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
Disclaimer : This report is prepared for academic interest and the views presented are personal to authors.
Table of Contents
Sl. No
1
2
3
3.1
3.2
4
4.1
4.2
4.3
5
6
7
8
9
10
11
Topic
Executive Summary
Introduction
Two Wheeler Industry
Market Players
Market Structure
Market Competitiveness
Market Share Trend Player wise
Market Share Trend Segment wise
Significant Strategic Alliance in Industry
Profitability Analysis
Buyers Power
Future Growth Trend and Demand Drivers
Demand vrs Installed Capacity
Conclusion
References
Annexure
Page No
3
4
5
6
6
7
8
9
9
11
11
14
15
17
18
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 Governments
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.
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.
Market Share by Volume (FY15)
14%
3%
4%
Passenger Vehicle
Commercial Vehicle
Three Wheelers
Two Wheelers
79%
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.
Market Size - Two Wheelers

(Nos. in Millions/pa)
(Nos. in Millions/pa)
20.0
Segment-wise Market Size
15.0
10.0
5.0
20.0
15.0
10.0
5.0
0.0
0.0
0.7
2.1
10.5
0.8
0.8
2.7
3.0
0.7
3.7
0.8
4.7
Mopeds
11.9
11.9
12.5
13.0
Scooters
Motocycles
2010-112011-122012-132013-142014-15
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
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
1
2
3
4
5
Supplier
Market Share by Volume (FY15 Base)
(Order as per current market share)

Hero MotoCorp Ltd.
Hero
Honda Motorcycle & Scooter
HMSI
India
Bajaj Auto Ltd.
BAL
TVS Motor Company Ltd.
TVS
Motorcycle
45%
Scooter
18%
14%
Moped
H-Index
Overall
36%
Si
0.36
Si2
0.13
55%
24%
0.24
0.06
25%
7%
15%
18%
13%
0.18
0.13
0.03
0.02
100%
Yamaha
4%
5%
4%
0.04
0.00
Suzuki
1%
6%
2%
0.02
0.00
India Yamaha Motor Pvt. Ltd.

Suzuki Motorcycle India Pvt.
Ltd.
Royal Enfield Motors
Enfield
3%
2%
0.02
0.00
8
9
Mahindra & Mahindra Ltd.

Piaggio Vehicles Pvt Ltd
Mahindra
Piaggio
1%
1%
0.15%
0.01
0.00
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%
1%
1%
100%
100%
100%
0.24
Source : SIAM & CRISIL Research

Compete in Segment
Top 4 Players
H index
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
6
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
Market Share - Player-wise

45%
41%
41%
39%
40%
37%
36%
35%
30%
25%
25%
25%
20%
15%
15%
12%
17%
14%
14%
10%
5%
7%
24%
7%
22%
20%
13%
8%
24%
18%
13%
12%
9%
9%
0%
2010-11
2011-12
2012-13
2013-14
2014-15
Hero MotoCorp Ltd.
Honda Motorcycle & Scooter India (Pvt) Ltd
Bajaj Auto Ltd.
Others
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.
Market Share Trend Segment Wise
Market Share Trend - Motorcycle

60%
50%
40%
30%
20%
10%
0%
48%
48%
32%
44%
32%
27%
27%
14%
7% 8%
5%
7% 7%
5%
2010-11
2011-12
45%
44%
6%
8%
25%
14%
14%
2012-13
8%
6%
8%
2013-14
7%
2014-15
Hero MotoCorp Ltd.
Bajaj Auto Ltd.
Others
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.
Market Share Trend - Scooter

60%
50%
40%
30%
20%
10%
0%
43%
17%
21%
11%
17%20%
55%
53%
49%
47%
19%
11%
15%
19%
11%
13%
18%15%
8%
6%
7%
5%
7%
7%
6%
2010-11
2011-12
2012-13
2013-14
2014-15
Hero MotoCorp Ltd.
Suzuki Motorcycle India Pvt. Ltd.
Others
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.
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
Hondas sales. Honda dismissed Hero Hondas apprehensions that HSMIs 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
Operating Profit Margin(%)
Gross Profit Margin(%)
Cash Profit Margin(%)
Net Profit Margin(%)
Return On Capital Employed(%)
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
12.84
14
13.97
15.46
13.4
10.88
9.62
9.17
10.81
11.33
10.97
12.5
13.64
13.56
11.36
8.64
8.34
8.76
10.04
9.89
53.42
51.41
48.57
49.83
52.13
Ratios (contd)
Return On Net Worth(%)
Return on Assets Excluding Revaluations
Return on Assets Including Revaluations
Return on Long Term Funds(%)
36.47
327.58
327.58
53.42
37.66
280.43
280.43
51.41
42.31
250.7
250.7
48.57
55.43
214.83
214.83
49.83
65.21
148.03
148.03
52.13
Bajaj Auto Ltd.

