Passenger- and
Commercial Goods-Carrying
Bajaj Auto is India’s largest exporter of 930,000
Vehicles Three-Wheelers,
motorcycles and three-wheelers. It exports to 79 Quadricycle
countries in Latin America, Africa, South Asia, the Waluj Subtotal 3,330,000
Middle East and Asia Pacific. Some 40% of Bajaj
Pulsar, Avenger,
Auto’s revenues came from international markets Chakan Motorcycles 1,200,000
KTM, Dominar
in FY2019. Also in FY2019, Bajaj Auto achieved two CT, Platina, Discover,
Pantnagar Motorcycles 1,800,000
milestones, namely total sales exceeding 5mn V, Pulsar
units, of which more than 2mn units exported. Grand Total 6,330,000
As of March 31, 2019, Bajaj Auto had plants at four

locations in the state of Maharashtra and one in Exports
the state of Uttarkhand.
Exports FY2018 FY2019 y/y growth
The company reported installed capacity of
6.33mn units per annum in FY2019. In the same
Motorcycle Exports, units 1,394,757 1,695,553 21.6%
year, it spent INR 4.56bn on R&D, up from INR
3.73bn in FY2018.
Commercial Vehicle Exports (Three-
267,820 383,177 43.1%
As of March 31, 2019 Bajaj Auto employed 10,258 Wheelers), units
people and had two subsidiaries, Bajaj Auto

International Holdings BV, based in the Total Exports, units 1,662,577 2,078,730 25.0%
Netherlands, and PT Baja Auto Indonesia, whose
routine business operations are discontinued. Exports, INR bn 97.0 118.5 22.1%
Bajaj Auto has a 48% stake in the Austrian

motorcycle manufacturer KTM AG. In calendar Exports, USD mn 1,365 1,642 20.3%
2018, KTM recorded the biggest sales volume and
turnover in its history.

Motorcycle Domestic Sales Motorcycle Exports

3,000,000 19% 1,800,000 80%
18.7%
19% 1,600,000 70%
2,500,000 67.6% 66.1%
18.0% 18% 1,400,000
17.7% 60.2% 59.2% 60%
18% 56.2%
2,000,000 1,200,000
17% 50%
1,000,000
1,500,000 16.5% 17% 40%
800,000
16% 30%
1,000,000 15.7% 600,000
16%
20%
15% 400,000
1,770,778
1,898,957
2,001,391
1,974,577
2,541,320
1,521,306
1,459,295
1,218,541
1,394,757
1,695,553
500,000
15% 200,000 10%
0 14% 0 0%
Domestic Sales, units Market Share, % Exports, units Market Share, %
Share of Exports by Major Regions Share of Exports in Net Sales
46.2%
44.1%
39.3% 40.1%
36.9%
31% 28%
14%
18%
11%
10%
41% 47%
FY2015 FY2016 FY2017 FY2018 FY2019

FY2018 FY2019
Africa ASEAN Latin America South Asia & Middle East Exports as % of Net Sales

Domestic Sales of Passenger Carrying Exports of Passenger Carrying Three-

Three-Wheelers Wheelers
368,208 377,046
400,000 346,846 68% 400,000 72%
67.0% 265,744
350,000 350,000 71.0% 71%
66%
70.5%
300,000 300,000
64.3% 70%
240,064 64%
250,000 250,000
69%
190,958
200,000 62% 200,000
68%
150,000 150,000
59.7% 60%
67.1% 67%
100,000 100,000
58% 66%
50,000 50,000
0 56% 0 65%
FY2017 FY2018 FY2019 FY2017 FY2018 FY2019
Domestic Sales of Goods Carrying Exports of Goods Carrying

Three-Wheelers Three-Wheelers
30,618 1,731
35,000 25% 2,000 30%
23.8% 28.0%
22,791 1,800
30,000 25%
20% 1,600
19.3%
25,000 1,400
20%
13,162 15% 1,200
20,000
12.0% 1,000 15%
471
15,000
10% 800
11.2%
9.6% 10%
10,000 600
5% 400 278
5,000 5%
200
0 0% 0 0%
FY2017 FY2018 FY2019 FY2017 FY2018 FY2019

06
REGULATORY
ENVIRONMENT

06 REGULATORY ENVIRONMENT CONTENTS
Government Policy
Main Bodies
The Department of Heavy Industry (DHI), part of the Ministry of Heavy Industries and Public
Enterprises, is in charge of developing India’s automotive industry. It also administers the Automotive
Research Association of India (ARAI). The Society of Indian Automobile Manufacturers (SIAM) is a non-
profit national body representing all major vehicle and vehicular engine manufacturers in India.
ACMA, the Automotive Component Manufacturers’ Association, brings together more than 800
manufacturers who contribute more than 85% of the auto component subsector’s turnover. The
Confederation of Indian Industry (CII) is a non-government, non-profit organisation which plays a
proactive role in industry policy development in India. The Society of Manufacturers of Electric
Vehicles (SMEV) is a Delhi-based body representing EV and component manufacturers in the
passenger vehicle, bus, and two- and three-wheeler segments.
Air Quality
April 1, 2020 is the date of transition of the Indian automotive industry and the implementation of the
Bharat Stage-VI (BS-VI) emission standards. The move, part of India’s efforts to gain more control over
its carbon footprint, is expected to put India at the global forefront of environment-friendly
regulations. Thus, FY2020, ending on March 31, 2020, is preparatory time for the automotive sector
ahead of this significant change. Parallel to that, the federal government has been pushing vehicle
manufacturers to move towards alternative fuel solutions such as compressed natural gas (CNG) and
liquified natural gas (LNG) in the short term, before shifting to electric powertrains in the long run. In
line with this, the government has announced plans to install 10,000 CNG pumps, so that customers
can buy CNG fueled vehicles as an alternative to petrol and diesel ones.
Automotive Mission Plan

