economic impact and strategic analysis adopted by indian ... · pdf fileto identify and...

International Journal Of Advancement In Engineering Technology, Management and

Applied Science (IJAETMAS)

ISSN: 2349-3224 || www.ijaetmas.com || Volume 04 - Issue 04 || April-2017 || PP. 66-80

www.ijaetmas.com Page 66

Economic Impact and Strategic Analysis adopted by Indian Leading

Automobile Companies

Dr. Mafruza Sultana, Prof. Rupesh Kumar Sinha

Research & Teaching Associate, Assistant Professor and HOD Operations & IT

IFIM Business School, Bangalore

Abstract

The automotive industry of India is almost seven decades old and its contribution to growth of

Indian Economy is significant.This paper highlighted the strategies adopted by three automotive

giants, Maruti, Tata and Mahindra &Mahindra (M&M). Maruti has maximum market share in

Cars; Tata has in Trucks and M&M in Agricultural Tractors. Automotive industries have seen

massive transformation post trade liberalization during 1990 and it attracted huge investment by

global assemblers.This paper also explored how automotive industry has impacted Indian

economy and Performance of FDI in thissector.

Keywords: Automotive Industry, Indian economy, Strategy, FDI, GDP.

Introduction

Automotive industry has universally emerged as an important driver in the economy. Although

the automotive industry in India is nearly seven decades old, until 1982, only three

manufacturers - M/s. Hindustan Motors, M/s. Premier Automobiles and M/s. Standard Motors

tenanted the motor car sector. Owing to low volumes, it perpetuated obsolete technologies and

was out of sync with the world industry. In 1982, Maruti Udyog Ltd. (MUL) came up as a

government initiative in collaboration with Suzuki of Japan to establish volume production of

contemporary models. After the lifting of licensing in 1993, 17 new ventures have come up of

which 16 are for manufacture of cars. Automobile sector plays a vital role for economy of any

country and Supply Chain Management (SCM) plays an important role in cost cutting.

The Indian automobile sector consists of all vehicles, including 2 wheelers and 3 wheelers,

passenger car and Multi Utility Vehicles (MUVs), Light and Heavy Commercial Vehicles

(LCVs, HCVs), and the allied engineering sector comprises largely of the auto components

sectors. Agricultural tractors and earth moving machinery and its associated sector also part of

Indian automotive sector, which is playing a crucial role in agricultural economy. The following

figure is representing Automotive Sector.





Figure1: Automotive Industry Structure

Automotive Industry

Automobile

Two Wheelers

Three Wheelers

Passanger Cars

commercial vehicles

Multi Utility Vehicles

Allied Sector

Auto Components

Agricultural Tractors & Earth Moving machienery





This paper focused on study of Indian automobile companies: Maruti, Tata Motors and Mahindra

and Mahindra.For automobile sector supply chain practices is very important because it helps the

business to go towards success by optimizing the resources. This study aims to find the best

strategic supply chain practices which helped these automobile firms to gain its growth and its

current position. This paper also focused on the contribution of Indian Automobile sectors in

Indian Economy.Bowersox and Closs (1996) stated that, to be properly effective in the

contemporary competitive environment, firm must expand and extend their integrated behaviour

to include customer and suppliers.Scannell (2000) found that externally purchased materials

account for 60% to 70% of the manufacturing costs of a new car made by the Big Three U.S.

automakers. They are increasingly outsourcing non-core activities and relying on upstream first-

tier suppliers to deliver competitive advantages. He tried to find out, up to what extent variety of

SCM practices have been implemented, such as developing suppliers, building closer buyer-

supplier relationships, and just-in-time (JIT) purchasing processes. The first primary research

question that the article explores is to what extent are these suppliers practicing supplier

development, supplier partnering, and JIT purchasing with their upstream sources. Second

question is-how do these key SCM practices, both individually and collectively, relate to

improved competitive performance. He also tries to examine performance in terms of flexibility,

innovation, quality, and cost; focuses on several specific items within each of these categories

and also analyze each category as a whole.Functional integration of logistics processes or

channels is also emphasized by different researchers. Lummus et al. (2001), Cavinato (1982)

defined logistics as the management of all inbound and outbound materials, parts, suppliers, and

finished goods. Cavinato‟s highlights relation of logistics with the integrated management of

purchasing, transportation, and storage on a functional basis.John (2001) studied relationship

between the significance of optimizing logistics in the automobile industry. General Motors

Corp. has partnership with UPS for outbound logistics and Ford Motors Corp. formed a joint

venture with CNF Inc.

