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    15.9

    34.0

    FY13 FY20

    Two wheelers (million units)

    3.2

    8.6

    FY13 FY21

    Passenger vehicles (million units)

    Source: IHS, NEMMP 2020, ACMA, Aranca Research;

    Note: EEstimate

    By 2020, India's share in the

    global passenger vehicle

    market to double to 8 per cent

    from 4 per cent over 201011

    Third-largest automobileindustry by 2016E

    Twowheeler sales to rise from

    15.9 million in FY2013 to 34.0

    million by FY2020E

    Worlds second-largest two

    wheeler manufacturer

    Passenger vehicle sales to

    increase from 3.2 million inFY2013 to 8.6 million in

    FY2021E

    Passenger vehicle sales tonearly triple by 2020E

    CAGR: 11%

    4%

    8%

    2010 2020

    India's share in global passenger vehicle market

    CAGR: 13%

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    Growing demand

    Source:Automotive Mission Plan (20062016)

    Notes: R&DResearch and Development; FDIForeign Direct Investment; FYIndian Financial Year (AprilMarch);

    FY16EEstimated figure for Financial Year 2016

    Growing demand

    Strong growth in demand due torising income, middle class, and ayoung population is likely to propelIndia among the worlds top fiveauto manufacturers by 2015

    Growth in export demand is set to

    accelerate

    Innovation opportunities

    Tata Nano and the upcomingPixel have opened up thepotentially large ultra low-cost carsegment

    Innovation is likely to intensifyamong engine technology and

    alternative fuels

    Policy support

    The government aims to developIndia 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

    Rising investments

    India has significant costadvantages; auto firms save 10-25

    per cent on operations vis--visEurope and Latin America

    A large pool of skilled manpowerand a growing technology basewould induce greater investments

    FY10

    Market

    size:

    USD57.7

    billion

    FY16E

    Market

    size:

    USD145

    billion

    Advantage

    India

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    Source: Tata Motors, Society of Indian Automobile Manufacturers (SIAM), Aranca Research

    Note: JVJoint Venture

    Closed market

    Five players

    Long waiting

    periods and

    outdated models

    Sellers market

    Joint venture (JV):

    Indian government and

    Suzuki formed Maruti

    Udyog; commenced

    production in 1983 Component

    manufacturers entered

    the market via JV

    Buyers market

    Sector de-licensed in

    1993

    Major original

    equipment

    manufacturers (OEMs)

    started assembly

    operations in India Imports permitted from

    April 2001

    Introduction of value-

    added tax in 2005

    More than 35 market

    players

    Removal of most import

    controls

    Indian companies gaining

    acceptance on a global

    scale

    Setting up of NationalAutomotive Board to act

    as facilitator between thegovernment and industry

    0.4 million

    units (1982)

    0.6 million

    units (1992)

    11 million

    units (2007)

    20.7 million

    units (FY13)

    Before 1982

    198392

    19932007

    2008 onwards

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    Automobiles

    Two-wheelers

    Mopeds

    Scooters

    Motorcycles

    Electric two-wheelers

    Passenger vehicles

    Passenger cars

    Utility vehicles

    Multi-purposevehicles

    Commercial vehicles

    Lightcommercial

    vehicles

    Mediumand heavy

    commercialvehicles

    Three-wheelers

    Passenger carriers

    Goods carriers

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    Revenue trends over the past few years

    (USD million)

    Source: SIAM, Datamonitor, Aranca Research

    Note: * Does not include three wheelers

    The gross turnover of automobile manufacturers in India expanded at a CAGR of 17.7 per cent over FY07-11

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

    Market* break-up by revenues (2011)

    30.5

    36.633.3

    43.3

    58.6

    FY07 FY08 FY09 FY10 FY11

    47.8%

    31.8%

    20.4%

    Trucks

    Cars

    Two Wheelers

    CAGR: 17.7%

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    Total production of automobiles in India (million units)

