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An Analysis of Automobile Industry of India as a Market Structure

Automobile industry is a symbol of technical marvel by human kind. Being one of the fastest growing sectors in the world its dynamic growth phases are explained by nature of competition, product life cycle and consumer demand. Today, the global automobile industry is concerned with consumer demands for styling, safety, and comfort; and with labor relations and manufacturing efficiency. The industry is at the crossroads with global mergers and relocation of production centers to emerging developing economies. Asia has become the major consumer as well as supplier of automobiles. India is concentrating on Middle East and south Asia beside traditional developed country destinations. With the gradual opening up of the component sector, now the challenge is for individual governments to support the development of domestic critical component and sub-system suppliers through, improvement in the investment environment, stronger patent regimes and incentives for R&D.

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A report on
An Analysis of Automobile Industry of India as a Market
Structure
By
Muhammad Anowar
Lovely Professional University
EXECUTIVE SUMMARY
Automobile industry is a symbol of technical marvel by human kind. Being one of the fastest
growing sectors in the world its dynamic growth phases are explained by nature of
competition, product life cycle and consumer demand. Today, the global automobile industry
is concerned with consumer demands for styling, safety, and comfort; and with labor relations
and manufacturing efficiency. The industry is at the crossroads with global mergers and
relocation of production centers to emerging developing economies.
Asia has become the major consumer as well as supplier of automobiles. India is
concentrating on Middle East and south Asia beside traditional developed country
destinations. With the gradual opening up of the component sector, now the challenge is for
individual governments to support the development of domestic critical component and sub-
system suppliers through, interalia, improvement in the investment environment, stronger
patent regimes and incentives for R&D.
CHAPTER 1
INTRODUCTION
India is an emerging market for worldwide auto-giants. Due to low cost of labour many
multinational companies are investing in India. Its automotive industry has grown very
rapidly from the middle of 1990’s. India is the second most populated country in the World,
and the growth rate of Indian economy is very high, which indicates the presence of huge
demand in different industrial sectors. Automobile industry is not the exception in this regard.
Indian automobile sector has huge demands from its own country. This demand also attracts
the 19 giant automobile suppliers throughout the world to come and invest in the Indian
automotive industry. Due to the contribution of many different factors like sales incentives,
introduction of new models as well as variants coupled with easy availability of low cost
finance with comfortable repayment options, demand and sales of automobiles are rising
continuously. Government has also contributed in this growth by liberalizing the norms for
foreign investment and import of technology and that appears to have benefited the
automobile sector.
The production of total vehicles increased from 4.2 million in 1998- 99 to 7.3 million in
2003-04. It is likely that the production of such vehicles will exceed 10 million in the next
few years. The increase in the exports of automobile sector is also due to the adaptation of
international standards. After a temporary slump during 1998- 99 and 1999-00, such exports
registered robust growth rates in last few years. Investment is also a major factor for this
growth of Indian automotive industry, with investment exceeding US$ 11.11 billion, the
turnover of the automobile industry exceeded US$ 13.22 billion in 2002-03. The turnover has
increased to US$ 18.5 billion by the end of 2004-05. Recently in 2006, Maruti invested US$
0.67 billion and Honda invested US$ 0.2 billion on small cars. It is expected that by the year
2016, the turnover of the Indian automobile sector could grow to $145 billion. Today, this
sector has emerged as a sunrise sector.
However, the overcapacity problem is haunting many of the players as demand may not go
up significantly. Hence, many players are looking for an external market for Indian
automobiles. The prospect of component industry is quite positive. The leading local firms
have established over 200 technical cooperation agreements with foreign firms to be able to
reach international standards in cost and manufacturing.
1.1 Facts
 Second largest two wheeler manufacturer in the world.
 Largest tractor and three wheeler manufacturer in the world.
 Fourth largest commercial vehicle market in the world.
 Eleventh largest passenger car market in the world.
