An Outlook on Indian Two Wheeler Industry

AN OUTLOOK ON INDIAN TWO WHEELER

AUTOMOTIVE INDUSTRY

GMP 2015-16

BY:

ANJU BABU – G15068

PANKAJ KUMAR GOENKA-G15096

PRASHANT SINGH-G15100

An Outlook on Indian Two Wheeler Automotive Industry GMP 15-16 | XLRI Jamshedpur

2

Disclaimer : This report is prepared for academic interest and the views presented are personal to authors.

Table of Contents

Sl. No Topic Page No

1 Executive Summary 3

2 Introduction 4

3 Two Wheeler Industry 5

3.1 Market Players 6

3.2 Market Structure 6

4 Market Competitiveness

4.1 Market Share Trend – Player wise 7

4.2 Market Share Trend – Segment wise 8

4.3 Significant Strategic Alliance in Industry 9

5 Profitability Analysis 9

6 Buyer’s Power 11

7 Future Growth Trend and Demand Drivers 11

8 Demand vrs Installed Capacity 14

9 Conclusion 15

10 References 17

11 Annexure 18


3

Executive Summary

This report on “An Outlook on Indian Two Wheeler Automotive Industry” gives a perspective on Indian Two

Wheeler industry based on last five year trend and projections for next five years.

Indian Automotive Industry is one the largest in the world and Indian Two Wheeler Industry is slated to grow

at a rate of 10-12% CAGR during FY15-20. The industry has been divided into three segments viz. Motocycle,

Scooter and Mopeds. There are about 12 players in the market however 90% of the total volume is

dominated by top 4 players. Viz. Hero, Bajaj, HMSI and TVS Motors.

The market has been oligopolistic in nature inspite of liberalization in 2002 and subsequent government

policies to facilitate new players. TVS currently enjoys monopoly in Moped segment with almost 100%

market share. The significant reason for industry being oligopolistic is high entry barrier in terms of huge

capital investment and customer brand loyalty. Each segment has a clear leader viz. in Motorcycles – Hero for

Commuter Segment (100-125cc), Bajaj for Premium Bikes (>200cc), in Scooters – HMSI and in Mopeds – TVS.

It can be seen that each of the leaders has so far not been successful in penetrating segments other than

their strong hold.

As the buying power of population increases and there is an up-gradation in life style of people, rural market

will grow at a faster rate for scooters and motorcycles. The Scooter segment is slated to regains its lost glory

and capture about 30% of the total market which dropped to a meager 8% in 2000. The premium segment

witness increased competition with almost all national and international players slated to release more

products in that segment. It would be challenging for current players to sustain market share especially in

commuter segment without controlling the prices with increasing competition. Further, Indian Government’s

Make in India initiative has the potential to attract foreign players to set up manufacturing facilities in India

there by increasing the competition in the market. However it is pre-mature to conclusively conclude on this

front.


4

Introduction

The Indian Automotive industry has been a significant pillar of Indian growth story. It account for about ~7% of the total GDP of the nation with a contribution of 22% to manufacturing GDP and employs about 19 million people directly and indirectly.

The evolution of Indian automotive sector over the years

Source: Society of Indian Automotive Manufacturers (SIAM), TechSci Research

The automotive market is primarily split into four segments.


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Source: Society of Indian Automotive Manufacturers (SIAM), TechSci Research

As evident from the break-up, two Wheelers account for 79% of the total segment by volume making India

2nd largest two wheeler manufacturer in Asia.

In this report we capture a comprehensive analysis of Indian Two-Wheeler industry covering market

structure, key players, market size, growth trends, demand-supply condition & relative buyer & seller power

from an economist point of view.

Two- Wheeler Industry

Market Size

The two-wheeler industry can be sub categorized into Scooters, Mopeds and Motorcycles.