The numbers of models increased significantly from 550 in 1980 to 1,050 in 1999 (Veloso

2002). Sanchez (2005) explored the relationship between the dimensions of supply chain

flexibility and firm performance in a sample of automotive suppliers. He talked about different

aspects of flexibility such as functional aspects (flexibility in operations, marketing, logistics),

measurement aspects (focused on global flexibility measures vs context specific ones),

hierarchical aspects (flexibility at shop, plant or company level), strategic aspects (centered on

the strategic relevance of flexibility), time horizon aspects (long-term vs short-term flexibility)

and object of change (flexibility of product, mix, volume).Sharma et al (2008) stated that in order

to make mark globally by Indian automobile industry it is needed to improve supply chain

efficiency and it should be given high priority.

Govindam et al (2010) developed a framework to analyze the interactions among the criteria

such as competitive pressure, evaluation and certification system, incentives, supplier

development programs, inter-organizational communication, buyer-supplier relationship,

supplier commitment, supplier performance, asset specificity, joint action, trust, long-term

strategic goals, top management support, purchasing performance, and supplier strategic





objective for the supplier development using Interpretative Structural Modeling

(ISM).Bhattacharjee, Anuradha (2014) pointed out that “Dramatic changes have taken place in

India since 1991 when economic liberalization became the mantra of the government of India.

The new economic reforms popularly known as liberalization, privatization and globalization

were aimed at making the Indian economy a globally competitive economy. Despite some

fluctuations, foreign trade and investment is growing at a steady pace. These developments as

also the influx of multinational companies over the years have opened the floodgates of private

sector advertising in India”.(Sinha, 2015) highlighted that the competition is fierce and

organizations are slogging to get profit. SCM plays important role by reducing the cost and thus

by increasing margin, if it is managed properly. An easy way to get more profit is by reducing

costs through outsourcing (Simchi –Levi et al 2008).Sharmelly, Rifat and Ray, Pradeep Kanta

(2015) mentioned that “there has been a dramatic shift of world economic power towards less-

developed countries, in particular, emerging economies (EEs). The growing influence of EEs is

shifting the global competitive landscape, as these new economies are a great source of

opportunity, inspiration and innovation. However, companies face the challenge to identify what

organizational capabilities are required to serve mass market customers to meet their unique

demand and price-performance conditions”.

Our objective in this research is to measure for this industry the effect of several factors on

inventory holdings. We find that two factors, the number of dealerships in a manufacturer's

distribution network and a manufacturer's production flexibility, explain essentially all of the

difference in finished-goods inventory between Toyota and three other manufacturers: Chrysler,

Ford, and General Motors.The purpose of this study is to investigate the relevance of the concept

of supply chain practices in the Indian automobile sector with special reference to Maruti, Tata

Motors and Mahindra and Mahindra. This paper tries to identify best practices of supply chain

and itsespousaland execution. It also highlights the impact of Indian Automobile sector on Indian

Economy.

Research Objectives:

1. To identify and explore the best strategies and operations practices followed by

theseIndian Automobile sector, like Maruti, Mahindra & Mahindra and Tata

Motors.

2. How Indian Economy benefited from these sectors.

3. To identify the market share and sector wise performance of these firms.

4. Performance of FDI in Indian Automobile sectors.

Research Methodology:





To meet the objectives, secondary data has been collected from official Website of Govt. of India

and respective automobile manufacturer. Also, information was captured from related articles

published in Magazines, Journals, related books and official reports. To view the trend of market

share and FDI trends at a glance, trend lines and diagrams have been used.

Research Background:

SCM is the integration of key business processes from end user through original suppliers that

provides products, services, and information that add value for customers and other stakeholders

(Lambert, Cooper, 1998).Supply Chain Management (SCM) is an integrated approach to resolve

issues in sourcing, customer service, demand flow and distribution. Increased competition and

globalization of markets has led both Indian organizations and multinational firms in India to

strive to differentiate themselves from their competitors. SCM practices are considered necessary

because it offers a „proven‟ means by which firms can dramatically cut costs and improve

performance. Monczka and Morgan (1997) stated that organizations have realized that a firm

does not compete with another firm as stand alone, but a firm‟s supply chain competes with

competitors‟ supply chains. Enhancing effectiveness and efficiency of the supply chain has

therefore become a crucial activity.