1.2 Market Size of Indian Automobile Industry
 The sales of Passenger Vehicles grew 3.9 per cent in FY 2014-15 over the same
period last year. Within the Passenger Vehicles segment, Passenger Cars and Utility
Vehicles registered a growth of 4.99 per cent and 5.30 per cent respectively.
 The sales of Two Wheelers, Three Wheelers, Passenger Carriers, and Goods Carriers
registered a growth of 8.09 per cent, 10.80 per cent, 12.16 per cent and 5.27 per cent
respectively in FY 2014-15, over the same period last year.
 As per data provided by Society of Indian Automobile manufacturers, the Indian Auto
industry produced a total 7.8 million vehicles in April-July 2015 as against 7.7 million
in April-July 2014, thereby indicating a growth of 1.8 per cent year-on-year.
 Domestic Sales of Passenger Vehicles increased 7.46 per cent in April-July 2015 yoy.
Among Passenger Vehicles, cars grew 10.7 per cent while Utility Vehicles and Vans
declined by 0.32 per cent and 1.43 per cent respectively. Overall Commercial
Vehicles segment registered 5.63 per cent growth.
 Three Wheelers sales fell by 8.41 percent, while sales of Passenger Carriers and
Goods Carriers fell by 9.25 per cent and 4.5 per cent respectively during the 4-month
period.
 Two Wheelers sales increased marginally by 0.52 per cent, with, scooters and mopeds
growing relatively strongly by 9.45 per cent and 2.53 per cent respectively, while
motorcycles sales (largest segment in Two Wheelers) fell by 3.02 per cent.
 In April-July 2015, overall automobile exports increased 8.6 per cent year-on-year.
Passenger Vehicles, Commercial Vehicles, Three Wheelers and Two Wheelers
reported increase of 2.94 per cent, 24.37 per cent, 28.96 per cent and 6.33 per cent
respectively during the period.
1.3 Growth Potential
 Can become world’s third largest automobile industry market in 2030.
 By 2016, automotive sector can double its percentage contribution to GDP from
current level of 5% (US$ 50 billion) to 10% (US $180 billion).
1.4 Government of India Initiatives
The Government of India encourages foreign investment in the automobile sector and allows
100 per cent FDI under the automatic route.
Some of the major initiatives taken by the Government of India are:
 In the Union budget of 2015-16, the Government has announced to provide credit of
Rs 850,000 crore (US$ 127.6 billion) to farmers, to boost the tractors segment.
 The government plans to promote eco-friendly cars in the country i.e. CNG based
vehicle, hybrid vehicle, and electric vehicle and also made mandatory of 5 per cent
ethanol blending in petrol.
 The government has formulated a Scheme for Faster Adoption and Manufacturing of
Electric and Hybrid Vehicles in India, under the National Electric Mobility Mission
2020 to encourage the progressive induction of reliable, affordable and efficient
electric and hybrid vehicles in the country.
 The Automobile Mission Plan (AMP) for the period 2006–2016, designed by the
government is aimed at accelerating and sustaining growth in this sector. Also, the
well-established Regulatory Framework under the Ministry of Shipping, Road
Transport and Highways, plays a part in providing a boost to this sector.
CHAPTER 2
TOP AUTOMOBILE COMPANIES IN INDIA
2.1 Tata Motors
Tata Motors is the largest automobile company of Asia headquartered in Mumbai, India.
Annual Projected revenue for 2010-11 is US$ 27.629 billion. Tata Motors enjoys 31.2% of
market share in the multi-utility vehicles, which in luxury car segment, it has 6.4% market
share. Most of the Tata Motors' vehicles are sold predominantly in India and over 4 million
vehicles have been produced domestically within India.
2.2 Maruti Suzuki India Limited
Maruti Suzuki India is an undisputed leader in the Indian automobile industry. Maruti Suzuki
started its journey in February 1981 as Maurti Udyog Limited, the company created history in
the Indian automobile market with its hugely popular four-wheeler model Maruti 800The
company became Maruti Suzuki India Limited on September 17, 2007.
