10%

8%

4% By 2020, India's share in the

5%
Third-largest automobile global passenger vehicle
industry by 2016E market to double to 8 per cent
0% from 4 per cent over 201011
2010 2020
2010 2020

40
CAGR: 8% 28.8
30
16.9
20 Twowheeler production to rise
Worlds second-largest two
10 from 16.9 million in FY2014 to
wheeler manufacturer
0 28.8 million by FY2021E
FY14 FY21
FY14 FY21

15
CAGR: 18% 10.0
10
Passenger vehicle production
3.1
Passenger vehicle sales to 5 to increase from 3.1 million in
nearly triple by 2021E FY2014 to 10 million in
0
FY14 FY21
FY2021E
FY14 FY21

Source: IHS, (National Electric Mobility Mission Plan) NEMMP 2020, ACMA, Aranca Research;
Note: E Estimate
 FY13 Growing demand
Growing demand Innovation opportunities FY16E
Strong growth in demand due to Tata Nano and the upcoming Pixel
Market rising income, middle class, and a have opened up the potentially Market
size: young population is likely to propel large ultra low-cost car segment size:
India among the worlds top five Innovation is likely to intensify
USD67.7 auto manufacturers by 2015 USD145
among engine technology and
billion Growth in export demand is set to alternative fuels
billion
accelerate

Advantage
India
Rising investments
India has significant cost
advantages; auto firms save 10-25
per cent on operations vis--vis
Europe and Latin America
A large pool of skilled manpower
and a growing technology base
would induce greater investments
Policy support
The government aims to develop
India as a global manufacturing as
well as R&D hub
There has been a wide array of
policy support in the form of sops,
taxes and FDI encouragement

Source: Automotive Mission Plan (20062016)

Notes: R&D Research and Development; FDI Foreign Direct Investment; FY Indian Financial Year (April March);
FY16E Estimated figure for Financial Year 2016
 21.5 million
units (FY14)
11 million
units (2007)

0.6 million
units (1992)

2008 onwards
19932007
More than 35 market
0.4 million Sector de-licensed in players
units (1982) 198392
1993 Removal of most import
Major Original controls
Joint Venture (JV):
Equipment Indian companies gaining
Indian government and
Manufacturers (OEMs) acceptance on a global
Before 1982 Suzuki formed Maruti
started assembly scale
Udyog; commenced
operations in India Setting up of National
Closed market production in 1983
Imports permitted from Automotive Board to act
Five players Component
April 2001 as facilitator between the
manufacturers entered
Long waiting Introduction of value- government and industry
the market via JV
periods and added tax in 2005 Government has
outdated models Buyers market
proposed GST to support
Sellers market lower raw material cost

Source: Tata Motors, Society of Indian Automobile Manufacturers (SIAM), Aranca Research
Notes: JV Joint Venture, GST: Goods and Service Tax
 Automobiles

Two-wheelers Passenger vehicles Commercial vehicles Three-wheelers

Mopeds Passenger cars Light Passenger carriers

commercial
vehicles

Scooters Utility vehicles Goods carriers

Medium
and heavy
commercial
vehicles
Motorcycles
Multi-purpose
vehicles

Electric two-
wheelers
 The gross turnover of automobile manufacturers in India expanded at a CAGR of 14.2 per cent over FY07-13

Excluding three wheelers, trucks accounted for the largest share of revenues (47.8 per cent in 2011)

Revenue trends over the past few years Market* break-up by revenues (2011)
(USD million)

80.0
66.3 67.6
70.0
20.4%
58.6
60.0 CAGR: 14.2% Trucks

50.0
43.3
36.6 47.8% Cars
40.0 33.3
30.5
30.0
Two Wheelers
20.0
31.8%
10.0

0.0
2007 2008 2009 2010 2011 2012 2013

Source: SIAM, Datamonitor, Aranca Research

Note: * Does not include three wheelers
 Production of automobiles increased at a CAGR of 10.9 per cent over FY05-14

Two wheeler vehicle was the fastest growing segment, representing a CAGR of 11.2 per cent, followed by passenger
vehicle segment with CAGR of 11 per cent.