    Source: SIAM, Aranca Research

    Note: CAGRCompound Annual Growth Rate

    Production of automobiles increased at a CAGR of 11.8 per cent over FY05-13

    Passenger vehicles was the fastest growing segment, representing a CAGR of 12.9 per cent

    1.2

    1.3

    1.3 1

    .6 1.8 2

    .4 3.0

    3.1

    3.2

    0.4

    0.4

    0.5 0

    .6

    0.4 0

    .60.8 0

    .8

    0.8

    0.4

    0.4 0

    .6

    0.5 0

    .5

    0.6 0

    .8 0.8

    0.8

    6.5

    7.6 8

    .5 8 8.4

    10.5

    13.4

    15.5

    15

    .9

    FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

    Passenger Vehicle Commercial Vehicle Three Wheelers Two Wheelers

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    Market share by volume (FY13)Two wheelers dominate production volumes; in FY13, thesegment accounted for about three quarters of the total

    automotive production in the country

    India is the worlds second-largest two wheeler

    manufacturer and fourth-largest producer of commercial

    vehicles

    77%

    15%

    4% 4% Two Wheelers

    Passenger Vehicle

    CommercialVehicle

    Three Wheelers

    Source: SIAM, Aranca Research

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

    80.7%

    19.3%

    Passenger cars

    Utility vehicle

    29.4%

    70.6%

    MCV & HCV

    LCV

    Source: SIAM, Aranca ResearchNotes: LCVLight Commercial Vehicle;

    MCVMedium Commercial Vehicle;

    HCVHeavy Commercial Vehicle

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    Share in production of three-wheelers (FY13) Share in production of two-wheelers (FY13)

    18.3%

    81.7%

    Goods Carrier

    Passenger carrier

    Source: SIAM, Aranca Research

    5.9%

    78.7%

    15.3%

    Mopeds

    Motorcycles

    Scooters

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    Exports of automobiles from India (million units)

    Automobile export volumes increased at a CAGR of 19.1 per cent over FY0513

    Two-wheeler segment reported the fastest growth (22.2 per cent) followed by three-wheelers (16.3 per cent) over FY0513

    0.2

    0.2

    0.2

    0.2

    0.3

    0.5

    0.5

    0.5

    0.5

    0.0

    0.0 0

    .10.1

    0.0

    0.0 0

    .10.1

    0.10

    .10.1

    0.1

    0.1 0

    .2 0.2 0

    .3 0.4 0.30.4

    0.5 0

    .6

    0.8

    1.0

    1.1

    1.5

    2.0

    2.0

    FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

    Passenger Vehicle Commercial Vehicle Three Wheelers Two Wheelers

    Source: SIAM, Aranca Research

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    Exports shares by volume (FY13)Two wheelers accounted for the largest share in exports (byvolume) at 67 per cent in FY13

    Passenger vehicles comprised a sizeable 19 per cent of

    overall exports

    Exports of passenger vehicles registered the highest growth

    at 9.02 per cent in FY13

    19%

    3%

    11%

    67%

    Passenger Vehicle

    Commercial

    Vehicle

    Three Wheelers

    Two Wheelers

    Source: SIAM, Aranca Research

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    Growth forecast for sales

    Source: SIAM, Aranca Research

    Note: EEstimate, UVUtility Vehicle

    Auto sales across categories are estimated to rise 6-8 per

    cent in FY14

    Passenger vehicles are projected to grow 5-7 per cent in

    FY14

    Passenger car segment is estimated to expand 3-5

    per cent

    SUVs are projected to increase 11-13 per cent

    Commercial vehicles are forecast to rise 7-9 per cent

    LCVs are estimated to grow 10-12 per cent

    MCVs and HCVs are projected to increase 1-3 per

    cent

    Three wheelers are estimated to rise 3-5 per cent in FY14

    Two-wheelers are expected to grow 6-8 per cent in FY14

    4%

    27%28%

    12%

    3%

    8%

    FY09 FY10 FY11 FY12 FY13 FY14E

    Auto sales growth

    Growth forecast for the auto segment

    13%

    33%

    25

    %

    3%

    2%

    7%

    -33%

    50%

    33%

    0%

    -2% 9

    %

    0%

    20%

    33%

    0%

    5%

    5%

    5%

    25

    %

    28

    %

    16%

    3%

    8%

    FY09 FY10 FY11 FY12 FY13 FY14E

    Passenger Vehicle Commercial Vehicle Three Wheelers Two Wheelers

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    16.8 22.0

    30.0

    FY13 FY15 FY20

    Two & three wheelers (million units)