India’s Automotive Mission Plan 2016–2026 (AMP 2026) envisages an increase of the automotive
sector's contribution to the country's GDP from 7% in FY2016 to over 12% in 2026. In comparable price
terms, automotive manufacturing output is expected to increase by a factor of 3.5-4. The sector is also
expected to generate 65mn additional jobs, compared to an increment of 25mn in the previous
decade. To achieve these targets, the government has been consistently adopting regulations on
biofuels, fuel efficiency and emission standards, safety features, electric and hybrid cars, amongst
others. EVs and hybrid cars, for instance, need to be adopted at a faster rate in India than in the EU
countries, because India’s emission standards replicate those of the EU, while the average driving
speeds, as well as temperatures, are different in India, contributing to higher emissions. Thus, if India
makes sure it implements its AMP 2026 well, it can position itself in the forefront of the global
automotive industry.
Source: Hero MotoCorp, Mint, Financial Express

06 REGULATORY ENVIRONMENT CONTENTS
Government Policy (cont’d)
Electric Vehicles
In 2019, India announced the second phase of the Faster Adoption and Manufacturing of Electric
Vehicles in India scheme (FAME II India). This reduces the purchase prices of hybrid and electric
vehicles, with a focus on vehicles used for public or shared transportation (buses, auto-rickshaws, and
taxis), as well as private two-wheelers. FAME I was adopted in 2015. Two years thereafter, however,
EVs were still at a nascent stage in the country, with only 2,000 sold in 2017 – though the country was
the second-largest EV market after China, according to the Global EV 2018 report by the International
Energy Agency. However, FAME II does not seem to have improved things, since it introduced a
requirement that about half of EV components must be produced in India in order for EVs to qualify
under the programme. Thus, EV and electric two-wheeler sales dropped between April and June 2019,
as manufacturers worked to refit with local parts the vehicles they had already produced.
Two-Wheelers
Two-wheelers are the dominant segment of India’s automotive industry in terms of production, sales,
and exports alike. In FY2019, the Insurance Regulatory and Development Authority of India (IRDA)
made it mandatory for all new two-wheelers to have five-year third-party insurance cover. Since April
2019, it is also mandatory for all new two-wheelers with 125cc engines to be equipped with anti-lock
braking systems (ABS), while two-wheelers with smaller engines are required to have combi-braking
systems (CBS). The cost implications of these measures are expected to have an adverse effect on
commuters using two-wheelers, slowing down the two-wheeler segment in India. According to Hero
MotoCorp, a leading two-wheeler manufacturer, the government could mitigate this policy’s effect by
providing cost relief to customers. One way to do this is for the government to change the general
sales tax (GST) status of two-wheelers, moving them from the highest GST rate of 28% (meant for
luxury goods) to the 18% rate.
Safety Features of Cars

Effective July 1, 2019, all cars manufactured in India have to be equipped with airbags, seat-belt
reminders, alert systems for speeds beyond 80 km/h, reverse parking sensors and manual override
over the central locking system for cases of emergency. The move is part of a programme adopted by
the Indian Ministry of Transport in 2017 to improve car safety, thereby reducing preventable deaths
from car accidents. Close to 70% of the respondents in a Twitter poll conducted by Ford India in 2017
said they did not consider safety features when buying a car. This rate is alarming and might actually
have been even higher, considering that Twitter was not ubiquitous two years ago, Ford India
representatives commented.
Source: Financial Express, IEA

07
PASSENGER
VEHICLES

07 PASSENGER VEHICLES CONTENTS
Highlights
Overview
In 2018, India ranked as the world’s fourth largest passenger car producer, with a share of nearly 5%
in global PV production, according to OICA data. The PV industry in the country is organised and fairly
concentrated. In addition, it requires huge investment to set up assembly and design units, develop
brands, expand dealer networks and invest in advertising. All of this restricts the entry of new players.
The PV industry in India is home to no more than 20 manufacturers, the top four of whom – Maruti
Suzuki India Ltd (MSIL), Hyundai Motors India Ltd (HMIL), Ford India and Mahindra & Mahindra Ltd –
together account for some 74% of total annual sales. In the PV segment, 67% of the vehicles produced
were passenger cars and 27% sport utility vehicles (SUVs), according to FY2019 data. Overall, PVs
accounted for 13.02% of India’s total motor vehicle production in FY2019. Two-wheelers, as always,
claimed the largest market share with 79.3% of the vehicles produced.
Drivers and Constraints

PV manufacturing in India is driven by a strong low-cost steel manufacturing base and abundant
labour force at various skill levels. Rising household incomes in the country and stable rural incomes
in recent years, influenced by a series of good monsoon seasons, have encouraged households to
spend on big-ticket discretionary items such as cars. On the other hand, consumers tend to be driven
by price and novelty, which poses certain challenges to manufacturers. Separately, in FY2019 the PV
segment was hit hard by the woes of India’s non-bank finance companies, which are major providers
of car loans to prospective buyers. Between early 2018 and end-June 2019, nearly 300 car dealerships
in the country closed down as a result of bad lending policies, the FT reported in July 2019. Other
challenges the PV segment faced in FY2019 include global geopolitical uncertainties, surging crude oil
prices, rising input costs and an uptick in inflation.
Outlook
According to Tata Motors’ FY2019 annual report, India’s automotive industry should emerge as the
world’s third-largest passenger vehicle market by 2021, driven by the country’s economic growth,
increasing consumer demand and mass urbanisation. Tata Motors also argued that the credit crunch
and low consumer spending that the segment faced in FY2019 would most probably be short-lived. The
transition from BS-IV to BS-VI emission standards by April 1, 2020 is expected to boost PV and
commercial vehicle sales in the country. According to the consultancy Dun & Bradstreet (D&B), PV
sales volume is likely to grow at a CAGR of 8.1% between FY2018 and FY2022, reaching 5.2mn units in
the latter year. A helpful factor in this regard will be the strong government focus on boosting PV
production and sales on both the domestic and foreign markets.
Source: SIAM, CEIC, D&B, OICA

