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MotoG

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March 25, 2019

MotoGaze March 2019

Muted demand continues to dent dispatches…

Auto volume dispatches were once again weighed down by the large dealer

inventory in the system, with the situation only having worsened as time has

gone by. Wholesale volumes for the month were at 24.1 lakh units, declining

2.5% YoY. Consequent YTD industry growth was at 8.2% YoY. Worryingly,

inventory levels continue to spiral despite the heavy discounting being

undertaken by OEMs since December in a bid to correct the overestimated

stocks build-up in anticipation of a strong festive season at the back end of

last year. According to data released by Federation of Automotive Dealers

Association (FADA), domestic retail sales declined 8.1% MoM to 15.8 lakh

units, with all segments displaying a drop. PV segment inventories increased

to 50-60 days of sales. The same was at a staggering 80-90 days overall on

the 2-W side and 100 days+ in some cases.

As per media reports, several OEMs are contemplating wide ranging

production cuts in March and beyond to liquidate excess system inventory.

The efficacy of these cuts, if true, is up in the air currently given the situation

on the ground has not improved despite concerted correction efforts already

underway since December in the form of record discounts. Going forward,

stakeholder commentary paints a sombre picture for the coming three to

five months as the industry grapples with muted retail demand, spiralling

inventories and the usual election related dip. Additionally, high base from

Q1FY19 would keep volumes subdued. For February 2019, 2-W dispatches

were down 3.0% YoY, PV (4W) de-grew 4.1% YoY, CV segment was down

2.3% YoY & 3-W grew 12.3% YoY. In the 2-W space, motorcycle segment

was flat YoY while scooter segment was down 11.3% YoY. LCV segment

was up 2.2% YoY while the M&HCV segment was down 8.6% YoY.

BAL, Hyundai, TML big winners in market share stakes!

In the 2-W space, incumbent market leader Hero MotoCorp continues to

cede space to rival Bajaj Auto, which is in the midst of an aggressive pricing

strategy. The latter has expanded its overall 2-W market share by 192 bps

YoY to 11.8% (YTD basis) despite being completely absent in the scooter

segment (~30% of total 2-W industry volumes). Elsewhere, in the UV space,

Hyundai and Tata Motors have improved their market share by 159 bps to

13.5% and by 291 bps to 8.2%, respectively, on the back of new launches

and the popularity of existing market leading models. On the CV side, most

players have had to participate in a discounting race to maintain market

share as competitors try to gain ground against incumbents.

Regulatory led price hikes in offing, muted prospects!

With the view on safety of commuters, the government has notified various

safety measures that will be mandatory in next few months thereby raising

the overall price incidence of vehicle at the consumer end, likely denting

incremental demand. Notable ones are from April 1 2019, ABS is mandatory

in all new 2-W units (125 cc & above) with price hike in the price sensitive 2-

W market being pegged at ~8-10%. It will be followed by the mandatory

norms of dual airbags, reverse parking assist systems, seat belt reminder,

etc, in the 4W category, starting July 1, 2019. It will be followed by the larger

implementation of BS-VI norms that will eventually see some pre-buying in

H2FY19 with demand expected to squeeze in FY20E given the high price

increase particular in the diesel slate of the pie. The only silver lining is the

Union Budget announcements on direct transfer of | 6,000 per annum to

small and marginal farmers, as well as increasing the maximum amount of

tax rebate for individuals earning up to | 5 lakh per annum will be a positive

for both the domestic tractor space as well as the 2-W space going forward.