    0.81.4

    2.2

    FY13 FY15 FY20

    Commercial vehicles (million units)

    3.2

    5.0

    9.0

    FY13 FY15 FY20

    Passenger vehicles (million units)

    Passenger vehicles to increase at a CAGR of 16

    per cent during FY201320

    Commercial vehicles expected to register a CAGR

    of 16 per cent during FY201320

    Two and three wheelers projected to expand at a

    CAGR of 9 per cent during FY201320

    CAGR: 16%

    CAGR: 16%

    CAGR: 9%

    Source: SIAM, Vision 2020, Aranca Research

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    The Indian luxury car market expanded at a CAGR of 30 per cent, with 23,000 unitsin 2011 (about 1 per cent of the passenger vehicle market in India). The market isdominated by players such as BMW, Mercedes, Audi, Jaguar

    India has the worlds 12th-largest HNI population, with a growth of 20.8 per cent(highest among the top 12 countries)

    With expansion in the education and realty sectors, and increasing wealth of ITprofessionals, more consumers aspire to own luxury cars

    The Indian luxury car market is estimated to expand at a CAGR of 25 per cent during201220 and reach 150,000 units by 2020 (accounting for 4 per cent of the estimated6.8-million-unit domestic car market)

    The luxury SUV segment is growing at about 50 per cent, while luxury sedans areincreasing 2530 per cent

    Scenario

    Key drivers

    Notable

    Trends

    Source: World Wealth Report (2011) of Merrill Lynch Wealth Management and Capgemini, Aranca Research

    Note: HNI - High Networth Individuals

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    New product launches Large number of products available to consumers across various segments; this has

    gathered pace with the entry of a number of foreign players

    Reduced overall product lifecycle have forced players to employ quick product launches

    Improving product-

    development

    capabilities

    Increasing R&D investments from both the government and the private sector

    Private sector innovation has been a key determinant of growth in the sector; two good

    examples are Tata Nano and Tata Pixel; while the former has been a success in India, thelatter is intended for foreign markets

    Alternative fuels

    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

    The CNG distribution network in India is expected to increase to 250 cities by 2018 from

    30 cities in 2009

    New financing options

    Carmakers such as BMW, Audi, Toyota, Skoda, Volkswagen and Mercedes-Benz havestarted providing customised finance to customers through NBFCs

    Major MNC and Indian corporate houses are moving towards taking cars on operating

    lease instead of buying them

    Note: NBFCs - Non-Banking Finance Companies

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    Strong

    government

    support

    Growing demand

    Inviting Resulting in

    Growing demandIncreasing

    investmentsPolicy support

    Rising income,

    young population

    Greater

    availability of

    credit and

    financing options

    Strong growth in

    exports

    Goal of

    establishing Indiaas an auto-

    manufacturing hub

    R&D focus; GOI

    has set up a

    technology

    modernisation fund

    Policy sops, FDI

    encouragement

    Rising

    investments fromdomestic and

    foreign players

    Greater product

    innovation; market

    segmentation

    Demand projected

    to remain strong,

    making returns

    attractive

    Note: GOIGovernment of India

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    Increasing income and middle-class population

    GDP per capita has grown from USD1,432.25 in 2010 to

    USD1,500.76 in 2012, and is expected to reach

    USD1,869.34 by 2018

    Apart from the impact of rising incomes, widening of the

    consumer base will also be aided by expansion of themiddle class, increasing urbanisation, and changing

    lifestyles

    A young population is boosting demand for cars

    Demand for commercial vehicles increased due to the

    development of roadways and greater market access

    Changing income dynamics of Indias population

    Source: IMF, McKinsey Quarterly, Aranca Research

    1 3 72 6

    1712

    25

    2935

    40

    3250

    2615

    2008 2020 2030

    Globals (>18412.8) Strivers (9206.4-18412.8)