Main Events
 Jaguar Land Rover (JLR), owned by the Tata Motors Group, unveiled major investment plans for the
production of its new electric car models in the UK, safeguarding thousand of jobs in post-Brexit
Britain, business and financial daily The Economic Times (ET) reported in July 2019. The amount of
investment was not disclosed, but it was explained with the company's commitment to offer
customers electrified options for all new Jaguar and Land Rover models from 2020.
 Suzuki Motor Gujarat Private Limited (SMG), a subsidiary of Suzuki Motor Corporation, completed
the construction of its second plant in India’s westernmost state of Gujarat, ET reported in January
2019. The plant produces passenger cars under the Swift brand. SMG’s first plant in Gujarat
produces vehicles under the Baleno and Swift brands. Each of the two Gujarat plants has an annual
production capacity of 250,000 units. Thus, SMG’s capacity of 500,000 vehicles a year, together with
Maruti Suzuki’s production capacity of 1.5mn units, brings Suzuki’s annual production capacity in
India to 2mn vehicles.
 In July 2019, India’s largest vehicle manufacturer, Maruti Suzuki Ltd (MSIL), launched a variant of its
SUV Ertiga with a CNG engine, the economic, business and financial news website Mint reported.
This is the first CNG-fueled SUV in India, where 80% of SUV-buying customers have been opting for
a diesel engine. The Ertiga CNG variant is an indication of the company’s strategy of moving its
potential diesel customers towards CNG vehicles, Mint commented. MSIL is expected to introduce
CNG variants of most of its popular models before April 2020, when the new BS-VI emission
standards take effect.
Source: ET, Mint

Production
Overall Automotive Production by Type, thou units
30,915
29,094 5
2 1,269
25,331
23,358 24,017 1,022
2
0 1 784
949 934
23,155 24,503
18,830 19,934
18,489
787 810 895 1,112

698
3,802 4,020 4,026
3,465
3,221
FY2015 FY2016 FY2017 FY2018 FY2019
Passenger Vehicle Production, thou Passenger Vehicle Production by Type,

units thou units
4,020.3
2,747
4,500.0 12%
2,712
2,710
4,026.0
2,566
3,801.7
2,422
4,000.0
3,465.0 9.7% 10%
3,500.0 3,221.4
3,000.0 8%
7.6%
2,500.0
5.8% 6%
1,099
1,093
2,000.0
4.3%
910
1,500.0 4%
718
626
1,000.0
2%
500.0
0.0 0.1% 0%
Passenger Vehicle Production y/y change, % Passenger Cars Sport Utility Vehicles
Source: SIAM

Sales
Overall Automotive Sales by Type, thou units

30,896.8
29,024.2 5
2 1,269
25,344.0
24,112.8 1,017
23,297.7 2
0 0 784
940 943
24,462
23,015
19,930
18,433 18,939
702 789 822 954 1,107
3,223 3,442 3,806 4,037 4,054
FY2015 FY2016 FY2017 FY2018 FY2019

Passenger Vehicle Sales by Type, thou Comments

units
In FY2019, two-wheelers made up the largest sales
4,037 4,054
3,806 category in the Indian automotive market, in terms
3,442 194 221 of number of vehicles sold, with a share of 79%.
3,223 184
179 1,089 1,100 Passenger vehicles came in second, with 13%,
174 916
629
705 three-wheelers third with 4% and commercial
vehicles came last with a 3.6% share. In the PV
segment, passenger cars claimed 67% of total
2,558 2,706 2,754 2,732 sales, followed by SUVs and Multi-Purpose
2,420
Vehicles (MPVs). Motorcycles are much in demand
with Indian and foreign consumers because their
purchase prices and maintenance costs are lower
FY2015 FY2016 FY2017 FY2018 FY2019
than those of passenger cars. Other attractive
Vans (Multi Purpose Vehicles) features are that two-wheelers are more mobile in
Utility Vehicles
Passenger Cars traffic jams and easier to park.
Total
Source: SIAM

Domestic Sales
Overall Domestic Automotive Sales by Category, thou units
26,268
24,981
701
21,863 636
19,724 20,469
512
533 538
20,200 21,181
17,590
15,976 16,456
615 686 714 857 1,007
2,601 2,789 3,048 3,289 3,377
FY2015 FY2016 FY2017 FY2018 FY2019
Passenger Vehicles Commercial Vehicles Two-Wheelers Three-Wheelers Total
Domestic Passenger Vehicle Sales by Comments

Type, thou units
On the domestic market, two-wheelers claimed the
3,377
lion’s share of 80.64% of sales in FY2019, in terms
3,289
3,048 of vehicle numbers, followed by passenger and
192 217
2,789 commercial vehicles, with 13% and 4%,
2,601 182
178 922 941 respectively. Three-wheelers were last, with 3%,
171 762
587
552 SIAM figures showed. According to this source, all
categories saw y/y increases in sales in FY2019. For
instance, those of PVs grew by 2.7% y/y and those
2,025 2,104 2,174 2,219
1,878 of CVs by a much brisker 17.55% y/y. Two- and
three-wheeler sales rose by 4.86% and 10.27% y/y
respectively. In the PV segment, passenger car
FY2015 FY2016 FY2017 FY2018 FY2019 sales accounted for 66% of total sales, followed by
Vans (Multi Purpose Vehicles) SUVs and MPVs with shares of 28% and 6%,
Utility Vehicles
Passenger Cars respectively.
Total
Source: SIAM