Total production of automobiles in India (million units)

18

16.9
15.7
15.5
16

13.4
14

10.5
12

10
8.0

8.4
8.5
7.6

8
6.5

3.1
3.2
3.0

3.1
4
2.4
1.8
1.6
1.2

1.3

1.3

0.8
0.8

0.8
0.7
0.6

0.8
0.6

0.8
0.6

0.5

0.8
0.4

0.6
0.4

0.4

0.5

0.5

0.8
0.4

0.4

0
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14

Passenger Vehicle Commercial Vehicle Three Wheelers Two Wheelers

Source: SIAM, Aranca Research

Note: CAGR Compound Annual Growth Rate
Two wheelers dominate production volumes; in FY14, the Market share by volume (FY14)
segment accounted for about 80 per cent of the total
automotive production in the country
3.0%
3.0%
India is the worlds second-largest two wheeler Total Two Wheelers
manufacturer and fourth-largest producer of commercial 14.0%
vehicles
Passenger Vehicles

Commercial Vehicles

80.0%
Three Wheelers

Source: SIAM, Aranca Research

Share in production of passenger vehicles (FY13) Share in production of commercial vehicles (FY13)

19.3%
29.4%

Passenger cars
MCV & HCV

Utility vehicle
LCV
70.6%
80.7%

Source: SIAM, Aranca Research

Notes: LCV Light Commercial Vehicle;
MCV Medium Commercial Vehicle;
HCV Heavy Commercial Vehicle
Share in production of three-wheelers (FY13) Share in production of two-wheelers (FY13)

5.9%
18.3% 15.3%
Mopeds

Goods Carrier
Motocycles
Passenger carrier

Scooters

81.7%
78.7%

Source: SIAM, Aranca Research

 Automobile export volumes increased at a CAGR of 17.5 per cent over FY0514

Two-wheeler segment reported the fastest growth (20.1 per cent) followed by three-wheelers (15.1 per cent) over FY0514

Exports of automobiles from India (million units)

2.5

2.1
2.0

2.0
2.0

1.5
1.5

1.1
1.0 1.0
0.8

0.6
0.6
0.5

0.5

0.5
0.6
0.5

0.4
0.4

0.4

0.3
0.5
0.3

0.3
0.2
0.2

0.2

0.2

0.2

0.2
0.1

0.1

0.1

0.1

0.1

0.1
0.1
0.1
0.1

0.0

0.0
0.0

0.0

0.1
0.0
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14
Passenger Vehicle Commercial Vehicle Three Wheelers Two Wheelers

Source: SIAM, Aranca Research

Two wheelers accounted for the largest share in exports (by Exports shares by volume (FY14)
volume) at 67 per cent in FY14
3%
Passenger vehicles comprised a sizeable 19 per cent of
overall exports 11% Two Wheelers

Exports of three wheeler vehicles registered the highest Passenger Vehicle

growth at 16.6 per cent in FY14
19%

Three Wheelers
67%

Commercial Vehicle

Source: SIAM, Aranca Research

Auto sales across categories domestically rose by 3.53 per Growth of sales (Annual)
cent in FY14
30% 28%
27%
Passenger vehicles declined by 6.05 per cent in FY14 25%
20%
12%
Passenger car segment declined by 5.01 per cent 15%
10%
4% 3% 4%
SUVs declined by 19.58 per cent 5%
0%
FY09 FY10 FY11 FY12 FY13 FY14
Commercial vehicles declined by 20.2 per cent
Auto Sales growth

LCVs declined by 17.6 per cent

Growth for the auto segment
MCVs and HCVs declined by 25.3 per cent
60%

50%

33%
33%

33%
Three wheelers declined by 10.9 per cent in FY14 40%

28%
25%
25%
20%

16%
13%
20%

5%
5%
Two-wheelers registered a growth of 7.31 per cent during

7%
2%
3%

-2%

3%
0%
0%

0%
FY14 0%

-6%

-11%
Car sales rose 3 per cent following a stable government in -20%

-20%
the center
-33%

-40%
Source: SIAM, Aranca Research, News articles FY09 FY10 FY11 FY12 FY13 FY14
Notes: E Estimate, UV Utility Vehicle Passenger Vehicle Commercial Vehicle Three Wheelers Two Wheelers
 15.0
10.0
10.0 CAGR: 18%
Passenger vehicles to increase at a CAGR of 18 5.1
per cent during FY201421 5.0 3.1
-
FY14 FY16 FY21
FY14 FY16 FY21

3.0
2.4
2.0
CAGR: 19%
Commercial vehicles expected to register a CAGR 1.4
of 19 per cent during FY201421 0.7
1.0