2.3 Hyundai Motor India Limited
Hyundai Motor India Limited, founded in 1998 and a subsidiary of Korean auto giant
Hyundai Motor Company, is the second largest car manufacturer in India. It is also country's
largest passenger car exporter.
2.4 Mahindra & Mahindra Limited
Mahindra &Mahindra Limited is another auto-giant in India. A part of the Mahindra Group,
M&M is the largest SUV maker in the country. In September 2009, M&M registered a
domestic sale of record 26,921 units, comparing to 22,729 units in September 2008 (with an
increase of 18.4%).
2.5 General Motors India Private Limited
General Motors India Private Limited is another top player in Indian automobile industry. A
wholly-owned subsidiary of the auto giant General Motors, GM India saw a Y-o-Y sales
growth of 49% in September 2009 with a sale of 7,654 units, comparing to 5,154 units in
September 2008.
Ad

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An Analysis of Automobile Industry of India as a Market Structure

  • 1. A report on An Analysis of Automobile Industry of India as a Market Structure By Muhammad Anowar Lovely Professional University
  • 2. EXECUTIVE SUMMARY Automobile industry is a symbol of technical marvel by human kind. Being one of the fastest growing sectors in the world its dynamic growth phases are explained by nature of competition, product life cycle and consumer demand. Today, the global automobile industry is concerned with consumer demands for styling, safety, and comfort; and with labor relations and manufacturing efficiency. The industry is at the crossroads with global mergers and relocation of production centers to emerging developing economies. Asia has become the major consumer as well as supplier of automobiles. India is concentrating on Middle East and south Asia beside traditional developed country destinations. With the gradual opening up of the component sector, now the challenge is for individual governments to support the development of domestic critical component and sub- system suppliers through, interalia, improvement in the investment environment, stronger patent regimes and incentives for R&D.
  • 3. CHAPTER 1 INTRODUCTION India is an emerging market for worldwide auto-giants. Due to low cost of labour many multinational companies are investing in India. Its automotive industry has grown very rapidly from the middle of 1990’s. India is the second most populated country in the World, and the growth rate of Indian economy is very high, which indicates the presence of huge demand in different industrial sectors. Automobile industry is not the exception in this regard. Indian automobile sector has huge demands from its own country. This demand also attracts the 19 giant automobile suppliers throughout the world to come and invest in the Indian automotive industry. Due to the contribution of many different factors like sales incentives, introduction of new models as well as variants coupled with easy availability of low cost finance with comfortable repayment options, demand and sales of automobiles are rising continuously. Government has also contributed in this growth by liberalizing the norms for foreign investment and import of technology and that appears to have benefited the automobile sector. The production of total vehicles increased from 4.2 million in 1998- 99 to 7.3 million in 2003-04. It is likely that the production of such vehicles will exceed 10 million in the next few years. The increase in the exports of automobile sector is also due to the adaptation of international standards. After a temporary slump during 1998- 99 and 1999-00, such exports registered robust growth rates in last few years. Investment is also a major factor for this growth of Indian automotive industry, with investment exceeding US$ 11.11 billion, the turnover of the automobile industry exceeded US$ 13.22 billion in 2002-03. The turnover has increased to US$ 18.5 billion by the end of 2004-05. Recently in 2006, Maruti invested US$ 0.67 billion and Honda invested US$ 0.2 billion on small cars. It is expected that by the year 2016, the turnover of the Indian automobile sector could grow to $145 billion. Today, this sector has emerged as a sunrise sector. However, the overcapacity problem is haunting many of the players as demand may not go up significantly. Hence, many players are looking for an external market for Indian automobiles. The prospect of component industry is quite positive. The leading local firms have established over 200 technical cooperation agreements with foreign firms to be able to reach international standards in cost and manufacturing.