Exports
Exports by Type, thou units

4,629.1
4
4,042.8
3,573.3 3,643.8 2 568
3,480.7
0 0
2 381
404
408 272
3,281
2,815
2,457 2,483 2,340
103 108 97 100

87
621 653 759 748 676
FY2015 FY2016 FY2017 FY2018 FY2019
Passenger Vehicle Exports by Type, Comments

thou units
Two-wheelers accounted for 71% of automotive
758.7 748.4 exports in FY2019, in terms of vehicle numbers.
653.1 676.2
621.3 2.3 1.9 4.0 Passenger vehicles and three-wheelers ranked
2.2 1.7 154.3 166.3 second and third with shares of 15% and 12%,
158.3
77.0 118.7 respectively, while commercial vehicles claimed
only about 3% of exports during the year. Within
602.1
the PV segment, passenger cars accounted for 76%
542.1 532.6 580.2
513.9 of exports, followed by SUVs and MPVs with shares
of 23% and about 1%, respectively. At the same
time, passenger car exports dropped by 11% y/y in
FY2019, while SUV exports declined by 5% y/y
FY2015 FY2016 FY2017 FY2018 FY2019
compared to FY2018. MPV exports, in turn, marked
Vans (Multi Purpose Vehicles)
a spectacular 113% y/y increase in FY2019, SIAM
Utility Vehicles
Passenger Cars data showed.
Total
Source: SIAM

08
COMMERCIAL
VEHICLES

08 COMMERCIAL VEHICLES CONTENTS
Highlights
Overview
India’s commercial vehicle industry is subdivided into the production of light commercial vehicles
(LCVs) and of medium and heavy commercial vehicles (M&HCVs), classified according to tonnage*.
India was the world’s seventh-largest LCV manufacturer and its third-biggest manufacturer of heavy
trucks in 2018, according to OICA data – which also put it as the second-largest producer of buses and
coaches in the world. Buses catering for the “staff & tourism” segment accounted for some 10% of
India’s entire bus market in FY2019. India is also a major exporter of commercial vehicles. Traditional
markets for Indian-made CVs include Bangladesh, Indonesia, Nepal, Sri Lanka, and South Africa. Tata
Motors, Mahindra & Mahindra, and Ashok Leyland are India’s top three CV manufacturers, together
accounting for about 88% of the domestic market.

Demand for medium and heavy commercial vehicles is boosted by the Indian government’s focus on
infrastructure development, road construction, building of irrigation facilities, and affordable housing
projects across the country. Mining, construction and manufacturing activities also drive demand for
CVs. In the medium term, passenger buses are expected to be higher in demand across India,
following a government decision to allow private companies to run routes on behalf of State
Transport Utilities (STUs) under profit-sharing agreements. Challenges for the subsector in FY2019
included rising crude oil and input prices, a depreciating rupee, an increased interest rate, the
financial woes of NBFCs, and changes in axle-load norms. As a result the subsector saw higher than
usual inventory levels in FY2019.
Outlook
Favourable government policies supporting economic activity in India will help drive domestic CV
demand. On the other hand, financing problems and rising input costs and crude oil prices – as well as
confusion arising from the upcoming transition to BS-VI emission norms – are likely to be a drag on
CV sales in the medium term. In the short term, though, sales are likely to go up, according to Ashok
Leyland, whose managers expect a rush to buy before the new emission norms kick in. D&B expects
India’s CV industry to register a CAGR of 9.3% over FY2018-21 – with the HCV segment growing at 8%
and the LCV segment at 10%. Replacement demand will also drive sales, in line with government
plans to roll out a policy taking out of service CVs which have completed 20 years of service.
*The Light and Medium Duty segment comprises vehicles with GVW of 5 to 15 tonnes, while the Heavy Duty Segment
comprises vehicles of GVW of 16 to 49 tonnes.
Source: ZeeBusiness, Ashok Leyland, D&B, OICA, Times of India

Main Events
 In FY2019, medium and heavy commercial vehicle manufacturer Ashok Leyland launched several
new vehicle models, including the 4123, the Guru 10T, the Boss 1616 sleeper, and the Partner 17ft.
 In July 2019, Ashok Leyland launched a premium category midi-bus called the Oyster, NDTV
reported. The Oyster has been designed and manufactured for staff and tourist commuting, and
has 41 reclining seats. In the quarter that ended in July 2019, the company launched a number of
new products including the Boss 1916, the 4623 Tractor, the 4223 MAV, and the High Horse
PowerTractor 5532, as well as the 24- and 32-feet fully built containers in the premium and
economy segments.
 Indian automaker Mahindra & Mahindra Ltd (M&M) announced plans to open a plant in Flint,
Michigan, to make vehicles including mail delivery trucks for the US market, a move that could
create up to 2,000 jobs, Business Standard reported in August 2019. M&M already produces its off-
road Roxor vehicle at its manufacturing facility in Auburn Hills, Michigan, which is working at full
capacity.
 India has the potential to become a global electric vehicle (EV) manufacturing hub, M&M chairman
Anand Mahindra told the ET daily in August 2019. He added that the company planned internal
capex of INR 120bn over the three years to FY2022, as well as INR 60bn in its subsidiaries – implying
a total of INR 180bn over that period of time.
Source: NDTV, ET, Business Standard