Sector View

Negative

Volume performance for February 2019

Key players & industry volume growth – Feb 2019

(%)

Source: Company, SIAM

Key players & industry volume growth YTDFY19 (%)

Source: Company, SIAM

Shashank Kanodia, CFA

[email protected]

Jaimin Desai

[email protected]

Company Gr. YoY(%)

Hero MotoCorp -2.0

Bajaj Auto 9.8

TVS Motors 1.7

Maruti Suzuki 0.2

Tata Motors -5.7

Ashok Leyland 0.4

M&M 9.5

8.2

5.6

26.0

12.9

-0.6

5.9

16.8

12.1

2.6

15.4

Industry

HMCL

BAL

TVS

HMSI

Maruti

TML

M&M

Hyundai

ALL

YTDFY19

ICICI Securities | Retail Research 2

ICICI Direct Research

MotoGaze |

Scooter segment particular pain point for 2-W space!

For February 2019, overall 2-W volumes were down 3.0% YoY to 18.8 lakh

units. Domestic 2-W volumes dipped 4.2% YoY to 16.9 lakh units, primarily

tracking much steeper 12.1% drop in scooter volumes. The motorcycle

segment was flattish YoY. Total 2-W exports were up 5.1% YoY, driven by

5.6% growth in the motorcycle segment. Moped volumes were up 2.8%

YoY to 76,125 units. Slowing scooter sales lowered share of scooters in

overall 2-W to 28% vs. 30% in February 2018. The 2-W market leader HMCL

delivered 2.0% YoY overall volume decline on account of a steep de-growth

in the scooter segment. HMSI, the second largest player, reported volume

de-growth of 16.1% YoY on the back of a broad based decline in segments

as well as geographies. On the flip side, BAL reported healthy overall 2-W

volume growth of 10.2% YoY. The industry’s 3-W volume grew 12.3% YoY,

driven by 44.0% YoY expansion in exports amid 4.1% decline in volumes

domestically.

Market share movement

According to data released by the Society of Indian Automobile

Manufacturers (Siam), domestic market shares of two and three-wheeler

players as of February 2019 are mentioned below.

Exhibit 1: Domestic market share movement in two-wheelers

Source: Siam, Data used is YTD\

Exhibit 2: Domestic market share movement in three-wheelers

Source: Siam, Data used is YTD

9.8

36.2

14.1

29.0

10.8

11.8

35.6

14.7

27.0

11.0

11.8

35.8

14.6

26.8

11.0

0

5

10

15

20

25

30

35

40

Bajaj Auto Hero MotoCorp TVS Motors HMSI Others

(%

)

Feb-18 Jan-19 Feb-19

57.7

24.4

8.5

9.3

56.6

24.5

9.4

9.5

56.7

24.4

9.4

9.5

0 10 20 30 40 50 60 70

Bajaj Auto

Piaggio

M&M

Others

(%)


Overall 2-W segment volumes were down 3.0% YoY

in February 2019. BAL continued to gain market

share, which was at 11.8% on a YTD basis.

Conversely, market leader HMCL and second largest

player HMSI lost market share of 40 bps and 220 bps

on a YoY basis, to end February 2019 with market

share at 35.8% and 26.0%, respectively, on a YTD

basis

In February 2019, overall 3-W volumes grew 12.3%

YoY. The top two players in the industry i.e. BAL &

Piaggio consolidated their market share on YoY basis

at 56.7% & ~24.4%, respectively



MotoGaze |

Exhibit 3: Domestic market share movement in motorcycles


Exhibit 4: Domestic market share movement in scooters/scooters


Exhibit 5: Market share movement in executive motorcycle (<125 cc) segment*

Source: Siam * only top four two-wheeler OEMs

Exhibit 6: Market share movement in motorcycle greater than 125 cc segment

Source: Siam *only top four vehicle two-wheeler OEMs

13.0

16.1

57.3

13.5

10.6

18.3

56.0

15.1

10.7

18.2

55.8

15.3

0

10

20

30

40

50

60

70

Hero Motocorp TVS Motors Honda Others

(%

)


15.8

51.2

7.2

15.7

18.4

50.5

7.4

14.11

8.4

50.6

7.4

14.1

0

10

20

30

40

50

60

70

Bajaj Auto Hero Motocorp TVS motor Honda

(%

)