Ratios
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
19.04
20.37
18.17
19.04
19.33
17.81
19.48
17.35
18.3
18.58
15.41
16.41
15.42
16.3
16.12
13.01
16.09
15.21
15.38
20.36
41.01
47.92
53.51
68.13
69.68
26.31
33.75
38.51
49.72
68.01
369.5
332.04
273.08
208.77
169.69
369.5
332.04
273.08
208.77
169.69
41.01
47.92
53.51
68.13
71.86
TVS Motor Company

Ratios
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
5.98
6
5.78
6.58
4.92
4.46
4.35
3.94
4.93
3.18
4.94
4.9
4.75
5.12
4.94
3.44
3.28
1.64
3.49
3.14
18.85
19.91
17.08
19.81
18.38
21.14
18.48
9.47
21.3
19.46
34.63
29.79
25.78
24.61
21.04
34.63
29.79
25.78
24.61
21.04
22.34
20.27
17.59
22.64
19.08
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%.
10
Buyers 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 201415, 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.
11
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.
12
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 201920, 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
13
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.
14
Supplier-Wise Capacity Utilization in FY15 & Future Plan

Expected Capacity Addition
(FY16-17)
Nos. in million per
Supplier
annum
Hero
1.2
HMSI
1.2
TVS
0.9
Yamaha
0.4
Enfield
0.3
Revised Expected Capacity
(Industry FY16-17)
27.3 Million Per Annum
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
15
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 Governments
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.
16
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-executivesurvey/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
17
Player-wise market share in total sales

Segment Player
Hero MotoCorp Ltd.
Piaggio Vehicles Pvt Ltd
Bajaj Auto Ltd.
Kinetic Motors Ltd.
Scooter Total
2009-10
50.3
14.4
20.7
9.5
0.0
4.8
0.0
0.3
0.0
100.0
0.0
100.0
2010-11
43.0
17.1
21.4
10.9
0.0
7.4
0.0
0.0
0.0
100.0
2011-12
46.8
17.2
19.9
10.9
0.0
5.2
0.0
0.0
0.0
100.0
2012-13
48.5
19.1
14.6
10.9
2.0
3.5
1.3
0.0
0.0
100.0
Market Share
2012-13
46.0
31.4
10.8
6.3
3.6
1.0
0.0
0.7
0.0
0.0
0.0
0.0
0.0
100.0
Market Share
2011-12
48.4
32.1
7.2
7.1
4.1
0.7
0.0
0.5
0.0
0.0
0.0
0.0
0.0
100.0
2010-11
48.0
32.3
7.1
8.0
3.5
0.5
0.0
0.5
0.0
0.0
0.0
0.0
0.0
100.0
Segment Player
Hero MotoCorp Ltd.
Bajaj Auto Ltd.
Royal Enfield Motors
Harley-Davidson (H-D Motor Company India Pvt. Ltd)
Kinetic Engineering Ltd.
India Kawasaki Motors Private Ltd
Triumph Motorcycles (India) Pvt Ltd.
Kinetic Motors Ltd.
Motorcycle Total
2009-10
51.9
29.7
6.2
7.6
3.4
0.6
0.0
0.6
0.0
0.0
Player-wise market share in total sales
Motorcycle
Scooter
2013-14 2014-15
54.9
52.9
17.7
19.1
15.0
12.9
6.0
8.0
4.7
4.8
1.1
1.4
0.6
0.9
0.0
0.0
0.0
0.0
100.0
100.0
2013-14 2014-15
44.4
44.6
27.5
25.3
14.2
14.4
6.4
7.4
4.0
4.0
1.7
2.5
1.3
1.0
0.6
0.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
100.0
100.0
0.23
0.10
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.35
0.27
0.09
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.37
0.36
H-Index
0.34
H-Index
0.31
H-Index
0.30
0.28
0.33
H-Index
0.28
0.04
0.02
0.01
0.00
0.00
0.00
0.00
0.00
0.24
0.04
0.02
0.01
0.00
0.00
0.00
0.00
0.00
0.22
0.03
0.04
0.01
0.00
0.00
0.00
0.00
0.00
0.19
0.03
0.05
0.01
0.00
0.01
0.00
0.00
0.00
0.25
0.02
0.04
0.01
0.00
0.00
0.00
0.00
0.00
H-Index
Si2
0.30
0.03
0.02
0.00
0.00
0.00
0.00
0.00
0.00
Si2
Si2
Si2
H-Index
2014-15
2013-14
2012-13
2011-12
H-Index
0.29
0.20
0.06
0.02
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Si2
2014-15
Si2
H-Index
0.30
0.20
0.08
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Si2
2013-14
2010-11
H-Index
0.33
0.21
0.10
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Si2
2012-13
Si2
H-Index
0.35
0.23
0.10
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Si2
2011-12
2009-10
H-Index
Si2
Si2
H-Index
2010-11
2009-10