-
FY14 FY16 FY21
FY14 FY16 FY21

40.0
CAGR: 8% 30.2
30.0
Two and three wheelers projected to expand at a 17.7 21.0
20.0
CAGR of 8 per cent during FY201421
10.0
-
FY14 FY16 FY21
FY14 FY16 FY21

Source: SIAM, Vision 2020, Aranca Research

Note: Denomination - Million Units
 The Indian luxury car market expanded at a CAGR of 30 per cent, with 23,000 units in
2011 (about 1 per cent of the passenger vehicle market in India). The market is
Scenario dominated by players such as BMW, Mercedes, Audi, Jaguar. Audi sold 10,126 units in
2013-14, remaining the biggest luxury car seller over Mercedes-Benz which sold around
9,003 cars in in calendar year 2013

India has the worlds 12th-largest HNI population, with a growth of 20.8 per cent (highest
among the top 12 countries)
Key drivers With expansion in the education and realty sectors, and increasing wealth of IT
professionals, more consumers aspire to own luxury cars
Affluent class of the country is driving the demand of the luxury cars

The Indian luxury car market is estimated to expand at a CAGR of 25 per cent during
201220 and reach 150,000 units by 2020 (accounting for 4 per cent of the estimated 6.8-
Notable million-unit domestic car market)
trends The luxury SUV segment is growing at about 50 per cent, while luxury sedans are
increasing 2530 per cent
Audi to launch A3 sedan later in the year

Source: World Wealth Report (2011) of Merrill Lynch Wealth Management and Capgemini, Aranca Research, News articles
Note: HNI - High Networth Individuals
The automotives industry is concentrated with leaders in each segment commanding a share of over 40 per cent

Market leader Others

Passenger vehicles 45% 20% 10% 4%

MCVs & HCVs 63% 23% 7%

LCVs 59% 30% 4% 4%

Three wheelers 41% 40% 10%

Motorcycles 59% 24% 7% 6%

Scooters 51% 21% 14% 10%

Source: SIAM, Aranca Research

Note: Data is for FY10
 Large number of products available to consumers across various segments; this has
New product launches gathered pace with the entry of a number of foreign players
Reduced overall product lifecycle have forced players to employ quick product launches

Increasing R&D investments from both the government and the private sector
Improving product-
Private sector innovation has been a key determinant of growth in the sector; two good
development
examples are Tata Nano and Tata Pixel; while the former has been a success in India, the
capabilities latter is intended for foreign markets

In FY11, the CNG market was worth more than USD330 million; CNG cars and taxis are
expected to register a CAGR of 28 per cent over FY11FY14
Alternative fuels The CNG distribution network in India is expected to increase to 250 cities by 2018 from
30 cities in 2009

Carmakers such as BMW, Audi, Toyota, Skoda, Volkswagen and Mercedes-Benz have
started providing customised finance to customers through NBFCs
New financing options
Major MNC and Indian corporate houses are moving towards taking cars on operating
lease instead of buying them

Note: NBFCs - Non-Banking Finance Companies

 Competitive Rivalry

Competitive rivalry has increased post liberalisation to a great extent

The competition has turned more intense after the entry of foreign players like
Volkswagen and Ford in low- priced hatchback segment
Threat of New
Foreign firms have aggravated the competition by changing their traditional Entrants
designs and substituting it to cater Indian needs
(Low)

Threat of New Entrants Substitute Products

The threat of new entrants is The threat from substitute products

generally medium because of the continues to be low, with public Bargaining Substitute
Competitive
brand equity and capital intensive transportation being under Power of Products
Rivalry
nature of the business developed even in cities Customers (Low)
(High)
But, considering India, foreign firms Changing travel patterns and the (High)
(with capital) have done pretty well convenience give it an edge

Bargaining Power of Suppliers Bargaining Power of Customers

Bargaining power of suppliers is
low as most of the auto
component manufacturers are
specialised in some segments
related to only one client
Suppliers, in turn depend on them
Bargaining
In a market, like India there is lot Power of
of bargaining power available to Suppliers
the customers as there are variety
(Low)
of products available in the same
range, by different manufacturers
It still depends on the markets
 Most of the big auto names in the World have their presence in the country, industry today
Every company wants to increase its capacity addition with Nissan and Mercedes to
Capacity addition increase their capacity in Chennai and Chakan respectively
Most of the companies eyeing India as an outsourcing hub. Cheap labor in India is giving
them an edge

Mahindra & Mahindra launched Verito Refresh, Quanto and Rexton in 2013
Launch of new models Tata unveiled three new models (including Zest and Bolt) after a span of nearly four years
Maruti unveiled Ciaz (Keeping India and Chinese markets in mind) and SX4 S-Cross