    Seekers (3682.5 - 9206.4) Aspirers (1657-3682.5)

    Deprived (

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    Easy availability of credit

    Greater access to credit eases the purchase of

    passenger and commercial vehicles

    The auto finance industry has grown at the rate of 13 per

    cent over FY08-13; the car finance penetration has

    increased from 68 per cent 70 per cent in FY08-10 to

    70 per cent72 per cent in FY11-13

    BMW, Audi, Toyota, Skoda, Volkswagen and Mercedes-

    Benz have started providing customised finance to

    customers, dealers and suppliers through dedicated

    non-banking finance companies (NBFCs)

    Indian car finance market size

    Source: Kotak Mahindra Prime, Aranca Research

    Note: Greater distributional efficiencies, increasing demand

    (especially from rural areas) due to rising disposable incomeshave created new markets for products within the country

    1.5 1.92.5 2.6 2.7

    7.79.3

    13.212.9

    11.7

    FY09 FY10 FY11 FY12 FY13

    Car industry sales volume (mn) Car finance industry (USD bn)

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    Design and

    engineering skills

    Manufacturing

    skills

    Manpower

    costs

    Supplier

    base

    Raw

    materials

    East Asia

    Korea

    China

    Thailand

    Indonesia

    Vietnam

    Central & Eastern

    Europe

    Czech Republic

    Romania

    Poland

    Slovakia

    Russia

    Hungary

    Turkey

    Latin AmericaBrazil

    Mexico

    Less competitive than India In competition with India Source:ACMA, Aranca Research

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    Auto Policy 2002 Automatic approval for foreign equity investment up to 100 per cent; no minimum

    investment criteria

    Encourage R&D by offering rebates on R&D expenditure

    Automotive Mission

    Plan (AMP) 200616

    AMPsvision is to make India a preferred destination for designing and manufacturing of

    automobiles and achieve a market size of USD154 billion by 2016

    Setting up of a technology modernisation fund focussed on SMEs Establishment of automotive training institutes, auto design centres and special auto parks

    NATRiPs

    Set up at a total cost of USD388.5 million to enable the industry to be on par with global

    standards

    Nine R&D centres of excellence with focus on low-cost manufacturing and product

    development solutions

    Dept. of Heavy

    Industries & PublicEnterprises

    Worked towards reduction of excise duty on small cars and increase budgetary allocation

    for R&D Weighted increase in R&D expenditure to 200 per cent from 150 per cent (in-house) and

    175 per cent from 125 per cent (outsourced)

    Notes: SMESmall 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

    Union Budget FY14 Proposal to allocate USD2.7 billion for JNNURM to bolster sales volumes of Medium and

    Heavy Commercial Vehicles (MHCV)

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    Business description

    Vehicles Research & DevelopmentEstablishment (VRDE), Ahmednagar

    Research, design, development and testing of vehicles

    Centre of excellence for photometry, electromagnetic compatibility (EMC) and

    test tracks

    Indore National Automotive TestTracks (NATRAX)

    Complete testing facilities for all vehicle categories

    Centre of excellence for vehicle dynamics and tyre development

    Automotive Research Association of India(ARAI), Pune

    Services for all vehicle categories

    Centre of excellence for power-train development and material

    Chennai Centre, Tamil Nadu Complete homologation services for all vehicle categories

    Centre of excellence for infotronics, EMC and passive safety

    Rae Bareilly Centre Services to agri-tractors, off-road vehicles and a driver training centre

    Centre of excellence for accident data analysis

    International Centre for AutomotiveTechnology (iCAT), Manesar

    Services to all vehicle categories

    Centre of excellence for component development, noise vibration and

    harshness (NVH) testing

    Silchar Centre, Assam Research, design, development and testing of vehicles

    Centre of excellence for photometry, EMC and test tracks

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    Source: ACMA, Aranca Research