Source: SIAM

The estimated revenue of the Indian two-wheelers industry had grown to Rs 755 billion in 2014-15 with sales

volume of 18.5 million units. Between 2009-10 and 2014-15, domestic two-wheeler sales are estimated to

have recorded a 11.3 per cent CAGR. While motorcycle sales recorded a 7.9 per cent CAGR, scooter and

14%

3%4%

79%

Market Share by Volume (FY15)

Passenger Vehicle

Commercial Vehicle

Three Wheelers

Two Wheelers

Source: Society of Indian Automotive Manufacturers (SIAM)

10.5 11.9 11.9 12.5 13.0

2.12.7 3.0 3.7

4.70.70.8 0.8

0.70.8

0.0

5.0

10.0

15.0

20.0

(No

s. in

Mill

ion

s/p

a)

Segment-wise Market Size

Mopeds

Scooters

Motocycles0.0

5.0

10.0

15.0

20.0

2010-112011-122012-132013-142014-15

(No

s. in

Mill

ion

s/p

a)

Market Size - Two Wheelers


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moped sales posted CAGR of 25.2 per cent and 6 per cent, respectively. Sharp growth in scooters, over a low

base, aided overall growth

Market Structure & Players

Sl. No

Supplier Market Share by Volume (FY15 Base)

H-Index

(Order as per current market share) Motorcycle Scooter Moped Overall

Si Si2

1 Hero MotoCorp Ltd. Hero 45% 18%

36%

0.36 0.13

2 Honda Motorcycle & Scooter India

HMSI 14% 55%

24%

0.24 0.06

3 Bajaj Auto Ltd. BAL 25%

18%

0.18 0.03

4 TVS Motor Company Ltd. TVS 7% 15% 100% 13%

0.13 0.02

5 India Yamaha Motor Pvt. Ltd. Yamaha 4% 5%

4%

0.04 0.00

6 Suzuki Motorcycle India Pvt. Ltd.

Suzuki 1% 6%

2%

0.02 0.00

7 Royal Enfield Motors Enfield 3%

2%

0.02 0.00

8 Mahindra & Mahindra Ltd. Mahindra 1% 1%

1%

0.01 0.00

9 Piaggio Vehicles Pvt Ltd Piaggio

1%

0.15%

0.00 0.00

10 Harley-Davidson (H-D Motor Company India Pvt. Ltd)

Harley 0.04%

0.03%

0.00 0.00

11 India Kawasaki Motors P Ltd KHI 0.01%

0.01%

0.00 0.00

12 Triumph Motorcycles (India) Pvt Ltd.

Triumph 0.01%

0.01%

0.00 0.00

Total 100% 100% 100% 100%

0.24

Source : SIAM & CRISIL Research

Compete in Segment H index

Top 4 Players

The above table lists all the national and international players present in the market. 90% of the total market

is dominated by top four players.

Market Structure

The H-index as computed above for the overall industry is 0.24, .29 for Motorcycle, 0.36 for Scooter and 1 for Mopeds. The H-index for all the 3 segments has remained constant over the last five years. Detailed computation of H-index is presented in Annexure 1. For the segment of mopeds H-index of 1 shows monopolistic nature where TVS is covering almost 100% of the market. Further H-index of Motorcycle and Scooter implies that this industry has evolved into an oligopolistic industry where, product differentiation is a decisive variable. A steady H-index signifies that the deregulation of the industry has not led to substantially higher competition. This may reflect the inadequacy of regulatory policy and/or the nature of the technology of the industry wherein an oligopolistic structure is natural. The values of the H-Index also indicate that the three


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segments of the industry have responded in different ways to changes in the forces of competition. We find that the motorcycle segment has had a greater number of entries than did the scooter or moped segments. Thus, it is quite possible that when competition-inducing policies are introduced, there could be an unequal number of entrants in each segment, which would then further increase oligopoly in some segments and for the industry as a whole. Oligopoly could also result from the fact that it is existing firms that are introducing new brands rather than new firms entering the industry. When the movement of prices in the three segments is considered, it is seen that prices have not decreased though the number of brands has increased. This is indicative of oligopoly. Therefore, future reforms in the industrial policy covering the two-wheeler industry will probably need to incorporate some mechanism to induce new firms to enter the industry. [3]

Market Competitiveness

Competition in the two-wheeler industry has intensified across segments over the past few years. Factors

such as aggressive capacity additions, expansion of dealership network and model launches at competitive

price points have contributed to the rising competition. Players such as Yamaha and Royal Enfeild have been

steadily gaining market share, thereby increasing the competitive intensity.

Market Share Trend – Player-wise

Source : CMIE, Crisil Research

As of 2014-15, the motorcycles segment accounted for about 70 per cent of overall two-wheeler sales. Hero

MotoCorp continues to be the leader in this segment, with a market share of around 45% per cent total sales

wise. However, between 2009-10 and 2014-15, Honda Motorcycles and Scooters India Pvt Ltd has been the

fastest-growing major player due to capacity expansion and new model launches.