21.7

57.2

7.9

13.2

0

4

8

12

16

20

0

10

20

30

40

50

60

70

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

Jan-18

Feb-18

Mar-18

Apr-18

May-18

Jun-18

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Jan-19

Feb-19

(%

)

(%

)

Bajaj Auto (RHS) Hero Motocorp (LHS) TVS (RHS) HMSI (RHS)

60.3

2.7

23.3

13.6

0

4

8

12

16

20

24

28

32

0

10

20

30

40

50

60

70

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

Jan-18

Feb-18

Mar-18

Apr-18

May-18

Jun-18

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Jan-19

Feb-19

(%

)

(%

)

Bajaj Auto (LHS) Hero Motocorp (RHS) TVS (RHS) HMSI (RHS)

Domestic motorcycle volumes were flattish YoY in

February 2019. HMCL continues to be the market

leader in the space with market share in excess of

50%. However, its share dipped 60 bps YoY on a YTD

basis. BAL has gained significant market share at

the expense of margins with market share in the

motorcycle segment climbing to 18.4% in February

2019 vs. 15.8% in February 2018

Domestic scooter volumes de-grew 12.1% YoY in

February 2019. HMSI maintained its leadership

position in scooters with a market share of ~56%

YoY. With the introduction of new and innovative

product, the market share is on the rise for TVS

Motors with market share as of February 2019 at

18.2%, up 210 bps YoY. Hero MotoCorp, on the other

hand, is witnessing headwinds in its scooter

segment with continuous decline in market share

HMCL dominates the =<125 cc motorcycle

segment in India with a market share of 57.2%. Bajaj

Auto is the next largest player with a market share

of 21.7% on a YTD basis for the month ended

February 2019. Bajaj Auto is steadily gaining market

share at the expense of Hero MotoCorp as well as

HMSI on the back of its aggressive pricing strategy

BAL continues to dominate >125 cc motorcycle

segment in India with a market share at 60.3%.

HMSI’s volumes have been more volatile thereby

resulting in wide fluctuation in its market share in the

last 24 months



MotoGaze |

Hero MotoCorp (HERHON)

Flattish volumes in motorcycle segment helped cushion the impact of a

sharp decline in the scooter segment in 2-W space market leader Hero

MotoCorp (HMCL). Pain in the scooter segment continued, with

February volumes de-growing 20.7% YoY, bringing the YTD decline to

16.0% YoY. Overall volumes declined 2% YoY

In the motorcycle space, market leader Splendor’s domestic volumes

grew 2.3% YoY while second highest selling model HF Deluxe displayed

strong 11.6% YoY growth

A drop in the scooter segment was on account of the dramatic fall in

erstwhile top seller Maestro (down 70.9% YoY, down 39.1% YTD; both

domestic), and Duet (down 61.9% YoY), which the recently launched

Destini 125 was unable to compensate for completely

Exhibit 7: Volume performance (in units)

Source: Company, Siam

Bajaj Auto (BAAUTO)