Production
Comments Commercial Vehicle Production by Type,

thou units
In terms of vehicle numbers, LCVs and M&HCVs
accounted, respectively, for 60% and 40% of total
1,112
CV production in India in FY2019. Total CV
production rose by 24% y/y in FY2019, driven by
M&HCVs, whose output grew by 29% y/y. LCV 895 444
787 810
production rose by 22% y/y in FY2019. Goods-
698 345
carrying LCVs claimed 92% of total LCV 343
341
production in FY2019, leaving 8% to passenger- 269
carrying vehicles. Total LCV production rose by
21% y/y. Production of goods-carrying LCVs grew 668
by 23%, while that of passenger-carrying LCVs 551
430 445 467
increased by 6% y/y. Goods-carrying M&HCVs
accounted for 90% of total M&HCV production,
which grew by 29% y/y in FY2019. Goods-carrying FY2015 FY2016 FY2017 FY2018 FY2019
M&HCV manufacturing rose by 30% y/y, while Light Medium and Heavy Total
that of passenger-carrying M&HCVs rose by 19%.
Production of Light Commercial Vehicles Production of Medium Commercial

by Type, thou units Vehicles by Type, thou units
444
668
551 341 343 345
467
430 445 269
399
614
500 287 293 306
395 417 219
383
51 51 51 54 49 54 50 38 45
47
Source: SIAM

Sales
Comments Overall Commercial Vehicle Sales by

Type, thou units
LCVs and M&HCVs accounted for 60% and 40% of
total CV sales in FY2019, in terms of vehicle
1,107
numbers. Total CV sales rose by 16% y/y in FY2019,
driven by LCVs, which grew by 17% y/y. M&HCV 954
sales rose by 14% y/y in FY2019. Goods-carrying 439
822
LCVs claimed 92% of total LCV sales in FY2019, 789 385
702
leaving 8% to passenger-carrying vehicles. Total 346
338
LCV sales rose by 17% y/y. Sales of goods-carrying 263
LCVs grew by 19%, while sales of passenger-
carrying LCVs increased by 6% y/y. Goods-carrying 668
569
M&HCVs accounted for 90% of total M&HCV sales, 438 451 476
which grew by 14% y/y in FY2019. Goods-carrying
M&HCV sales rose by 14% y/y, while passenger-
carrying vehicle sales dropped by 0.8%. FY2015 FY2016 FY2017 FY2018 FY2019
Light Medium and Heavy Total
Overall Light Commercial Vehicle Sales Overall Medium and Heavy Commercial
by Type, thou units Vehicle Sales by Type, thou units
439
668
385
569 346
338
476
438 451
263
392
612 337
516 281 287
398 421 215
390
56 49 56 59 48 48
49 53 55 53
Source: SIAM

Domestic Sales
Comments Domestic Commercial Vehicle Sales by

Type, thou units
LCVs and M&HCVs accounted for 61% and 39% of
total domestic CV sales in FY2019, in terms of
vehicle numbers. Total domestic CV sales rose by
1,007
18% y/y in FY2019, driven by LCVs, whose sales
grew by 19% y/y. M&HCV sales rose by 15% y/y in 857
391
FY2019. Goods-carrying LCVs claimed 92% of total 714
686 341
LCV sales in FY2019, leaving 8% to passenger- 615
carrying vehicles. Total LCV sales rose by 19% y/y. 302 303
233
Domestic sales of goods-carrying LCVs grew by
21%, while those of passenger-carrying LCVs 617
516
increased by 6% y/y. Goods-carrying M&HCVs 382 383 412
accounted for 90% of total domestic M&HCV
sales, which grew by 15% y/y in FY2019. Goods-
carrying M&HCV sales rose by 15% y/y, while FY2015 FY2016 FY2017 FY2018 FY2019
passenger-carrying vehicle sales rose by 10% y/y. Light Medium and Heavy Total
Domestic Light Commercial Vehicle Sales Domestic Medium and Heavy Commercial
by Type, thou units Vehicle Sales by Type, thou units
617 391
516 341
302 303
412
382 383
233
564 351
467 305
258 255
334 361
337 196
45 49 51 49 52 37 44 47 36 40
Source: SIAM

Exports
Comments Commercial Vehicle Exports by Type,

thou units
LCVs and M&HCVs accounted, in terms of vehicle
numbers, for 51% and 49%, respectively, of total
CV exports in FY2019. Total CV exports rose by 3% 108
103
100
y/y in FY2019, driven by M&HCVs, which grew by 97
10% y/y, while LCV exports dropped by 3% y/y. 87 35 44
Goods-carrying LCVs claimed 92% of total LCV 44 49
31
exports in FY2019, leaving 8% to passenger-
carrying vehicles. Total LCV exports dropped by
3% y/y. The exports of goods-carrying LCVs
declined by 3%, while those of passenger-carrying 68 65
LCVs inched down by 1% y/y. Goods-carrying 56 53 51
M&HCVs accounted for 83% of total M&HCV
exports, which grew by 10% y/y in FY2019. Goods-
carrying M&HCV exports rose by 27% y/y, while FY2015 FY2016 FY2017 FY2018 FY2019
those of passenger-carrying M&HCVs dropped by Light Medium and Heavy Total
32% y/y over the period.
Light Commercial Vehicle Exports by Medium and Heavy Commercial Vehicle

Type, thou units Exports by Type, thou units
68
65 49
44 44
56
53 51
35
31
32 32 40
64 60
52 23
49 47 19
12 12 12 12
8
4 4 5 4 4
Source: SIAM

09
TWO- AND THREE-
WHEELERS

09 TWO- AND THREE-WHEELERS CONTENTS
Highlights
Overview
According to SIAM figures, the Indian automotive industry reported total two-wheeler sales of 24.4mn
units in FY2019, a rise of 6.3% y/y. Total two-wheeler sales were driven by motorcycle sales, which
grew by 9% y/y in FY2019. On the domestic market, total two-wheeler sales grew by 5% y/y in FY2019,
which was again driven by motorcycle sales going up by 8% during the year. Although the growth rate
was less than the 15% y/y reported in FY2018, it was nevertheless good performance, given the general
slowdown in economic growth experienced by India during the year. Motorcycle exports increased by
16.5% y/y in FY2019 to almost 3.28mn units. Exports were driven by the scooter segment, which
reported a 26.7% y/y increase in exports, followed by the motorcycle segment, up by 15.4% y/y. Moped
exports, on the other hand, dropped by 4.2% y/y. The three-wheeler segment was dominated by
passenger three-wheelers, in terms of both domestic sales and exports.