41% 41%39%

37% 36%

12% 14%

17%

22%24%25% 25% 24%

20%18%

15% 14% 13% 12% 13%

7% 7% 8% 9% 9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2010-11 2011-12 2012-13 2013-14 2014-15

Market Share - Player-wise

Hero MotoCorp Ltd. Honda Motorcycle & Scooter India (Pvt) Ltd

Bajaj Auto Ltd. TVS Motor Company Ltd.

Others


8

Market Share Trend – Segment Wise


Scooter sales volume grew by 25.1 per cent y-o-y in 2014-15. Honda Motorcycles and Scooters India Ltd

(HMSI) continues to be the fastest growing player in the segment on the back of capacity expansions and

model launches. HMSI continues to be the leader in this segment, with a market share of around 55% per

cent total sales wise.


Moped sales increased modestly by 3.4 per cent y-o-y due to continued weak demand, especially in South

India, where they are sold in large numbers. TVS has monopoly in this segment.

48% 48%44% 44% 45%

32% 32%27% 27% 25%

7% 7%14% 14% 14%

8% 7% 6% 6% 7%

5% 5% 8% 8% 8%0%

10%

20%

30%

40%

50%

60%

2010-11 2011-12 2012-13 2013-14 2014-15

Market Share Trend - Motorcycle

Hero MotoCorp Ltd. Bajaj Auto Ltd.

Honda Motorcycle & Scooter India (Pvt) Ltd TVS Motor Company Ltd.

Others

43%47% 49%

53% 55%

17% 17% 19% 19% 18%21% 20%

15% 13% 15%11% 11% 11% 8% 6%

7% 5% 7% 7% 6%0%

10%

20%

30%

40%

50%

60%

2010-11 2011-12 2012-13 2013-14 2014-15

Market Share Trend - Scooter

Honda Motorcycle & Scooter India (Pvt) Ltd Hero MotoCorp Ltd.

TVS Motor Company Ltd. Suzuki Motorcycle India Pvt. Ltd.

Others


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As evident from the market analysis and trend each player is fighting for larger share. Leaders are losing

ground in overall market share while other are gaining with aggressive introduction of new product, new

capacity and market penetration. There is no sign of consolidation or vertical integration.

Significant Strategic Alliances in Industry

In last five years, Industry witnessed two major strategic alliances that of Bajaj Auto, KTM Austria and

separation of Honda from Hero in Hero Honda Ltd.

In 1984, Hero Group and Honda Motors signed a JV agreement to form Hero Honda. In 1984, Honda formed

two JVs; one was to manufacture motorcycles with the Hero Group and the other was with Kinetic Honda to

manufacture scooters. Honda sold its stake in Kinetic Honda in 1997 and about a year later decided to set up

its own scooter manufacturing subsidiary Honda Motorcycles and Scooters India Ltd (HMSI). In 2010 when

HSMI decided in 2010 to launch a 110cc motorcycle, the segment that formed over 70 per cent of Hero

Honda’s sales. Honda dismissed Hero Honda’s apprehensions that HSMI’s motorcycle will become a direct

competitor to its largest selling bikes – Passion and Splendor. In 2010 December, Hero Honda and Honda

Motors announced separation and the birth of Hero MotoCorp take place.

Bajaj Auto picked up 48% in KTM in 2008 and bailed out the loss-making company. KTM has outsourced all product development work up to 800cc to the Bajaj Auto. A new twin-cylinder engine platform and two new models (RC 200 and RC 390) to complement the existing range are some of the projects Bajaj Auto is working on with KTM. KTM expects its Indian base to produce over 1 lakh units through its partner Bajaj Auto, at their Chakan plant over the next three to four years. For KTM, India is not strategic only in terms of its market potential, but also as the base to produce, develop and export lower displacement bike out of here to other emerging markets of South East Asia and Latin America in tandem with Bajaj Auto

Profitability Analysis

The profitability ratios of the top players are considered here to have a holistic view of how they are

performing as a whole and individually in the market.

Hero Motor Corp.