Bajaj Auto’s (BAL) 2-W volumes grew 10.2% YoY driven by 15.95% YoY

growth in exports volumes. BAL has continued to grow faster than the

industry in FY19, thereby expanding its 2-W market share by 192 bps

YoY to 11.8% on YTD basis as of February

Pulsar domestic volumes grew strongly at 38.4% YoY to 84,151 units

(driven by 125-150 cc category). The pace of growth in BAL’s entry level

segment (75-110 cc) at 12.7% YoY, slowed compared to previous

months although it still delivered the bulk of its domestic volumes. The

entry segment’s export market grew 27.8% YoY to 91,524 units, driven

by the Boxer model

BAL’s overall 3-W volumes grew 7.8% YoY to 65,104 units on the back

of strong 37.0% YoY growth in exports. Domestic volumes dropped

8.7% YoY. However, in YTDFY19, domestic 3-W volumes grew 10.9%

YoY, with resultant market share at 57.7% on YTD basis, up 100 bps YoY



Segment Feb-19 Feb-18 %chg Jan-19 %chg YTDFY'19 YTDFY18 %chg

Motorcycles 558,884 556,016 0.5 528,585 5.7 6,544,840 6,029,302 8.6

Scooters 58,331 73,581 -20.7 54,171 7.7 694,622 827,394 -16.0

Total Sales 617,215 629,597 -2.0 582,756 5.9 7,239,462 6,856,696 5.6

Export(inc. above) 16,599 24,242 -31.5 12,794 29.7 180,079 178,851 0.7

Exports (% of sales) 2.7 3.9 -116 bps 2.2 49 bps 2.5 2.6 -12 bps


Total 2-wheeler sales 327,985 297,514 10.2 350,460 -6.4 3,913,335 3,099,395 26.3

2W exports 141,462 122,025 15.9 147,102 -3.8 1,592,228 1,283,805 24.0

2W domestic sales 186,523 175,489 6.3 203,358 -8.3 2,321,107 1,815,590 27.8

Total 3-wheeler sales 65,104 60,369 7.8 56,690 14.8 712,817 573,048 24.4

3W exports 29,921 21,835 37.0 28,587 4.7 352,336 248,024 42.1

3w domestic sales 35,183 38,534 -8.7 28,103 25.2 360,481 325,024 10.9

Total Sales 393,089 357,883 9.8 407,150 -3.5 4,626,152 3,672,443 26.0

Total Domestic Sales 221,706 214,023 3.6 231,461 -4.2 2,681,588 2,140,614 25.3

Total Exports 171,383 143,860 19.1 175,689 -2.5 1,944,564 1,531,829 26.9

Exports as % of sales 43.6 40.2 340 bps 43.2 45 bps 42.0 41.7 32 bps

Hero MotoCorp: Sales volumes

Source: Company, ICICI Direct Research

Bajaj Auto: Sales volumes




MotoGaze |

TVS Motors (TVSMOT)

TVS’ overall volumes (2-W+3-W) for February were up 3.0% YoY to 2.99

lakh units. While 2-W volumes grew 1.7% YoY to 2.86 lakh units, 3-W

volumes grew 41.2% YoY to 13,472 units

Domestic motorcycle segment volumes grew 9.0% YoY to 73,430 units,

aided by recently launched Radeon (19,841 units). Domestic scooter

volumes were down 8.7% YoY at 83,151 units, with recently launched

Ntorq performing well amid slowdown in top selling model Jupiter. The

company’s overall moped volumes grew 2.8% YoY to 76,125 units

Export volumes grew 13.7% YoY to 66,570 units, with 2-W & 3-W

volumes up 6.8% YoY to 54,029 units & 57.2% YoY to 12,541 units,

respectively



Honda Motorcycles & Scooters India (HMSI)

HMSI’s overall February volumes fell 16.1% YoY to 436,041 units. The

decline was pervasive through segments as well as markets. Domestic

volumes were down 16.6% YoY while exports were down 8.8% YoY.

Overall motorcycle volumes dropped 11.7% YoY to 145,260 units while

overall scooter volumes dropped 19.0% YoY to 263,299 units

Within the scooter segment, HMSI’s market leading Activa model de-

grew 17.0% YoY to 2.05 lakh units. While Aviator and Grazia volumes

declined 71.0% YoY and 64.6% YoY, respectively, a 8.3% YoY growth

in Dio was the silver lining

In the motorcycle space, volumes of CB Shine were up 5.1% YoY to

86,355 units. Volumes of Dream were down 27.7% YoY to 20,382 units.