Each and every firm is now focusing on shelling out a chunk of their profits on
advertisement
Marketing & The idea is to make the customers more brand conscious and increasing brand
advertisement positioning
This is giving the firms differential advantage. Success today lies in structuring and
restructuring strategies

India boasts a large population of middle class

Most of the firms including Ford and Volkswagen have adapted themselves to cater to this
Catering Indian needs class by dropping their traditional structure and designs
This allows them to compete directly with domestic firms making the sector highly
competitive
 Increasing
Growing
Growing demand
demand Policy support
Strong investments
government
support

Goal of Rising
Rising income, establishing India investments from
young population as an auto- domestic and
manufacturing hub foreign players

Inviting Resulting in
Greater R&D focus; GOI Greater product
availability of has set up a innovation; market
credit and technology segmentation
financing options modernisation fund

Demand projected
Strong growth in Policy sops, FDI to remain strong,
exports encouragement making returns
attractive

Note: GOI Government of India

 Changing income dynamics of Indias population
Increasing income and middle-class population Million Household, 100%
120
222 273 322
GDP per capita has grown from USD1,432.25 in 2010 to 100
USD1,499 in 2013, and is expected to reach 15
26
USD1,869.34 by 2018 80
50
32
60
Apart from the impact of rising incomes, widening of the 40
consumer base will also be aided by expansion of the 40 29
middle class, increasing urbanisation, and changing 35
lifestyles 20 25
17
12 2 6
0 1 3 7
A young population is boosting demand for cars 2008 2020 2030
Globals (>18412.8) Strivers (9206.4-18412.8)
Demand for commercial vehicles increased due to the Seekers (3682.5 - 9206.4) Aspirers (1657-3682.5)
development of roadways and greater market access Deprived (<1657)

Source: IMF, McKinsey Quarterly, Aranca Research

 Indian car finance market size
Easy availability of credit
15.0
13.2 12.9
11.7
Greater access to credit eases the purchase of 12.0
passenger and commercial vehicles 7.7
9.3
9.0
The auto finance industry has grown at the rate of 13 per
6.0
cent over FY08-13; the car finance penetration has
increased from 68 per cent 70 per cent in FY08-10 to 2.5 2.6 2.7
3.0
70 per cent 72 per cent in FY11-13 1.5 1.9

0.0
BMW, Audi, Toyota, Skoda, Volkswagen and Mercedes- FY09 FY10 FY11 FY12 FY13
Benz have started providing customized finance to
customers, dealers and suppliers through dedicated Car industry sales volume (mn) Car finance industry (USD bn)
Non-Banking Finance Companies (NBFCs)
Source: Kotak Mahindra Prime, Aranca Research
Note: Greater distributional efficiencies, increasing demand
(especially from rural areas) due to rising disposable incomes
have created new markets for products within the country
 Design and Manufacturing Manpower Supplier Raw
engineering skills skills costs base materials
Korea
China

East Asia Thailand

Indonesia
Vietnam
Czech Republic
Romania
Poland
Central &
Slovakia
Eastern Europe
Russia
Hungary
Turkey
Brazil
Latin America
Mexico

Less competitive than India In competition with India Source: ACMA, Aranca Research
 Automatic approval for foreign equity investment up to 100 per cent; no minimum
Auto Policy 2002 investment criteria
Encourage R&D by offering rebates on R&D expenditure

AMPs vision is to make India a preferred destination for designing and manufacturing of
Automotive Mission automobiles and achieve a market size of USD154 billion by 2016
Plan (AMP) 200616 Setting up of a technology modernisation fund focused on SMEs
Establishment of automotive training institutes, auto design centers and special auto parks

Set up at a total cost of USD388.5 million to enable the industry to be on par with global
standards
NATRiPs Nine R&D centers of excellence with focus on low-cost manufacturing and product
development solutions

Dept. of Heavy Worked towards reduction of excise duty on small cars and increase budgetary allocation
for R&D
Industries & Public
Weighted increase in R&D expenditure to 200 per cent from 150 per cent (in-house) and
Enterprises 175 per cent from 125 per cent (outsourced)

Proposal to allocate USD2.7 billion for JNNURM to bolster sales volumes of Medium and
Union Budget FY14 &
Heavy Commercial Vehicles (MHCV). Relaxation of excise duty on small cars from 12 to 8
Budget FY15
per cent bound to help the sector in the long run