ANNEXURE 1
18

An Outlook On Indian Two Wheeler Industry

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An Outlook On Indian Two Wheeler Industry

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AN OUTLOOK ON INDIAN TWO WHEELER

An Outlook on Indian Two Wheeler Automotive Industry

GMP 15-16 | XLRI Jamshedpur

An Outlook on Indian Two Wheeler Automotive Industry

GMP 15-16 | XLRI Jamshedpur

An Outlook on Indian Two Wheeler Automotive Industry

GMP 15-16 | XLRI Jamshedpur

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

The automotive market is primarily split into four segments.

An Outlook on Indian Two Wheeler Automotive Industry

GMP 15-16 | XLRI Jamshedpur

Market Share by Volume (FY15)

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

Two- Wheeler Industry

Market Size - Two Wheelers

Segment-wise Market Size

An Outlook on Indian Two Wheeler Automotive Industry

GMP 15-16 | XLRI Jamshedpur

Market Structure & Players

Market Share by Volume (FY15 Base)

(Order as per current market share)

India Yamaha Motor Pvt. Ltd.

Mahindra & Mahindra Ltd.

Harley-Davidson (H-D Motor

India Kawasaki Motors P Ltd

Triumph Motorcycles (India)

Source : SIAM & CRISIL Research

An Outlook on Indian Two Wheeler Automotive Industry

GMP 15-16 | XLRI Jamshedpur

Market Share - Player-wise

Hero MotoCorp Ltd.

Honda Motorcycle & Scooter India (Pvt) Ltd

Bajaj Auto Ltd.

TVS Motor Company Ltd.

An Outlook on Indian Two Wheeler Automotive Industry

GMP 15-16 | XLRI Jamshedpur

Market Share Trend Segment Wise

Market Share Trend - Motorcycle

Hero MotoCorp Ltd.

Bajaj Auto Ltd.

Honda Motorcycle & Scooter India (Pvt) Ltd

TVS Motor Company Ltd.

Market Share Trend - Scooter

Honda Motorcycle & Scooter India (Pvt) Ltd

Hero MotoCorp Ltd.

TVS Motor Company Ltd.

Suzuki Motorcycle India Pvt. Ltd.

An Outlook on Indian Two Wheeler Automotive Industry

GMP 15-16 | XLRI Jamshedpur

Significant Strategic Alliances in Industry

An Outlook on Indian Two Wheeler Automotive Industry

GMP 15-16 | XLRI Jamshedpur

Bajaj Auto Ltd.

TVS Motor Company

An Outlook on Indian Two Wheeler Automotive Industry

GMP 15-16 | XLRI Jamshedpur

Rural market to drive two-wheeler sales over longer run

An Outlook on Indian Two Wheeler Automotive Industry

GMP 15-16 | XLRI Jamshedpur

Level of Market Penetration: Present and Future Projection

Motorcycles & Scooters only, Source: Crisil Research

Higher penetration to cap growth in urban areas

Motorcycle: Growth to be driven by Rural Demand