  • 4. 1.1 Facts  Second largest two wheeler manufacturer in the world.  Largest tractor and three wheeler manufacturer in the world.  Fourth largest commercial vehicle market in the world.  Eleventh largest passenger car market in the world. 1.2 Market Size of Indian Automobile Industry  The sales of Passenger Vehicles grew 3.9 per cent in FY 2014-15 over the same period last year. Within the Passenger Vehicles segment, Passenger Cars and Utility Vehicles registered a growth of 4.99 per cent and 5.30 per cent respectively.  The sales of Two Wheelers, Three Wheelers, Passenger Carriers, and Goods Carriers registered a growth of 8.09 per cent, 10.80 per cent, 12.16 per cent and 5.27 per cent respectively in FY 2014-15, over the same period last year.  As per data provided by Society of Indian Automobile manufacturers, the Indian Auto industry produced a total 7.8 million vehicles in April-July 2015 as against 7.7 million in April-July 2014, thereby indicating a growth of 1.8 per cent year-on-year.  Domestic Sales of Passenger Vehicles increased 7.46 per cent in April-July 2015 yoy. Among Passenger Vehicles, cars grew 10.7 per cent while Utility Vehicles and Vans declined by 0.32 per cent and 1.43 per cent respectively. Overall Commercial Vehicles segment registered 5.63 per cent growth.  Three Wheelers sales fell by 8.41 percent, while sales of Passenger Carriers and Goods Carriers fell by 9.25 per cent and 4.5 per cent respectively during the 4-month period.  Two Wheelers sales increased marginally by 0.52 per cent, with, scooters and mopeds growing relatively strongly by 9.45 per cent and 2.53 per cent respectively, while motorcycles sales (largest segment in Two Wheelers) fell by 3.02 per cent.  In April-July 2015, overall automobile exports increased 8.6 per cent year-on-year. Passenger Vehicles, Commercial Vehicles, Three Wheelers and Two Wheelers reported increase of 2.94 per cent, 24.37 per cent, 28.96 per cent and 6.33 per cent respectively during the period.
  • 5. 1.3 Growth Potential  Can become world’s third largest automobile industry market in 2030.  By 2016, automotive sector can double its percentage contribution to GDP from current level of 5% (US$ 50 billion) to 10% (US $180 billion). 1.4 Government of India Initiatives The Government of India encourages foreign investment in the automobile sector and allows 100 per cent FDI under the automatic route. Some of the major initiatives taken by the Government of India are:  In the Union budget of 2015-16, the Government has announced to provide credit of Rs 850,000 crore (US$ 127.6 billion) to farmers, to boost the tractors segment.  The government plans to promote eco-friendly cars in the country i.e. CNG based vehicle, hybrid vehicle, and electric vehicle and also made mandatory of 5 per cent ethanol blending in petrol.  The government has formulated a Scheme for Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India, under the National Electric Mobility Mission 2020 to encourage the progressive induction of reliable, affordable and efficient electric and hybrid vehicles in the country.  The Automobile Mission Plan (AMP) for the period 2006–2016, designed by the government is aimed at accelerating and sustaining growth in this sector. Also, the well-established Regulatory Framework under the Ministry of Shipping, Road Transport and Highways, plays a part in providing a boost to this sector.
  • 6. CHAPTER 2 TOP AUTOMOBILE COMPANIES IN INDIA 2.1 Tata Motors Tata Motors is the largest automobile company of Asia headquartered in Mumbai, India. Annual Projected revenue for 2010-11 is US$ 27.629 billion. Tata Motors enjoys 31.2% of market share in the multi-utility vehicles, which in luxury car segment, it has 6.4% market share. Most of the Tata Motors' vehicles are sold predominantly in India and over 4 million vehicles have been produced domestically within India. 2.2 Maruti Suzuki India Limited Maruti Suzuki India is an undisputed leader in the Indian automobile industry. Maruti Suzuki started its journey in February 1981 as Maurti Udyog Limited, the company created history in the Indian automobile market with its hugely popular four-wheeler model Maruti 800The company became Maruti Suzuki India Limited on September 17, 2007. 2.3 Hyundai Motor India Limited Hyundai Motor India Limited, founded in 1998 and a subsidiary of Korean auto giant Hyundai Motor Company, is the second largest car manufacturer in India. It is also country's largest passenger car exporter. 2.4 Mahindra & Mahindra Limited Mahindra &Mahindra Limited is another auto-giant in India. A part of the Mahindra Group, M&M is the largest SUV maker in the country. In September 2009, M&M registered a domestic sale of record 26,921 units, comparing to 22,729 units in September 2008 (with an increase of 18.4%). 2.5 General Motors India Private Limited General Motors India Private Limited is another top player in Indian automobile industry. A wholly-owned subsidiary of the auto giant General Motors, GM India saw a Y-o-Y sales growth of 49% in September 2009 with a sale of 7,654 units, comparing to 5,154 units in September 2008.