Volumes of its newly launched X-Blade were at 2,721 units, down from

3,098 units in January

Scooter exports increased 8.5% YoY to 18,492 units while motorcycle

exports declined 31.4% YoY to 8,990 units




Motorcycles 122,551 113,296 8.2 111,253 10.2 1,418,211 1,221,164 16.1

Scooters 86,935 93,573 -7.1 85,299 1.9 1,202,638 1,033,946 16.3

Mopeds 76,125 74,073 2.8 72,725 4.7 825,579 796,551 3.6

Total 2-W Sales 285,611 280,942 1.7 269,277 6.1 3,446,428 3,051,661 12.9

3-Wheelers 13,742 9,731 41.2 13,353 2.9 141,990 87,790 61.7

Total Sales 299,353 290,673 3.0 282,630 5.9 3,588,418 3,139,451 14.3

Exports(incl. in above) 66,570 58,564 13.7 52,650 26.4 685,333 510,418 34.3

Exports as % of sales 23.3 20.8 19.6 19.9 16.7

Domestice sales 232,783 232,109 0.3 229,980 1.2 2,903,085 2,629,033 10.4


Motorcycles 145,260 164,434 -11.7 128,525 13.0 1,776,286 1,801,576 -1.4

Scooters 263,299 325,204 -19.0 272,170 -3.3 3,522,006 3,556,557 -1.0

Total Sales 436,041 519,782 -16.1 422,178 3.3 5,651,533 5,683,613 -0.6

Exports(incl.above) 27,482 30,144 -8.8 21,483 27.9 353,241 325,480 8.5

Exports as % of sales 6.3 5.8 50 bps 5.1 121 bps 6.3 5.7 52 bps

Domestice sales 408,559 489,638 -16.6 400,695 2.0 5,298,292 5,358,133 -1.1

TVS Motors: Sales volumes


HMSI: Motorcycles & scooter sales volumes




MotoGaze |

Eicher Motors (EICMOT)

Eicher Motors (EIM) overall volumes for February were down 12.8% YoY

to 65,194 units. While the less than 350 cc category de-grew 15.0% YoY

to 57,029 units, the more than 350 cc category de-grew 6.6% YoY to

5,601 units

Domestic motorcycle segment volumes de-grew 14.3% YoY to 62,630

units. Within the =< 350 cc category, volumes for the market leading

Classic 350 suffered a 22.0% YoY drop to 37,862 units, although the

Thunderbird 350 grew 34.0% YoY to 4,298 units. In the > 350 cc

category, the recently launched Twins clocked 1,445 units

Export volumes grew 48.8% YoY to 2,564 units, taking the proportion of

exports in total sales to 3.9%. On a YTD basis, exports have inched up

by 2.2% YoY




Motorcycles =< 350 cc 57,029 67,081 -15.0 67,915 -16.0 712,808 695,397 2.5

Motorcycles > 350 cc 5,601 5,996 -6.6 4,786 17.0 52,459 51,292 2.3

Total Sales 65,194 74,800 -12.8 74,530 -12.5 783,044 764,075 2.5

Exports(incl.above) 2,564 1,723 48.8 1,829 40.2 17,777 17,386 2.2

Exports as % of sales 3.9 2.3 163 bps 2.5 148 bps 2.3 2.3 -1 bps

Domestice sales 62,630 73,077 -14.3 72,701 -13.9 765,267 746,689 2.5

Eicher Motors: Sales volumes




MotoGaze |

Inventory levels spiral, volume challenges continue!

Overall PV dispatch volumes dropped 4.1% YoY to 3.2 lakh units in February

2019. While exports declined 17.2% YoY, domestic volumes dipped 1.1%

YoY. The dealer inventory situation took a turn for the worse after correcting

slightly in January. Despite the continuance of elevated discounts offerings

by OEMs, retail demand remained subdued and inventory levels expanded

to 50-60 days of sales, as per FADA. Within PV, the passenger car segment

reported 8.4% YoY volume de-growth while the UV segment grew 3.7%

YoY and the van segment grew 12.6% YoY. Overall volumes of MSIL, the

market leader, were down 1.3% YoY at 1.46 lakh units for February 2019.