    DelhiGurgaon

    Faridabad

    Kolkata

    Jamshedpur

    ChennaiBengaluru

    Hosur

    MumbaiPune

    Nashik

    Aurangabad

    List of companies

    North

    West

    East

    South

    Ashok

    Leyland

    Force

    Motors

    Piaggio

    Swaraj

    Mazda

    Amtek

    Auto

    Eicher

    Honda

    SIEL

    Maruti

    Suzuki

    Tata

    Motors

    Bajaj Auto

    Hero

    Group

    Ashok

    Leyland

    Bajaj Auto

    FIAT

    GM

    M&M

    Eicher

    Skoda

    Bharat

    Forge

    Tata

    Motors

    Volkswag

    en

    Renault-

    Nissan

    M&M

    Tata

    Motors

    Hindustan

    Motors

    Simpson

    & Co

    Internatio

    nal Auto

    Forgings

    JMT

    Exide

    Ashok

    Leyland

    Ford

    M&M

    Toyota

    Kirloskar

    Volvo

    Sundaram

    Fasteners

    Enfield

    Hyundai

    BMW

    Bosch

    TVS

    Motor

    Company

    Renault-

    Nissan

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    Source:Aranca Research

    Note: All figures as of 2011-12

    WEST: Maharashtra, and

    Gujarat are hubs for

    heavy and light vehiclemanufacturing

    EAST: Jamshedpur is the

    site for Tatas heavy

    vehicle manufacturing

    SOUTH: Chennai hosts

    manufacturing plants for

    heavy and light vehicles

    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

    Heavy Vehicle Manufacturing Plant

    Light Vehicle Manufacturing Plant

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    Revenue trends over the past few years

    (USD billion)

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

    Aranca Research

    FDI inflows in the automotives sector aggregated USD8.3 billion (4.3 per cent of the total FDI) over April 2000 March

    2013

    1.2 1.2

    1.3

    0.9

    1.5

    FY09 FY10 FY11 FY12 FY13

    FDI in automobile industry (USD billion)

    DelhiGurgaon

    Faridabad

    Kolkata

    Jamshedpur

    ChennaiBengaluru

    Hosur

    MumbaiPune

    Nashik

    Aurangabad

    Ahmedabad

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    Source: Respective Company Websites, News Articles, Aranca Research

    Global car majors have been ramping up investments in India to cater to the growing domestic demand. Also, these

    manufacturers plan to leverage Indiascompetitive 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 FY17

    Investing in Chennai and Sanand plants to raise capacity to 0.44 million cars & 0.61 million engines by

    FY14 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

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    Source: Company Website, Aranca Research

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

    Roll-out of peoples

    car (Maruti 800)

    Capacity

    expansion

    Enhanced R&D

    capability

    Increased

    productivity

    Product portfolio

    expansion

    Continuing market

    leadership

    Product portfolio

    comprising 16

    passenger vehicle

    models

    Accounted for 45

    per cent share in

    the Indian car

    market

    Plans to produce

    1.7 million cars by

    2013

    2011

    Roll-out of 10

    millionth car

    1994

    Production of

    1 millionth car

    In the process of

    establishing

    Suzukis largest

    R&D facilityoutside Japan

    2012

    Total sales

    crossed 1millionunits in FY12

    Plans to setup

    two facilitiesin Gujarat

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    Source: Company Website, Aranca Research

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

    Joint ventures

    Acquisitions

    Enhancing

    R&D capability

    Product portfolio

    expansion

    Market expansion

    Disruptive innovation JV with

    Daimler AG

    Production of

    first

    indigenously

    designed LCV

    Acquisition

    of Jaguar

    and

    Landrover

    Acquired

    stake inHipo

    Carrocera

    SA

    Launched

    Indica, India's

    first fully

    indigenous

    passenger car

    Establishment

    of Tata

    Engineering &

    Locomotives

    Launch of thefirst

    indigenousCV

    Introduction

    of

    Megapixel,

    an electric

    vehicle

    Launched

    Tata Nano

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    Tata Nano sales FY 2010-13 (units)