Neely (1999) explained that there are seven main reasons for performance measurement. These

are follows-

1. The changing nature of work

2. Increasing competition

3. Specific improvement initiatives

4. National and International quality awards

5. Changing organizational roles

6. Changing external demands; and

7. The power of information technology.

In the context of Indian industry most of the factors mentioned are visible and experienced.As

par Saad and Patel (2002), there is still lack of significant study of supply chain performance in

developing nations in general and in India in particular.





Background of Auto Mobile Sector:

India‟s automotive industry is one of the most competitive in the world. It does not cover 100 per

cent of technology or components required to make a car but it is giving a good 97 per cent, as

highlighted by MrVicentCobee, Corporate Vice-President, Nissan Motor‟s Datsun.Leading auto

maker Maruti Suzuki expects Indian passenger car market to reach four million units by 2020, up

from 1.97 million units in 2014-15.The Indian automotive sector has the potential to generate up

to USD 300 billion in annual revenue by 2026, create 65 million additional jobs and contribute

over 12 per cent to India‟s Gross Domestic Product.

There are a number of top automobile companies running their operations in India, which again

have a range of models in different segments of cars. However, while looking for top 10

automobile companies in India; one name that would always lead the list is Maruti Suzuki India.

Maruti Suzuki has consistently been the dominant leader in the Indian automobile industry.

However, there are also other big names like Tata Motors, Mahindra and Mahindra, Hyundai

Motors, Hindustan Motors etc.During its early days, the most of the Indian car auto

manufacturers banked upon foreign technologies. But the scenario has changed over the years

and currently, the Indian auto manufacturers are using their own technology.After the recent

setback due to the global recession, the Indian automobile market has again started to grow up.

Strategy and best practices of SCM:

Maruti Suzuki India Limited (MSIL): Maruti Suzuki India Ltd was incorporated on February

24, 1981 with the name Maruti Udyog Ltd. The company was formed as a government company,

and Suzuki was a minor partner. The intension was to make a people's car for middle class India.

According to IBEF domestic sales of passenger vehicles will grow from 2.6 million in 2015 to

9.4 to 13.4 million in 2016 and is expected to grow at a CAGR of 12.39% during 2015-19. In

India the customer would like to go for new models and they also have large numbers of

products are available across various segments. This has also reduced lifecycle of the cars and

forcing automobile manufacturer to invest in R&D.

Over the years, the company's product range has widened and right now Maruti is offering 15

models with 150 variants. The company became the first Indian automobile company to

manufacture one million vehicles in 1994. At present, the company is sitting on a capacity to

make almost 1.5 million cars a year and it is in the process of adding capacity for another

250,000 cars. Suzuki-Maruti led to early success. The once dominant Hindustan Motors, whose

Ambassador model (essentially the 1960s vintage Morris Oxford) had been India‟s biggest

selling car for decades, lost market share at a dramatic rate to the new Suzuki-Maruti model,

which went on to capture 70% of passenger car sales by the early 1990s (Sutton, 2004). At

present Maruti Suzuki enjoys a market share of 46.8% in Indian passenger vehicle market.

Maruti continued to enhance value chain in the Supply Chain. It also persistently partnership

with their supplier and did value analysis and value enhancement (VA/VE) of the projects.




www.ijaetmas.com 2

Maruti got yield improvements also by joint efforts with their supplier. It also worked on

localization of parts imported by vendors to tone down risk arising out of foreign exchange

exposure and to reduce the input cost.

The Maruti continues to launch new models. It created Nexa to cater the requirement of customer

of premium segment through it. Baleno and S-Cross are launched through Nexa. Maruti is going

to launch its 3rd

car in this segment through Nexa is ignis by 2017. They are targeting urban

youth for this hatchback car.

Grant et al (2013) noticed that over years, Maruti has been redefining supply chain strategies and

operations and designing their operations to maximize throughput and lower cost. To improve

profitability and efficiency, Maruti has been innovating to achieve operational excellence, reduce

operating cost and enhance customer service through efficient supply chain and logistics

management. Maruti understand that sustainable logistic operations positively affect the supply

chain.

Tata Motors:Tata Motors Limited was established in 1942, a USD 42 billion organization. It‟s a

leading global automobile manufacturer. It manufacturers cars, sports vehicles, buses, trucks and

defence vehicles. It has total 60,000 employees. It is the world's fourth largest truck

manufacturer, and theworld's second largest bus manufacturer. Tata motors leads the market

share in commercial vehicles with 55% market in MCVs and LCVs sector and 54% market in

LCVs. In Passenger car segment, it has market share of 10% only.