Within passenger cars, the domestic mini segment registered a drop of

33.0% YoY growth. Growth in the UV segment was led by the UV2 sub

segment which was up 25.4% YoY due to new launches Marazzo and

Harrier. Volumes for M&M’s newly launched Marazzo were at 2,881 units and

drove the company’s healthy 16.1% YoY growth. Tata Motors’ new

premium SUV Harrier logged 1,449 units while those for Toyota Kirloskar’s

Innova were up 8.3% YoY to 6,634 units. Dispatches of MSIL’s Ertiga were

up 71.7% YoY (led by new facelift), although those of Brezza were flat YoY.

In the CV space, for January, LCV segment grew 2.2% YoY while M&HCV

segment de-grew 8.6% YoY, leading to total CV sales declining 2.3% YoY.

M&HCV volumes continued to be challenged by tight liquidity conditions

and the impact of higher axle load norms. Volumes of LCVs were aided by

high private consumption-led growth and the continuously evolving hub &

spoke model, with demand for tippers particularly strong owing to ongoing

government focus on construction of infrastructure (especially road). The

MHCV/LCV volume ratio was at 40:60 in February 2019, in line with the

previous 36 month average.

Market share movement

According to Siam, domestic market shares for passenger vehicles (PV) and

commercial vehicles (CV) in February 2019 were as follows:

Exhibit 12: Domestic market share movement in passenger vehicles

Source: Siam, Data used is YTD * passenger vehicles as per Siam include Vans like Gio,

Maxximo, Eeco, Ace

MSIL continues to dominate the PV segment with

market share in excess of 50% as of February 2019



MotoGaze |

Exhibit 13: Market share movement in A2 segment

Source: Siam, Top two PV OEMs considered

Exhibit 14: Domestic market share movement in commercial vehicles

Source: Siam data used is YTD

Exhibit 15: Segmental share in CVs

Source: Siam

The A2 (Mini & Compact) segment is the bread &

butter category of the passenger car segment. The

segment reported volume de-growth of ~8.1% YoY

in February 2019, after volumes of market leader

MSIL were down 3.9% YoY to 105,570 units in the

same segment

M&HCV volumes declined 8.6% YoY while LCV

volumes grew 2.3% YoY in February 2019. Thus,

overall CV volumes were down 2.3% YoY

On a YoY basis, among large players, Tata Motors

gained market share at the expense of Mahindra &

Mahindra. Tata Motors’ market share increased 30

bps to 44.5% while Mahindra & Mahindra’s market

share fell 90 bps to 24.7%

The MHCV/LCV ratio was at 40:60 in February 2019.

This is skewed against the M&HCV space with large

gains in the LCV segment. It is primarily depicting a

slowdown in the pace of growth in the M&HCV

segment due to liquidity crunch being faced by

NBFCs and the adverse impact of new axle load

norms



MotoGaze |

Tata Motors (TATMOT)

Tata Motors’ overall standalone volumes declined 5.7% YoY to 60,151

units, on weak M&HCV demand and exports

Domestic M&HCV volumes de-grew 13.9% YoY to 16,306 units while

LCV volumes de-grew 4.4% YoY to 21,289 units. In the PV segment,

overall volumes of Tigor were down 56.2% YoY at 1,259 units, although

Tiago volumes grew 23.8% YoY to 8,286 units. Within its UV portfolio,

volumes of Hexa (launched in January 2017) were at 280 units (down

68.7% YoY). Tata Motors’ new premium SUV Harrier logged 1,449 units

during the month

JLR’s wholesale volumes declined 12.7% YoY to 49,695 units, with

demand slowdown in the key China market remaining a stumbling block.

Jaguar volumes de-grew 8.1% YoY to 14,926 units while Land Rover

volumes declined 14.5% YoY to 34,769 units.