Notes: SME Small and Medium Enterprises, R&D - Research and Development, NATRiP National Automotive Testing and R&D
Infrastructure Project, AMP - Automotive Mission, JNNURM - Jawaharlal Nehru National Urban Renewal Mission

Vehicles Research & Development
Establishment (VRDE), Ahmednagar
Indore National Automotive Test
Tracks (NATRAX)
Automotive Research Association of
India (ARAI), Pune
Chennai Centre, Tamil Nadu
Rae Bareilly Centre
International Centre for Automotive
Technology (iCAT), Manesar
Silchar Centre, Assam
Business description
Research, design, development and testing of vehicles
Centre of excellence for photometry, Electromagnetic Compatibility (EMC) and
test tracks
Complete testing facilities for all vehicle categories
Centre of excellence for vehicle dynamics and tyre development
Services for all vehicle categories
Centre of excellence for power-train development and material
Complete homologation services for all vehicle categories
Centre of excellence for infotronics, EMC and passive safety
Services to agri-tractors, off-road vehicles and a driver training centre
Centre of excellence for accident data analysis
Services to all vehicle categories
Centre of excellence for component development, Noise Vibration and
Harshness (NVH) testing
Research, design, development and testing of vehicles
Centre of excellence for photometry, EMC and test tracks
 List of companies

Ashok Swaraj Maruti

Leyland Mazda Suzuki
DelhiGurgaon North Force Amtek Auto Tata Motors
Faridabad Motors Eicher Bajaj Auto
Piaggio Honda SIEL Hero Group

Ashok M&M Tata Motors

Leyland Eicher Volkswagen
MumbaiPune West Bajaj Auto Skoda Renault-
Nashik FIAT Bharat Nissan
Aurangabad GM Forge M&M
Kolkata
Jamshedpur
Tata Motors International
Hindustan Auto
East Motors Forgings
Simpson & JMT
Co Exide

Ashok Kirloskar Hyundai Renault-

Leyland Volvo BMW Nissan
Chennai Bengaluru
South Ford Sundaram Bosch
Hosur
M&M Fasteners TVS Motor
Toyota Enfield Company

Source: ACMA, Aranca Research


NORTH WEST: Rajasthan is
a major hub for light vehicle
manufacturing
NORTH: Delhi is a hub for light
vehicle manufacturing, whereas
Haryana and Uttarakhand are
hubs for heavy vehicle
manufacturing

EAST: Jamshedpur is the

site for Tatas heavy
WEST: Maharashtra, and vehicle manufacturing
Gujarat are hubs for
heavy and light vehicle
manufacturing Heavy vehicle manufacturing plant
Light vehicle manufacturing plant
SOUTH: Chennai hosts
manufacturing plants for
heavy and light vehicles

Source: Aranca Research

Note: All figures as of 2011-12
FDI inflows in the automotives sector aggregated USD9.8billion (5 per cent of the total FDI) over April 2000 March 2014

FDI trends over the past few years

(USD billion)

1.8
1.5 1.5
DelhiGurgaon 1.6
1.3
Faridabad 1.4
1.2 1.2
1.2
1.0 0.9
Ahmedabad 0.8
MumbaiPune 0.6
Nashik
0.4
Aurangabad
Kolkata 0.2
Jamshedpur
-
FY09 FY10 FY11 FY12 FY13 FY14

FDI in Automobile Industry (USD Billion)

Source: Department of Industrial Policy & Promotion (India),

Aranca Research
Chennai Bengaluru
Hosur
Global car majors have been ramping up investments in India to cater to the growing domestic demand. Also, these
manufacturers plan to leverage Indias competitive advantage to set up export-oriented production hubs

Planning to double its current investment level of about USD2.5 billion over the next five years
Aims to raise its market share from 1.5 per cent in FY13 to 10 per cent by FY19
To increase the Chennai Plant capacity to 400,000 units a year in a few years time
Investing in Chennai and Sanand plants to raise capacity to 0.44 million cars & 0.61 million engines by FY14.
Bought 130 acres of land in Sanand, Gujarat
Long term strategy to export 25 per cent of vehicles and to make India compact car global production base

Is in the process of expanding its dealer network from 33 in January 2013 to 50 by 2014 end
Plans to raise the number of car offerings in the sub USD46,000 category

Plans to launch up to eight models over the next 56 years

Aims to invest USD460 million in Rajasthan plant by 2014 to build a new assembly line for cars
This will include a new diesel engine component production and a forging plant