Ratios Mar '15 Mar '14 Mar '13 Mar '12 Mar '11

Operating Profit Margin(%) 12.84 14 13.97 15.46 13.4

Gross Profit Margin(%) 10.88 9.62 9.17 10.81 11.33

Cash Profit Margin(%) 10.97 12.5 13.64 13.56 11.36

Net Profit Margin(%) 8.64 8.34 8.76 10.04 9.89

Return On Capital Employed(%) 53.42 51.41 48.57 49.83 52.13


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Ratios (contd…)

Return On Net Worth(%) 36.47 37.66 42.31 55.43 65.21

Return on Assets Excluding Revaluations 327.58 280.43 250.7 214.83 148.03

Return on Assets Including Revaluations 327.58 280.43 250.7 214.83 148.03

Return on Long Term Funds(%) 53.42 51.41 48.57 49.83 52.13

Bajaj Auto Ltd.


Operating Profit Margin(%) 19.04 20.37 18.17 19.04 19.33









TVS Motor Company


Operating Profit Margin(%) 5.98 6 5.78 6.58 4.92









Though Honda & Suzuki feature among the top players in Indian two-wheeler automotive industry, neither

the profitability ratios nor the data to calculate the same were available, as these are not listed in India.

By looking into the profitability ratios of the 3 top companies listed above, it is evident that the market stayed

stable over last five years with no major fluctuations. Bajaj continues to be leader in terms of profitability

with Industry leading Operating Margin of 19%.


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Buyer’s Power

With increasing players in each segment and sub-segment, Buyers have considerable buying power as variety

of products are now available in the same range specially in commuter segment (100-125 cc). A large youth

population potentially offers a sizeable market for Two Wheelers. India currently has a very favorable

demographic profile with an average age of 25 years, which is 9 years younger than China, and more than 12

years and 19 years younger than the US and Japan, respectively. This age group is characterized by a

combination of earning power and high spending propensity, which would increase the likelihood of

conversion of potential ownership into actual ownership. Hence it is imperative for manufacturers to be cost

competitive in Commuter segment and Quality competitive in Premium segment (>200cc).

Future Trends and Demand Drivers for the Two Wheeler Industry

Expected Growth rate

Over the next five years, it is expected that domestic two-wheeler sales will record 10-12 per cent CAGR,

largely led by scooters - the fastest growing segment likely to record 13-15 per cent CAGR. Motorcycle sales

are likely to register between 6-8 per cent CAGR, backed by robust rural sales. Mopeds, which account for 5

per cent of domestic two wheeler sales, are expected to grow by 6-8 per cent CAGR.

Rural market to drive two-wheeler sales over longer run

As of 2014-15, about 40 per cent of rural households are estimated to lie below the threshold income level.

The rural addressable household base recorded about 7 per cent CAGR over past five years.

There is significant potential for two-wheeler players to penetrate into rural areas, backed by following

factors:

Improvement in penetration rate (as a per cent of addressable households) to 40 per cent in 2014-

15, from 29 per cent in 2009-10 (as per estimates)

Number of addressable households to reach 135-145 million, with about 39 million households

added between 2014-15 to 2019-20.


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Level of Market Penetration: Present and Future Projection

Motorcycles & Scooters only, Source: Crisil Research

Higher penetration to cap growth in urban areas

In contrast, in the urban market, growth in two-wheeler sales, especially motorcycles, is expected to moderate, over the next five years.

As of 2014-15, urban penetration (as a per cent of addressable households) is estimated at about 67 per cent.

Growth in addressable households to be limited, as less than 5 per cent of households currently lie below the threshold income level.

By 2019-20, as per estimates, about 97 per cent of urban households can afford a two wheeler, with penetration levels reaching about 80 per cent.

Pace of fresh sales to slow down in an already mature market, with more demand for replacement purposes

Motorcycle: Growth to be driven by Rural Demand

From 40 per cent in 2009-10, share of the rural market is estimated to have risen to 46 per cent in 2014-15, and expected to rise to over 60 per cent by 2019-20. It is expected that rural areas will drive bulk of incremental sales and record a CAGR of 6-8 per cent between 2014-15 and 2019-20.

Growth in incomes and improvement in basic infrastructure facilities to drive healthy expansion in addressable market

Rural areas to account for about 70-75 per cent of incremental addressable household additions, with about 40 million addressable households likely to be added by 2019-20.