Tata motors have used their Supply chain effectively. Cost of the Nano car for Rs. 1 Lackhs is

the result of their good Supply Chain. A unique aspect of Tata Motors supply chain that

differentiates them from many of their competitors is how early they work with their suppliers in

determining cost estimates. With the Nano, they worked very early with their suppliers in

arriving at the cost estimate of the car. In an unusual move for an automotive company, they

determined the complete functional requirements of the Nano‟s parts before ever giving a hint to

the public about the development of the vehicle. Tata motors followed integrated planning with

their suppliers to reduce the cost of Supply Chain. For this they have used state of the art

software programs to manage cost of Supply chain. They used Ariba Spend Management

Software which was reported by a Business Wire article (2005).The input cost and competitive

marketplace are rising. It is crucial to managing spend and improving efficiency. Spend

management worked as a strategic resource for Tata motors to drive more efficient cost controls

and to deliver positive bottom-line results.Tata Motors is following lean and Just in Time and it

is helping them to reduce fixed expenses and extra inventory cost. They manufacture strictly

according to customer order i.e. according to pull system.

Tata Motors is doing in depth assessment of vendor. They take care of different issues like

safety, child labour, forced labour and human rights aspects before selecting a partner. They have

got very effective communication with their vendor and it make them successful. Some

examples of this high level communication are monthly vendor meetings discussing Tata

Motors‟ growth plan, Tata Motors also has a Vendor Council which meets quarterly, and they





have built vendor parks with all of their new plants which improves supplier relations and solves

logistics issues.Tata motors have selected strategic location for manufacturing. They are in

Tatanagar, Pune, Lucknow, Sanand and Dharwad. They are India‟s only fully integrated

auotomotive manufacturer.

Mahindra & Mahindra Limited (M&M):Mahindra &Mahindra Limited is another auto-giant

in India. Mahindra& Mahindra is a part of the USD 17.8 billion global Mahindra Group

headquartered in Mumbai, India, with a presence in over 100 countries and employing over

2,00,000 people. The Group‟s operations span 20 key industries across 10 sectors. Mahindra &

Mahindra has leading market position in various automotive segments. It is largest tractor

manufacturer as well as largest utility vehicle manufacturer. It‟svehicles are known for their

tough, rugged and reliable DNA and cater to a wide spectrum of customer needs, from enhancing

lifestyle to generating livelihood. Mahindra & Mahindra launched their first utility vehicle,

“Jeep”, in 1947 in India. Mahindra & Mahindra is also focusing itself to produce green vehicle

such as e2O in collaborations with Rewa. In long runs these vehicles are going to get highest

demand.

Mahindra & Mahindra had Green Supply Chain Management Policy and it has been shared with

all suppliers, under which the company is committed to improve awareness with regards to legal

compliances, enhance eco-efficiencies, employee health and safety initiatives etc.

Impact on Indian Economy:

Table 1: Automobile Production Trends

Category 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

Passenger

Vehicles 2982772 3146069 3231058 3087973 3221419 3413859

Commercial

Vehicles 760735 929136 832649 699035 698298 782814

Three

Wheelers 799553 879289 839748 830108 949019 933950

Two

Wheelers 13349349 15427532 15744156 16883049 18489311 18829786

Grand Total 17892409 20382026 20647611 21500165 23358047 23960409 Source : SIAM India





Figure: 2

Figure: 3

2700000

2800000

2900000

3000000

3100000

3200000

3300000

3400000

3500000

Passenger Vehicles

Passenger Vehicles

Linear (Passenger Vehicles)

Year

No of Vehicles sold

0

100000

200000

300000

400000

500000

600000

700000

800000

900000

1000000

Commercial Vehicles

Commercial Vehicles

Linear (Commercial Vehicles)

Year

No of Vehicles sold





Figure: 3

Figure: 4

From the above Table 1 and Figure 2, 3&4 it can be stated that the industry produced total

23,960,409 vehicles during 2015-16, which increased by 2.58% than the last year. The growth

rate of two wheelers, which has the highest market share of 78.59%,is only 1.84% than the last

year and maintaining a continuous increasing growth trend for the last six years. After two

wheelers the highest market share is of Passenger vehicles which accounts for 14.25% and

700000

750000

800000

850000

900000

950000

1000000

Three Wheelers

Three Wheelers

Linear (Three Wheelers)

Year

No of Vehicles sold

0

5000000

10000000

15000000

20000000

25000000

Two Wheelers

Two Wheelers

Linear (Two Wheelers)

Year

No of Vehicles sold





increased by 5.97% than the last year. This sector is also maintaining an increasing growth trend.