Expects to invest another USD163 million at Bidadi plant near Bengaluru

Plans to increase capacity to 310,000 units by 2013 with an investment of USD187 million

Plans to invest USD552-737 million over the next two to three years to develop new products

Plans to infuse USD46 million to double India capacity to 20,000 vehicles by the end of CY13
Expansion of MIDC and MoU, and to invest USD244 mn for capacity expansion in Chakan, Pune

Source: Respective company websites, News articles, Aranca Research

 Opportunities for creating
India is fast emerging as a Small-car manufacturing hub
sizeable market segments
global R&D hub
through innovations

Strong support from the
government; setting up of
NATRiP centres
Private players, such as
Hyundai, Suzuki, GM, keen to
set up R&D base in India
Strong education base, large
skilled English-speaking
manpower
Comparative advantage in
terms of cost
Firms both National and
Foreign are increasing their
footprints with over 1,031
centers
The worlds cheapest car
(Tata Nano) has directed
focus on the low-income
market
Bajaj Auto, Hero Honda and
M&M plan to jointly develop a
technology for two-wheelers
to run on natural gas
Electric cars likely to be a
sizeable market segment in
the coming decade
Tata Motors to launch
MiniCAT, a car running on
compressed air, thereby
stepping into the next era
where cars would not require
any fossil fuel and emissions
would be almost nil
General Motors, Nissan and
Toyota announced plans to
make India their global hub
for small cars
Light vehicle sales estimated
to cross 3 million by the end
of 2012
Strong export potential in ultra
low-cost cars segment (to
developing and emerging
markets)

Note: M&M Mahindra & Mahindra

 Plans to setup
two facilities
in Gujarat
To launch six new
Continuing market models by the end
leadership of this year
Accounted for 45
per cent share in 2013-14
Product portfolio Total sales
the Indian car
expansion market crossed 1.15
million units
Increased Product portfolio
productivity comprising 16
passenger vehicle 2011
models Roll-out of 10
Enhanced R&D millionth car
capability In the process of
establishing
Suzukis largest
Capacity R&D facility
expansion outside Japan
1994
Production of
Roll-out of peoples 1 millionth car
car (Maruti 800)

1983 1994 1997 2001 2004 2006 2007 2008 2009 2010 2011 2012 2013 2014

Source: Company website, Aranca Research

 Acquired Introduction
stake in of
Production of Hipo Megapixel,
Disruptive innovation JV with an electric
first Carrocera
Daimler AG vehicle
indigenously SA
designed LCV
Market expansion
Launch of the Unveiled
first three new
Product portfolio indigenous models in
expansion CV Launched Acquisition 2014
Indica, India's of Jaguar
first fully and
Enhancing Landrover
R&D capability indigenous
passenger car
Establishment
Acquisitions of Tata
Engineering & Launched
Locomotives Tata Nano
Joint Ventures

1945 1954 1961 1977 1982 1986 1991 1998 2005 2008 2010 2012 2013 2014

Source: Company website, Aranca Research

Society of Indian Automobile Manufacturers (SIAM)
Core 4-B, 5th Floor, India Habitat Centre
Lodhi Road, New Delhi 110 003
India
Phone: 91 11 246478102
Fax: 91 11 24648222
E-mail: siam@siam.in
CAGR: Compound Annual Growth Rate

CV: Commercial Vehicle

FDI: Foreign Direct Investment

FY: Indian Financial Year (April to March)

So FY10 implies April 2009 to March 2010

GOI: Government of India

HCV: Heavy Commercial Vehicle

INR: Indian Rupee

LCV: Light Commercial Vehicle

OEM: Original Equipment Manufacturers

PV: Passenger Vehicle

SIAM: Society of Indian Automobile Manufacturers

ULCC: Ultra Low Cost Car

USD: US Dollar

Wherever applicable, numbers have been rounded off to the nearest whole number
 Exchange rates (Fiscal Year) Exchange rates (Calendar Year)

Year INR equivalent of one USD Year INR equivalent of one USD

2005 45.55
200405 44.81
2006 44.34
200506 44.14
2007 39.45
200607 45.14
2008 49.21
200708 40.27
2009 46.76

200809 46.14 2010 45.32

200910 47.42 2011 45.64

2012 54.69
201011 45.62
2013 58.44
201112 46.88
Q12014 61.58
201213 54.31
Q22014 59.74
201314 60.28 Q32014 60.53

Average for the year

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