There is an increased acceptance of scooters in Asian markets due to their ease of manoeuvre,
gearless drive in urban traffic, modest storage space requirements and typically gender-neutral
design, Hero MotoCorp noted in its FY2019 annual report. However, the report also mentioned that
scooters’ performance on the Indian market in H2 FY2019 was hampered by factors such as increased
insurance premium costs, lack of liquidity, poor consumer sentiment and increasing fuel prices. The
price sensitivity of Indian consumers is reflected in the 19% y/y growth in the Entry segment’s
contribution to total motorcycle sales. At the same time, sales in the Deluxe 100cc and Premium
segments grew by 7% and 8% y/y in FY2019 as a whole, while those in the Deluxe 125cc segment
dropped by 5% y/y.
Outlook
Motorcycle manufacturer Hero MotoCorp expects the Indian two-wheeler segment to grow at 5%-7%
y/y in FY2020. In the long term, FY2021 is seen to be crucial for the automotive industry in general, and
the two-wheeler segment in particular, because at the start of this financial year (i.e. in April 2020},
the BS-VI emission standards are to take effect throughout the country. This means that only BS-VI
compliant vehicles will be sold in India, which might lead to momentary instability in the industry. In
the medium term, Indian two-wheeler start-ups will receive a boost under the ambitious government
programme called Faster Adoption and Manufacturing of Electric Vehicles in India-II (FAME-II),
approved in mid-2019. Under FAME-II, the government has proposed to invest INR 100bn over three
years to support the production of 1mn two-wheelers and 500,000 three-wheelers, amongst other
types of vehicles, operating on lithium-ion batteries or other electric powertrains.
Source: SIAM, CEIC, Hero MotoCorp, INC42

Main Events
 Indian two-wheeler manufacturer Hero MotoCorp noted two milestones in its FY2019 annual report.
On January 2, 2019, it was able to report all-time record sales of 8mn vehicles in calendar 2018. On
January 30, 2019, it announced the opening of its first R&D centre outside India, in Germany.
 In May 2019, Ather Energy, a Bengaluru-based electric scooter manufacturing startup, raised a total
of USD 51mn. The funds were to be used for setting up a manufacturing facility, an R&D centre for
a range of upcoming products, and several charging stations, the business and financial news
website Mint reported. According to the publication, Sachin Bansal, the founder of e-tailer Flipkart,
invested USD 32mn in the startup, while Hero MotoCorp, India’s largest manufacturer of two-
wheelers, transformed its convertible debt of USD 19mn into investment.
 Bajaj Auto, an Indian manufacturer of two-wheelers, three-wheelers and quadricycles, announced

ambitious expansion plans in September 2018, ET reported. The company disclosed plans to expand
its three-wheeler and quadricycle manufacturing capacity to 1mn units per year, after several
Indian states abolished road permits for electric vehicles and vehicles running on alternative
powertrains.
 Ola Electric, a division of the Indian ride-sharing company Ola Cabs, secured financing of USD
250mn from Japan’s tech investment company SoftBank in mid-2019, FT reported. The Bengaluru-
based company plans to use the money to launch some 10,000 electric auto-rickshaws within a
year and have 1mn EVs operational throughout India by FY2021.
Source: Hero MotoCorp, Mint

Production
Production of Two-Wheelers by Type, Production of Three-Wheelers by Type,

thou units thou units
1,269
24,503
23,155 136
905 1,022
19,934 870 949 934
18,489 18,830 123
919 830 104
738 100 784
755
97
16,503 112
15,167
13,088 1,133
13,011 12,816
845 834 899
733 671
5,926 7,118 7,095

4,723 5,276
FY2015 FY2016 FY2017 FY2018 FY2019 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
Comments
In FY2019, motorcycles accounted for 67% of the two-wheelers produced in India, followed by scooters
with 29% and mopeds with 4%. Total two-wheeler production in the country grew by 6% y/y compared
to FY2018. It was the largest segment of India’s automotive manufacturing overall, in terms of vehicle
numbers, with a share of 79% of all vehicles produced. Growth in two-wheeler production was driven
by the motorcycle segment, in which production rose by 9% y/y in FY2019. Moped production increased
by 4% y/y, while scooter manufacturing declined by 0.32% y/y in FY2019. Bajaj Auto and Hero MotoCorp
are India’s leading two-wheeler manufacturers.
In terms of vehicle numbers, three-wheelers accounted for 4% of India’s total automotive production
in FY2019. Within the three-wheeler segment, passenger three-wheelers claimed a share of 89% of the
total, leaving 11% to goods-carrying three-wheelers. Overall three-wheeler manufacturing grew by an
impressive 24% y/y in FY2019, following an even brisker 30% y/y expansion in FY2018. This growth was
driven by the passenger segment, which reported production increase of 26% y/y in FY2019. The growth
in three-wheeler manufacturing took place after several Indian states (Maharashtra, Karnataka,
Andhra Pradesh, and Delhi) abolished road permits for electric and alternative-fuel vehicles such as
three-wheelers. Bajaj Auto is India’s largest producer of three-wheelers.
Source: SIAM

Sales
Overall Two-Wheeler Sales by Type, thou Overall Three-Wheeler Sales by Type,

units thou units
1,269
24,462
23,015 135
897 1,017
19,930 877 940 943
18,433 18,939 122
911 103 100 784
759 739
16,466 113
15,104
12,911 13,122 1,134
12,978
837 842 894
671
5,898 7,034 7,100