The commercial vehicles which have the lowest market share of 3.27% and faced a decreasing

growth trend till 2014-15, suddenly increased by 12.1% for the year 2015-16. In case of three

wheelers which has also a low market share of 3.9%, showed a mixed growth trend. Though

2014-15 is the peak year for the three wheelers but the other vehicles have faced a bad situation

in this period.

Table 2: Market share of all vehicles for FY 2015-16

Category

%age of Market

Share

Passenger Vehicles 14.25%

Commercial Vehicles 3.27%

Three Wheelers 3.90%

Two Wheelers 78.59%

Grand Total 100.00% Source: Author Compilation based on SIAM India data

Figure: 5

The above diagram showed that the two wheelers segment has the highest market share of

78.59% and is the leader of the Indian Automobile sector. Moreover, the growing interest of the

companies in exploring the rural markets further aided the growth of the sector.In addition,

14.25% 3.27%

3.90%

78.59%

Percentage of Market Share for FY 2015-16

Passenger Vehicles

Commercial Vehicles

Three Wheelers

Two Wheelers





several initiatives by the Government of India and the major automobile players in the Indian

market are expected to make India a leader in the Two Wheeler (2W) and Four Wheeler (4W)

market in the world by 2020.

Table 3: Sales turnover and profit

Sl. No. Company Sales

turnover in

Crores in

Mar'2016

Net Profit in

Crores in

Mar'2016

% of

Profit

1 Maruti Suzuki India Ltd. 65,262.80 16,434.80 25.2

2 Tata Motors Ltd. 46,646.67 4085.25 8.8

3 Mahindra & Mahindra Ltd. 43,606.64 5493.8 12.6

Figure: 6

After observing Table: 3 and Figure: 6 it can be said that Maruti Suzuki India Ltd. has the

highest sales turnover of 65,262.80 crores and earned the highest profit that accounts of 25.2% in

Mar‟2016, which provides Maruti the leading position in the automobile sector.

The Indian automobile industry is one of the largest industries in the world and these contribute

7.1% to the country‟s Gross Domestic Product (GDP). For this reason,it can be said that Indian

0.00

10,000.00

20,000.00

30,000.00

40,000.00

50,000.00

60,000.00

70,000.00

Maruti Suzuki India Ltd.Tata Motors Ltd.Mahindra & Mahindra Ltd.

Sales turnover in Crores in Mar'2016

Net Profit in Crores in Mar'2016





automobile industry isan engine of growth for the Indian economy. The auto component industry

contributes 25.6% to the manufacturing GDP and providing direct employment to 1.5 million

people.

Table 4: FDI inflows in the automotives sector.

FY

FDI (in USD

billion)

FY 2010 4.6

FY 2011 5.9

FY 2012 6.7

FY 2013 8.3

FY 2014 9.8

FY 2015 12.4

FY 2016* 13.5 Source: Department of Industrial Policy & Promotion (India), TechSci

Research

Note: * indicates FY16 up-to June 2015

Figure: 7

FDI inflows in the automotives sector aggregated USD 13.5 billion (5 % of the total FDI) over

April 2000-June 2015. In order to keep up with the growing demand, several auto makers have

4.6

5.96.7

8.3

9.8

12.4

13.5

0

2

4

6

8

10

12

14

16

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015FY 2016*

FDI (in USD billion)

FDI (in USD billion)

Linear (FDI (in USD billion))

Year

FDI trends over the past few years (USD billion)





started investing heavily in various segments of the industry during the last few months. The

industry has attracted Foreign Direct Investment (FDI) worth USD 15.06 billion during the

period April 2000 to March 2016, according to data released by Department of Industrial Policy

and Promotion (DIPP).

Conclusion:

Maruti, Tata Motors and Mahindra & Mahindra have excellent supply chain practices. They all

have strategic location for manufacturing and evolved method of selection of supplier. They all

prefer local suppliers. Their prime focus is on innovation and they are investing huge sum of

money in R&D.Focus strategy towards their specialized products have made them market

leaders in each market segment. Maruti is market leaders for Cars, Tata Motors in Trucks &

Utility vehicles Mahindra & Mahindra in agricultural Tractors.

Indian automobile sector contributes 7.1% to GDP where as auto component industries

contribute to 25.6% to manufacturing GDP. It provides direct employment to 1.5 million people.

Effective Supply chain management will leads to more cost reduction in this segment and thus

will leads to more profitability and more contribution towards GDP can compete strongly in

global market and will leads to economic development of the country.

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