Motorcycle penetration in rural areas to improve to 47 per cent by 2019-20, from about 37 per cent currently

Players to widen their distribution and service reach in rural areas.


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Even by the end of 2019-20, about 23 per cent of rural households will lack affordability to purchase a motorcycle, signaling that scope for growth in these markets would still persist.

Scooters: Will drive industry growth & remain fastest growing segment

In 2014-2015 the share of scooters has risen to 28 per cent, from 15 per cent in 2009-10. It is expected that

the trend will continue and Indian Two wheeler will see growth largely led by scooters – which is likely to

record 13-15 per cent CAGR during FY15-20. Here, manufacturers' focus on urban markets, expansion in

distribution network in semi-urban and rural areas, model launches and better product positioning would

drive up volumes. It is interesting to see that Bajaj Auto, once the market leader in this segment continues

with its stand not to enter the segment or changes its strategy.

Moped: Sales to grow at moderate pace

Moped sales have been restricted to South India. However, TVS Motors, the sole manufacturer, has been

expanding its distribution network beyond this region since 2010-11, which will drive up sales over the long

term. It is expected that domestic moped demand to grow by 6-8 per cent annually during 2014-15 to 2019-

20, driven mainly by continuing healthy demand for quasi-commercial use in semi-urban and rural areas,

along with revival of industrial activity in South India.

Indian Two-Wheeler Market to mature by 2020

Income level is an important factor, determining demand for two-wheelers in developing markets like India.

Asia leads two-wheeler sales accounting for 80 per cent of global sales, led by China, Indonesia, India and

Vietnam. India is one of the most under-penetrated two-wheeler markets, compared to other developing

countries. Cross-country comparison shows that economic growth improves potential for the two-wheeler

industry.

Cross-country comparison: Two-wheeler penetration vs gross per capita income

Source: IMF, UN Comtrade, Crisil Research


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However, even at a moderate 9 per cent CAGR over the next 5-7 years, the Indian two-wheeler market

should mature by 2020. Beyond this period, new demand will be limited and replacement demand will be the

main driver of sales, albeit at a slower pace.

By 2020, the addressable market for two-wheelers would include 82-84 per cent of total households in India,

vis-a-vis about 58 per cent in 2009-10. Therefore, scope for fresh sales through migration to higher income

brackets would be limited. Thus, beyond 2020, the addressable market for two-wheelers will largely grow in

line with rise in population, nuclearisation of families and multiple-ownership. Penetration within the

addressable market will also have crossed 65 per cent, implying that long-term growth prospects for the

domestic two-wheeler market will steadily moderate until 2020 and deteriorate thereafter.

Demand Vrs Installed Capacity

Manufacturing two-wheelers is a moderately capital-intensive process, for which players need to set up

facilities for making engines, body fabrication and the final assembly. The need for separate manufacturing

lines for motorcycles and scooters, with varying engine capacities, depends on flexibility of the lines and

generation of technology to which the engine belongs. Currently, most Indian two-wheeler manufacturers

use flexible production lines that reduce change-over time when the same plant is used to manufacture

different products.

Trend for Capacity Utilization (Industry level)

The utilisation rate of domestic two-wheeler manufacturers has marginally risen to 79 per cent in 2014-15

from an estimated 78 per cent in 2013-14, as growth in production was slightly higher than capacity

additions. In 2014-15, production grew by 9.5 per cent, while capacities are estimated to have grown by 8-9

per cent as major players expanded capacities during the year to cater to newer opportunities. In 2015-16, as

incremental capacities become operational, utilization rates are expected to decline to 77 per cent.

Also, production is likely to grow at a lesser pace of 4-6 per cent vis-a -vis 8-10 per cent growth estimated for

capacity additions.


15

Supplier-Wise Capacity Utilization in FY15 & Future Plan

Source: Crisil Research

The capacity addition decisions of various suppliers are in sync with anticipated demand and growth rates.

While HMSI which has a strong hold on Scooters which is projected to be the fastest growing segment it can

be a prudent decision. Hero with its Splendor and Passion Brands would strategize to increase penetration in

rural market where it already has a strong hold. Enfield has seen steady and consistent demand with long

waiting period, this capacity addition would decrease the lead time for customers significantly and the

market for this Hi-End segment would continue to increase with increase in young working professionals in

India. With capacity consistently under-utilized for 3 years in a row, it would be in best interest of Bajaj to

make fresh investment once the current capacity reaches the utilization level of 90%.