    Source: Company Website, Aranca ResearchNote: YOYYear on Year

    Tata Nano ranked among the top 10 best-selling cars of

    2012. It was recently declared the most trusted four-wheeler

    brand by TheBrand Trust Report, India Study 2013

    Nano was the only petrol car among the top-selling cars of

    2012 to post a positive yoy growth. Tata adopted a different

    marketing pitch and launched the 2012 Tata Nano, which

    offered a lot of new features for no extra charge

    Sales of the Nano more than doubled to 73,848 units in

    FY13 from its launch in FY10

    Currently, Tata exports Nano to Sri Lanka and Nepal and

    has plans to export the car to Bangladesh. The company is

    likely to add new export markets such as Africa, South

    America, and Southeast Asia

    Tata has launched a new variant of the Nano in 2013 and isin the process of launching a new variant in 2014 to

    augment sales. A CNG variant was launched in the second

    half of 2013, while the diesel version is likely to be launched

    in the first half of 2014

    30,763

    70,432 74,527 73,848

    FY10 FY11 FY12 FY13

    Sales

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    65 87117

    145 149178

    231 230

    298

    377

    483

    563

    331

    FY02

    FY03

    FY04

    FY05

    FY06

    FY07

    FY08

    FY09

    FY10

    FY11

    FY12

    FY13

    8MFY14

    M&M auto salesdomestic and export

    (000 units)

    Source: Company Website, Aranca Research

    M&M has been the market leader in utility vehicles in India

    for over 50 years since building the first Willys jeep in 1947

    Manufactures passenger vehicles, utility vehicles, light

    commercial vehicles (including three-wheelers)

    Produces 15 passenger vehicle models and 8 commercial

    vehicle models, noteworthy among which are Scorpio, Thar,

    Xylo, XUV 500

    Global player in exporting products to several countries in

    North America, Europe, Africa, South America, South Asia,

    and the Middle East; exported 32,457 units in FY13

    Recorded four wheeler revenue of USD3.3 billion in FY13

    Launched Verito Refresh, Quanto, and Rexton in FY2013

    Launched the e20 electric car in March 2013 after acquiring

    carmaker Reva Technology

    In 2013, inked a partnership with online shopping portal

    Snapdeal.com to sell its two-wheelers

    CAGR: 22%

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    Note: M&MMahindra & Mahindra

    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, largeskilled English-speaking

    manpower

    Comparative advantage in

    terms of cost

    The worlds cheapest car

    (Tata Nano) has directed

    focus on the low-incomemarket

    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 asizeable market segment in

    the coming decade

    Tata Motors to launchMiniCAT, 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 hubfor 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 emergingmarkets)

    India is fast emerging as a

    global R&D hub

    Opportunities for creating

    sizeable market segments

    through innovations

    Small-car manufacturing hub

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    Society of Indian Automobile Manufacturers (SIAM)

    Core 4-B, 5thFloor, India Habitat Centre

    Lodhi Road, New Delhi110 003

    India

    Phone: 91 11 246478102

    Fax: 91 11 24648222

    E-mail: [email protected]

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    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

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    ULCC: Ultra Low Cost Car

    USD: US Dollar

    Wherever applicable, numbers have been rounded off to the nearest whole number

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    Year INR equivalent of one USD

    2004-05 44.95

    2005-06 44.28

    2006-07 45.28

    2007-08 40.24

    2008-09 45.91

    2009-10 47.41

    2010-11 45.57

    2011-12 47.94

    2012-13 54.31

    Exchange rates (Fiscal year)

    Year INR equivalent of one USD

    2005 45.55

    2006 44.34

    2007 39.45

    2008 49.21

    2009 46.76

    2010 45.32

    2011 45.64

    2012 54.69

    2013 54.45

    Exchange rates (Calendar year)

    Average for the year

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