4,696 5,289
Domestic Two-Wheeler Sales by Type, Domestic Three-Wheeler Sales by Type,

21,181
20,200 701
880
860 636 129
17,590
15,976 16,456 118
891 533 538
749 724 512
101 97
110
12,621 13,600
11,095
10,726 10,700
572
517
432 441
402
5,605 6,720 6,701

4,501 5,032
Source: SIAM

Exports
Exports of Two-Wheelers by Type, Exports of Three-Wheelers by Type,

3,280.8 568
16.7 6
2,815.0
2,482.9 17.4
2,457.5 408
2,340.3 404
10.0 14.8 381
20.2 3 3
4
2,865.9 272
2,483.3 3 562
2,252.1 2,210.6 2,027.3
405 401 377
269
257.5 292.8 314.3 398.3

195.4
Comments
According to SIAM data, the total number of two-wheelers exported grew by 16.5% y/y in FY2019. This
rise was driven by export growth of 27% y/y for scooters and 15% y/y for motorcycles. Motorcycles
claimed 87% of total two-wheeler exports, leaving 12% and 0.5% to scooters and mopeds, respectively.
Three-wheeler exports rose by 49% y/y in FY2019. This growth was due almost equally to the
passenger- and goods-carrying segments, whose exports grew by 49% y/y and 47% y/y respectively.
Passenger-carrying three-wheelers accounted for 99% of total three-wheeler exports, leaving a very
small share to goods-carrying three-wheelers.
Two-wheelers manufactured in India are mainly exported to Latin America, Africa and some
neighbouring countries on the Indian subcontinent. Sri Lanka, Bangladesh and Nepal were the top
three export markets for Indian two-wheelers in FY2018, claiming shares of 14%, 11%, and 9%,
respectively. Latin American and African countries such as Colombia, Mexico and Nigeria used to
account for bigger shares in India’s two-wheeler exports before FY2018, but their imports have
declined recently as a result of currency devaluation and high inflation there, according to D&B.
Source: SIAM, CEIC, D&B

10
AUTO COMPONENTS
AND PARTS

10 AUTO COMPONENTS AND PARTS CONTENTS
Highlights
Overview
The Indian auto components and parts industry is highly cyclical. Its performance is linked to that of
the automotive industry and to Indian and global economic developments generally. Auto component
manufacturing is very prone to risks associated with raw material supply, input prices and currency
fluctuation. The auto component sector in India is highly fragmented, comprising over 780 players in
the organised sector and close to 6,000 small players in the unorganised sector. The organised sector,
catering primarily for original equipment manufacturers (OEMs) and the export market, accounts for
about 85% of the industry’s total turnover. The unorganised sector, in turn, dominates the
replacement market.

India’s automotive industry provides a huge consumer base for auto component manufacturers
catering for the OEM sector. Several factors - pro-industry government initiatives, a strong low-cost
steel manufacturing base, and the wide availability of skilled and semi-skilled labour – give India an
additional advantage in auto component manufacturing. The mandatory installation of road safety
equipment, such as airbags and seat-belt alerts on all cars, which started in July 2019, created
favourable business opportunities for component manufacturing companies. On the other hand,
transition to the BS-VI emission norms in April 2020 will be a substantial challenge for both the OEM
segment and the automotive ancillary sector in general.
Outlook
The revenues of the auto component manufacturing industry are likely to grow at a higher rate than
those of the automobile industry in the near term, the consultancy D&B forecast in 2018. Factors
supporting this outlook include the mandatory installation of safety features in all vehicles and the
transition to BS-VI norms by April 2020. According to D&B estimates, auto component industry
turnover will grow at a 14% CAGR between FY2018 and FY2022. A number of factors, including surging
prices of essential commodities such as steel, aluminium and copper, and the INR depreciation
against the USD, will make components costlier in the coming years. Auto component demand will be
boosted by the AMP 2026 and Make in India policies, which are expected to help attract investment
from global as well as domestic investors.
Source: Ashok Leyland, D&B

10 AUTO COMPONENTS AND PARTS CONTENTS
Statistics
Auto Component Industry Turnover Industry Turnover by Segment

4,000 60
3,389
3,500
2,922 48.7 50
3,000 15% 17% 17% 18% 19%
2,349 2,556 43.5
39.7 2,118 40
2,500 38.5 39.0
35.1 24%
2,161 29% 29% 28% 25%
2,000 30
1,500
20
1,000 61% 55% 56%
54% 54%
10
500
0 0
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018e FY2013 FY2014 FY2015 FY2016 FY2017
Turnover, INR bn Turnover, USD bn OEM Suppliers Exports Replacement
Auto Component Consumption by OEM Auto Component Exports and Imports,

USD bn
Two
Wheelers MCV and 15.9
22% HCV 11%
13.5 13.8 13.5 13.5
12.8
LCV (2-7.5 11.2 10.9 10.9
tonnes) 8% 10.3
Tractors 6%
Three
Wheelers 2%
Backhoe
PVs 49% FY2014 FY2015 FY2016 FY2017 FY2018
Loaders 2%
Exports Imports
Source: ACMA, D&B