Conclusion

As we saw Indian Automotive Industry is one the largest in the world and Indian Two Wheeler Industry is

slated to grow at a rate of 10-12% CAGR during FY15-20. The market has been oligopolistic in nature with

90% of the total share dominated by top 4 suppliers inspite of liberalization in 2002 and subsequent

government policies to facilitate new players. The significant reason for this is high entry barrier in terms of

huge capital investment and customer brand loyalty. Each segment has a clear leader viz. in Motorcycles –

Hero for Commuter Segment (100-125cc), Bajaj for Premium Bikes (>200cc), in Scooters – HMSI and in

SupplierNos. in million per

annum

Hero 1.2

HMSI 1.2

TVS 0.9

Yamaha 0.4

Enfield 0.3

Expected Capacity Addition

(FY16-17)

Revised Expected Capacity

(Industry FY16-17)

27.3 Million Per Annum


16

Mopeds – TVS. It can be seen that each of the leaders has so far not been successful in penetrating segments

other than their strong hold.

As the buying power of population increases and there is an up-gradation in life style of people, rural market

will grow at a faster rate for scooters and motorcycles. The Scooter segment is slated to regains its lost glory

and capture about 30% of the total market which dropped to a meager 8% in 2000. The premium segment

witness increased competition with almost all national and international players slated to release more

products in that segment. It would be challenging for current players to sustain market share especially in

commuter segment without controlling the prices with increasing competition. Further, Indian Government’s

Make in India initiative has the potential to attract foreign players to set up manufacturing facilities in India

there by increasing the competition in the market. However it is pre-mature to conclusively conclude on this

front.


17

References

http://www.crisil.com/research/industry-toc-two-wheelers.html http://www.moneycontrol.com/stocks/marketinfo/netsales/bse/auto-2-3-wheelers.html http://www.ijcrar.com/vol-3-2/M.%20Krishnaveni%20and%20R.%20Vidya.pdf http://cci.gov.in/images/media/ResearchReports/AnujInt200711.pdf http://www.icra.in/Files/ticker/SH-2015-Q2-3-ICRA-Automobiles.pdf http://www.heromotocorp.com/en-in/uploads/Annual_Reports/pdf/20150729114321-pdf-13.pdf http://www.heromotocorp.com/en-in/uploads/Annual_Reports/pdf/HMCL_Financials_at_a_glance1.pdf Analysis of Profitability of Selected Two Major Two-Wheeler Automobile Companies In India – Ejournal https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/global-automotive-executive-survey/Documents/2015-report-v2.pdf http://www.bajajauto.com/bajaj_investor_annual_report.asp http://world.honda.com/investors/financial_data/ http://www.tvsmotor.com/pdf/Financial-results-March-31-2015.pdf http://www.siamindia.com/statistics.aspx?mpgid=8&pgidtrail=9

http://industryoutlook.cmie.com/

Analyzing the state of competition in Indian Two wheeler Industry (A Report) – Competition Commission of India, Delhi

http://www.crisil.com/research/industry-toc-two-wheelers.html

http://www.moneycontrol.com/stocks/marketinfo/netsales/bse/auto-2-3-wheelers.html

http://www.ijcrar.com/vol-3-2/M.%20Krishnaveni%20and%20R.%20Vidya.pdf

http://cci.gov.in/images/media/ResearchReports/AnujInt200711.pdf

http://www.icra.in/Files/ticker/SH-2015-Q2-3-ICRA-Automobiles.pdf

http://www.heromotocorp.com/en-in/uploads/Annual_Reports/pdf/20150729114321-pdf-13.pdf

http://www.heromotocorp.com/en-in/uploads/Annual_Reports/pdf/HMCL_Financials_at_a_glance1.pdf

https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/global-automotive-executive-survey/Documents/2015-report-v2.pdf

https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/global-automotive-executive-survey/Documents/2015-report-v2.pdf

http://www.bajajauto.com/bajaj_investor_annual_report.asp

http://world.honda.com/investors/financial_data/

http://www.tvsmotor.com/pdf/Financial-results-March-31-2015.pdf

http://www.siamindia.com/statistics.aspx?mpgid=8&pgidtrail=9

http://industryoutlook.cmie.com/


18

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ra L

td.