  • 7. 2.6 Hero MotoCorp Limited In 2010, When Honda decided to move out of the joint venture, Hero Group bought the shares held by Honda. Subsequently, in August 2011 the company was renamed Hero MotoCorp with a new corporate identity. 2.7 Bajaj Auto Bajaj Auto is the second largest two-wheeler manufacturer in India. It is also the fourth largest two and three-wheeler maker in the world. In September 2009, Bajaj Auto sold 249,795 units of two-wheelers, comparing to 218,494 units in September 2008 (with a growth rate of 14.3%). During September 2009, it also registered a growth of 12.4% in the domestic two-wheeler sales and 19.9% in two-wheeler export. 2.8 Honda Cars India Limited Honda Siel Cars India Limited, a joint venture between the Japanese auto giant Honda Motor Company Limited and the Indian company Siel Limited, started its operation in December 1995. In September 2009, HSCI sold 5,794 units, comparing to 3,104 units in September 2008 (with a growth rate of 86.7%). 2.9 Toyota Kirloskar Motor Private Limited Toyota Kirloskar Motor Private Limited is another top Indian automobile company. A joint venture between the Japanese auto giant Toyota Motor Corporation and Kirloskar Group, TKM has a number of car models including Innova, Corolla, Fortuner, Camry and the Land Cruiser Prado. It sold 7,657 units in December 2009. 2.10 Hindustan Motors Hindustan Motors is another top automobile company in India. It was once country's largest car manufacturer before Maruti Udyog overpowered it. Its popular model 'Ambassador' has been extensively used as government limousine as well as taxi cab in India.
  • 8. CHAPTER 3 MARKET SHARE OF AUTOMOBILE COMPANIES IN INDIA Indian automotive industry is one of the largest auto markets in the world. It has grown up very fast in last one decade due to rising family income, changing lifestyle, low vehicle penetration, easy finance availability, rapid urbanization and poor public transport system. But current year auto market growth is in flat to negative due to slowdown in economy growth. However market is expected to recover from next financial year 2014-15. 3.1 Cars and Utility Vehicles India has produced more than 3.2 Million Cars & Utility vehicles in FY 12-13. Maruti Suzuki, Hyundai, Mahindra & Mahindra, Tata Motors and Toyota companies stands in top 5 In terms of market share, followed by Nissan, Ford, Honda, General Motors, Volkswagen, Renault, Skoda, Fiat, etc. 3.2 Three Wheelers: India has produced around 8.4 lakh three wheeler vehicles in FY 12-13. Bajaj Auto, Piaggio, TVS, Mahindra & Mahindra and Atul Auto companies stands in top 5 In terms of market share, followed by Scooters India, Force.
  • 9. 3.3 Two Wheelers: India has produced more than 11.9 Million Motorcycles in FY 12-13. Hero MotoCorp, Bajaj, Honda, TVS and Yamaha companies stands in top 5 In terms of market share, followed by Royal Enfield, Mahindra & Mahindra, Suzuki etc. 3.4 LCV, M&HCV: India has produced more than 8.3 Lakh LCV, M&HCV vehicles in FY 12-13. Tata, Mahindra & Mahindra, Ashok Leyland, Eicher and Force companies stands in top 5 In terms of market share, followed by Swaraj Mazda, Piaggio, AMW etc.