RELATED
EMIS E-STORE PUBLICATIONS
Pay-as-you-go access to emerging market
company profiles and industry reports
Now covering 5-Year Forecast
Read more
Read more
Visit the Store
Read more
About EMIS
EMIS operates in and reports on
countries where high reward goes
hand-in-hand with high risk. We
bring you time-sensitive, hard-to-
get, relevant news, research and
analytical data, peer comparisons
and more for over 120 emerging
markets. We license content from
the cream of the world's
macroeconomic experts, the most
renowned industry research firms
and the most authoritative news
providers. Formed over 20 years
ago, we employ nearly 300 people
in 13 countries around the world,
providing intelligence to nearly
2,000 clients.
Disclaimer:
The material is based on sources
which we believe are reliable, but
no warranty, either expressed or
implied, is provided in relation to
EMIS Insights
the accuracy or completeness of
the information. The views EMIS Insights is a unit of EMIS that
expressed are our best judgment
as of the date of issue and are
produces proprietary strategic research
subject to change without notice. and analysis. The service features
EMIS takes no responsibility for market overviews, industry trend
decisions made on the basis of
these opinions.
analysis, legislation and profiles of the
leading sector companies provided by
Any redistribution of this locally-based analysts.
information is strictly prohibited.
Copyright © 2020 EMIS, all rights
reserved.
INDIA GLOBAL HEADQUARTERS
124, Mittal Court, C Wing, CityPoint
Nariman Point, 1 Ropemaker Street London
Mumbai - 400 021 EC2Y 9HT
UK
Voice: +91 22 22881123/29 Voice: 0207 153 1205
BRAZIL BULGARIA CHINA

Rua Bandeira Paulista, 702 38-40 Osogovo Str. Unit 305, 3/F, Azia Center
cj.121 – 12º andar 8th floor, app. 8.1 1233 Lujiazui Ring Road
Cep: 04532-002 1303 Sofia Shanghai 200120
São Paulo
Voice: +55 11 4410 4250 Voice: +359 2 816 0404 Voice: +86 21 5877 0860
COLOMBIA HONG KONG, SAR MALAYSIA

Street 93 N 15-27 Level 60, One Island East Suite 5-3 & 5-3A
7th Floor 18 Westlands Road, Quarry Bay 5th Floor, Wisma UOA II
Bogota, Cundinamarca 11001 Hong Kong, SAR No. 21 Jalan Pinang
of P.R. China 50450 Kuala Lumpur
Voice: +571 616 68 88
Voice: +852 2591 3379 Voice: +603 21669921
PHILIPPINES POLAND USA

Unit 2704, One Corporate Centre, Al. Jerozolimskie 123a 12 E 49th St
Julia Vargas Ave. corner Meralco Ave. 02-017 Warsaw New York, New York
Ortigas Center Pasig City 10017
1605 Manila US
Voice: +632 5712178 Voice: +48 22 255 6570 Voice: +1 212 610 2900

CONTACT US www.emis.com FOLLOW US

EMIS Insights - India Automotive Sector Report 2020 3rd Quarter PDF

Загружено:

Сведения о документе

Оригинальное название

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

EMIS Insights - India Automotive Sector Report 2020 3rd Quarter PDF

Загружено:

Авторское право:

Доступные форматы

INDIA

An EMIS Insights Industry Report

Any redistribution of this information is strictly prohibited.

CONTACT US www.emis.com FOLLOW US

AMP Automotive Mission Plan

BS-VI Bharat Stage-VI (Emission Standards)

BSE Bombay Stock Exchange

CNG Compressed Natural Gas

D&B Dun & Bradstreet

ET The Economic Times

EVs Electric Vehicles

GNCAP Global New Car Assessment Programme

GVW Gross Vehicle Weight

LCV Light Commercial Vehicles

M&HCV Medium and Heavy Commercial Vehicles

NBFCs Non-Bank Financial Companies

OEM Original Equipment Manufacturer

OICA International Organization of Motor Vehicle Manufacturers

PVs Passenger Vehicles

SIAM Society of Indian Automobile Manufacturers

STUs State Transport Utilities

SUV Sport Utility Vehicle

Any redistribution of this information is strictly prohibited.

CONTENTS 01 EXECUTIVE SUMMARY

02 SECTOR OUTLOOK p.13

03 SECTOR IN FOCUS p.20

04 COMPETITIVE LANDSCAPE p.35

05 COMPANIES IN FOCUS p.39

CONTENTS Ashok Leyland Ltd

06 REGULATORY ENVIRONMENT p.58

07 PASSENGER VEHICLES p.61

08 COMMERCIAL VEHICLES p.68

09 TWO- AND THREE- p.75

10 AUTO COMPONENTS p.81

*Faster Adoption and Manufacturing of Electric Vehicles in India

Any redistribution of this information is strictly prohibited.

Any redistribution of this information is strictly prohibited.

7.5% 37mn No. 4

No. 2 No. 3 No. 7

31mn 79% 85%

*Unless otherwise stated, figures are for FY2019.

INDIA AUTOMOTIVE SECTOR 2020 Q3 7

IMPORTS DOMESTIC MARKET

KEY PLAYERS’ NET REVENUES DOMESTIC VEHICLE SALES AUTO COMPONENT

INDIA AUTOMOTIVE SECTOR 2020 Q3 9

Sector Snapshot: India Automotive

INDIA AUTOMOTIVE SECTOR 2020 Q3 10

INDIA AUTOMOTIVE SECTOR 2020 Q3 11

Source: Hero MotoCorp, FT

INDIA AUTOMOTIVE SECTOR 2020 Q3 12

Any redistribution of this information is strictly prohibited.

Real GDP, y/y change Consumption, Investment, and Public

FY2019f FY2020f FY2021f FY2022f FY2023f

Source: IMF, FocusEconomics, CEIC

INDIA AUTOMOTIVE SECTOR 2020 Q3 14

Macroeconomic Outlook (cont’d)

Total Exports and Imports, y/y change

FY2019f FY2020f FY2021f FY2022f FY2023f

Current Account Consumer Price Index, y/y change

Current Account, USD bn

Source: FocusEconomics, CEIC

INDIA AUTOMOTIVE SECTOR 2020 Q3 15

Consumer Confidence Survey (Future Business Expectation Index