0.0

0.0

0.0

0.0

1.3

1.0

0.0

00.0

00.0

00.0

00.0

00.0

0

Su

zuki

Mo

torc

ycle

Ind

ia P

vt. L

td.

0.6

0.5

0.5

0.7

0.6

0.7

0.0

00.0

00.0

00.0

00.0

00.0

0

Ha

rle

y-D

avi

ds

on

(H

-D M

oto

r C

om

pa

ny

Ind

ia P

vt. L

td)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

00.0

00.0

00.0

00.0

00.0

0

Kin

etic

En

gin

ee

rin

g L

td.

0.0

0.0

0.0

0.0

0.0

0.0

0.0

00.0

00.0

00.0

00.0

00.0

0

Ind

ia K

aw

as

aki

Mo

tors

Pri

vate

Ltd

0.0

0.0

0.0

0.0

0.0

0.0

00.0

00.0

00.0

00.0

00.0

0

Tri

um

ph

Mo

torc

ycle

s (

Ind

ia)

Pvt

Ltd

.0

.00

.00

.00

.00

.00.0

00.0

00.0

00.0

00.0

00.0

0

Kin

etic

Mo

tors

Ltd

.0

.00

.00

.00

.00

.00

.00.0

00.0

00.0

00.0

00.0

00.0

0

Mo

torc

ycle

To

tal

10

0.0

10

0.0

10

0.0

10

0.0

10

0.0

10

0.0

0.3

70

.35

0.3

50

.33

0.3

00

.29

H-Index

H-Index

H-Index

H-Index

H-Index

H-Index

Motorcycle

Ma

rke

t S

ha

re

Pla

yer-

wis

e m

ark

et

sh

are

in t

ota

l sa

les

20

09

-10

20

10

-11

20

11

-12

20

12

-13

20

13

-14

20

14

-15

Se

gm

en

tP

laye

r2

00

9-1

02

01

0-1

12

01

1-1

22

01

2-1

32

01

3-1

42

01

4-1

5S

i2S

i2S

i2S

i2S

i2S

i2

Ho

nd

a M

oto

rcyc

le &

Sco

ote

r In

dia

(P

vt)

Ltd

50

.34

3.0

46

.84

8.5

52

.95

4.9

0.2

50.1

90.2

20.2

40.2

80.3

0

He

ro M

oto

Co

rp L

td.

14

.41

7.1

17

.21

9.1

19

.11

7.7

0.0

20.0

30.0

30.0

40.0

40.0

3

TV

S M

oto

r C

om

pa

ny

Ltd

.2

0.7

21

.41

9.9

14

.61

2.9

15

.00.0

40.0

50.0

40.0

20.0

20.0

2

Su

zuki

Mo

torc

ycle

Ind

ia P

vt. L

td.

9.5

10

.91

0.9

10

.98

.06

.00.0

10.0

10.0

10.0

10.0

10.0

0

Ind

ia Y

am

ah

a M

oto

r P

vt. L

td.

0.0

0.0

0.0

2.0

4.8

4.7

0.0

00.0

00.0

00.0

00.0

00.0

0

Ma

hin

dra

& M

ah

ind

ra L

td.

4.8

7.4

5.2

3.5

1.4

1.1

0.0

00.0

10.0

00.0

00.0

00.0

0

Pia

gg

io V

eh

icle

s P

vt L

td0

.00

.00

.01

.30

.90

.60.0

00.0

00.0

00.0

00.0

00.0

0

Ba

jaj A

uto

Ltd

.0

.30

.00

.00

.00

.00

.00.0

00.0

00.0

00.0

00.0

00.0

0

Kin

etic

Mo

tors

Ltd

.0

.00

.00

.00

.00

.00

.00.0

00.0

00.0

00.0

00.0

00.0

0

Sc

oo

ter

To

tal

10

0.0

10

0.0

10

0.0

10

0.0

10

0.0

10

0.0

0.3

30

.28

0.3

00

.31

0.3

40

.36

H-Index

H-Index

H-Index

H-Index

H-Index

H-Index

Scooter

Ma

rke

t S

ha

re

An Outlook on Indian Two Wheeler Industry

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Transcript of An Outlook on Indian Two Wheeler Industry