  • 11. CHAPTER 4 SALIENT FEATURES OF AUTOMOBILE INDUSTRY IN INDIA 4.1 Market/ Demand Structure: Highest growth is observed in two-wheelers section, followed by CVs. Passenger cars and Three-wheelers also showing high growth. Current internal demand is low but rising very fast. Domestic production facilities are also increasing. 4.2 Ownership Structure: Market is dominated by Japanese and Indian players. Of late other foreign companies are coming in and developing production facilities. 4.3 Trade Structure: Making an attempt to specialize in full vehicles. Component sector though growing is still inefficient. Export to Europe, USA and SAARC countries. Strong patent regulation is encouraging manufacturers to increasing production facilities including supply. 4.4: Product Specialization: India is specializing in motorcycles and small cars. Component industry is being developed and system and sub system suppliers are increasingly into it due to country’s capability in R&D. 4.5 Tax Structure: High Corporate Income tax and import duties on CBUs. Differentiate excise and sales tax on cars and other vehicles. Table 1: Comparison of Tax Structure Corporate Income Tax 36.75% Tax on vehicles Excise tax: Cars 24% Others 16% Sales tax: Cars 12 % Others 4% Import tariffs on CBU All vehicles at 60%
  • 12. CHAPTER 5 STATASTICAL ANALYSIS OF INDIAN AUTOMOBILE INDUSTRY 5.1 Industry performance in 2014-15 5.1.1 Production The industry produced a total of 23,366,246 vehicles including passenger vehicles, commercial vehicles, three wheelers and two wheelers in April-March 2015 as against 21,500,165 in April-March 2014, registering a growth of 8.68 percent over the same period last year. 5.1.2 Domestic Sales  The sales of Passenger Vehicles grew by 3.90 percent in April-March 2015 over the same period last year. Within the Passenger Vehicles segment, Passenger Cars and Utility Vehicles grew by 4.99 percent and 5.30 percent respectively, while Vans declined by (-) 10.19 percent in April-March 2015 over the same period last year.  The overall Commercial Vehicles segment registered a de-growth of (-) 2.83 percent in April-March 2015 as compared to same period last year.  Three Wheelers sales grew by 10.80 percent in April-March 2015 over the same period last year. Passenger Carriers and Goods Carriers grew by 12.16 percent and 5.27 percent respectively in April-March 2015 over April-March 2014.  Two Wheelers sales registered growth of 8.09 percent in April-March 2015 over April-March 2014. Within the Two Wheelers segment, Scooters, Motorcycles and Mopeds grew by 25.06 percent, 2.50 percent and 4.51 percent respectively in April- March 2015 over April-March 2014. 5.1.3 Exports  In April-March 2015, overall automobile exports grew by 14.89 percent over the same period last year.  Passenger Vehicles, Commercial Vehicles, Three Wheelers and Two Wheelers grew by 4.42 percent, 11.33 percent, 15.44 percent and 17.93 percent respectively during April-March 2015 over the same period last year.
  • 13. 5.2 Gross Turnover of the Automobile Manufacturers in India (In USD Million) Table 2: Gross Turnover of the Automobile Manufacturers in India 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 36612 33250 43296 58583 66264 67607 5.3 Installed Capacity (In Million) Table 3: Installed capacity 2011-2012 2012-2013 Four wheelers 5.81 Four wheelers 6.59 Two & Three wheelers 18.95 Two & Three wheelers 20.74 Engines 1.00 Engines 1.10 5.4 Industry Composition/Market Share Table 4: Domestic market share (2014-2015) Passenger Vehicles 13% Commercial Vehicles 3% Three Wheelers 3% Two Wheelers 81%
  • 14. 5.5 Production Trends Table 5: Automobile production trends in India Category 2013-2014 2014-2015 Passenger Vehicles 30,87,973 32,20,172 Commercial Vehicles 6,99,035 6,97,083 Three Wheelers 8,30,108 9,49,021 Two Wheelers 1,68,83,049 1,84,99,970 Grand Total 2,15,00,165 2,33,66,246 5.6 Domestic Sales Trends Table 6: Automobile domestic sales trends Category 2013-2014 2014-2015 Passenger Vehicles 25,03,509 26,01,111 Commercial Vehicles 6,32,851 6,14,961 Three Wheelers 4,80,085 5,31,927 Two Wheelers 1,48,06,778 1,60,04,581 Grand Total 1,84,23,223 1,97,52,580
  • 15. CHAPTER 6 PRACTICAL APPLICATION AND RELATING CONCEPTS WITH REAL WORLD AND CONCLUSION 6.1 Indian Automobile Industry SWOT Analysis 6.1.1 Strengths  Domestic Market is large  Government provides monetary assistance for manufacturing units  Reduced Labor cost 6.1.2 Weaknesses  Infrastructural setbacks  Low productivity  Too many taxes levied by government increase the cost of production  Low investments in Research and Development 6.1.3 Opportunities  Reduction in Excise duty  Rural demand is rising  Income level is at a constant increase 6.1.4 Threats  Increasing rates of interest  Too much competition  Rising cost of raw materials 6.2 Various Challenges In Indian Automotive Market, there are some challenges by virtue of which automobile industry faces lot of problems. These challenges should be overcome and the challenges are listed below:
  • 16.  Growth in input costs  Fuel price volatility  Slowdown in demand  Slowdown in USA  Production cuts  Growing competition  Changing consumer preferences  Environmental issues  Low R&D orientation 6.3 Future Technological Demands Now from today, there are some future technological demands which should be fulfil in future, those demands are listed below:  Fuel Efficiency  Emission Reduction  Safety and Durability  Cost Effectiveness  Innovative Features Some of the innovative features are Key Less Entry, Electrically controlled mechanisms, enhanced driving control, Composites, Long life Components, Soft feel interiors. 6.4 Conclusion India has the potential to develop into a significant market for automobile manufacturers. Indian automotive industry holds significant scope for expansion, both in the domestic market, where the vehicle penetration level is on the lower side as compared to world average, and in the international market, where India could position itself as a manufacturing hub. Apart from meeting the advancing domestic demands, it is penetrating the international market too. Favoured with various benefits such as globally competitive auto-ancillary
  • 17. industry; production of steel at lowest cost; inexpensive and high skill manpower; entrenched testing and R & D centres etc., the industry provide immense investment and employment opportunities. Our statistical analysis confirms that passenger car segment is getting highest attraction compared to other segments. The analysis of variance states that the mean FDI received in automobile industry segments has no significant difference. Therefore, it exhibits an association of amount received during the study period in the respective segment. With the effort of Government initiative automobile industry is rapidly growing and a special focus given on exports. The automotive sector’s contribution to the GDP is expected to double, reaching a turnover of US$ 145 billion in 2016, according to the Automotive Mission Plan (AMP) 2006- 2016. The cumulative foreign direct investment (FDI) inflows into the Indian automobile industry during the period April 2000-May 2014 was recorded at US$ 9,885.21 million, according to data published by Department of Industrial Policy and Promotion (DIPP).
  • 18. CHAPTER 7 REFERENCES 1. http://www.siamindia.com/statistics.aspx?mpgid=8&pgidtrail=9 2. http://www.unescap.org/sites/default/files/AWP%20No.%2037.pdf 3. http://companiesinindia.net/top-10-automobile-companies-in-india.html 4. http://www.currentweek.com/market-share-of-automobile-companies-in-india- 2013top-players-in-industry/ 5. http://worldwidejournals.com/ijsr/file.php?val=November_2014_1416658913__22.pd f 6. http://business.mapsofindia.com/automobile/top-automobile-companies.html 7. http://www.slideshare.net/niteshluthra/indian-auto-industry-analysis