Maruti Suzuki India (MARUTI)

Maruti Suzuki (MSIL) total volumes were nearly flat YoY at 1.49 lakh units

MSIL’s domestic PV volumes were down 1.1% YoY. Volumes of Alto

grew 25.3% YoY to 24,751 units while the new Wagon R clocked 15,661

units. Compact segment leader Swift reported 5.4% growth in volumes

to 18,224 units, just ahead of Baleno’s 17,944 units. Within the UV space,

dispatches of MSIL’s Ertiga and Brezza were up 71.7% YoY (led by new

facelift) and flat YoY, respectively. The company’s domestic van

portfolio grew 17.2% YoY to 14,565 units, on account of 25.8% YoY

growth in Eeco

Export volumes declined 19.6% YoY to 9,582 units




Domestic MHCV 16,306 18,944 -13.9 15,471 5.4 174,638 146,757 19.0

Domestic LCV 21,289 22,278 -4.4 21,618 -1.5 241,621 203,404 18.8

Domestic Pass.Car Sales 11,900 13,904 -14.4 11,007 8.1 124,108 125,168 -0.8

Domestic UV 7,726 6,118 26.3 6,819 13.3 69,741 44,138 58.0

Exports 2,930 4,768 -38.5 3,270 -10.4 47,154 45,689 3.2

Total Sales 60,151 66,012 -8.9 58,185 3.4 657,262 565,156 16.3

Jaguar 14,926 16,245 -8.1 12,904 15.7 156,465 155,198 0.8

Landrover 34,769 40,660 -14.5 28,772 20.8 338,670 402,091 -15.8

Total JLR Sales 49,695 56,905 -12.7 41,676 19.2 495,135 557,289 -11.2


Omni, Eeco,Versa 14,565 12,425 17.2 15,145 -3.8 162,168 141,448 14.6

Alto, Wagon-R, Zen, Swift,Ritz,

Celerio, Dzire,Baleno 97,429 99,002 (1.6) 98,931 -1.5 1,141,496 1,069,262 6.8

SX4, Swift Dzire Tour, Ciaz 3,084 4,897 -37.0 2,934 5.1 42,497 54,592 -22.2

Total Passengers 115,078 116,324 (1.1) 117,010 -1.7 1,346,161 1,265,302 6.4

Gypsy, Vitara,Ertiga,Brezza 21,834 20,324 7.4 22,430 -2.7 238,634 230,995 3.3

Total Domestic 136,912 136,648 0.2 139,440 -1.8 1,584,795 1,496,297 5.9

LCV (Super Carry) 2,188 1,252 74.8 2,710 NA 21,292 8,621 NA

Exports 9,582 11,924 (19.6) 9,571 0.1 98,286 114,058 -13.8

Total Sales 148,682 149,824 -0.8 151,721 -2.0 1,704,373 1,618,976 5.3


Tata Motors: Domestic sales volume


Jaguar Land Rover sales volumes


Maruti Suzuki India: Sales volumes




MotoGaze |

Ashok Leyland (ASHLEY)

Ashok Leyland’s (ALL) overall volumes were flattish YoY to 18,245 units.

While LCV segment grew 11.2% YoY to 4,954 units, the M&HCV

segment declined by 3.6% YoY to 11,536 units

ALL’s overall CV market share remained intact at 18.4% on a YTD basis.

However, its M&HCV (passenger carrier) market share has expanded 415

bps YoY to 41.7% during the same time frame. Domestic volumes of

M&HCV passenger sub segment were up 16.0% YoY at 1,504 units while

M&HCV goods volumes declined 4.0% YoY to 11,117 units. Exports

contracted 7.7% YoY to 893 units, with overall share at 4.9% of sales

The CV space has suffered from a squeeze in credit supply due to

liquidity crunch faced by NBFCs. New axle norms permit trucks to carry

10-20% more weight, leading to higher utilisation for fleet operators,

raising concerns on fresh M&HCV demand



Mahindra and Mahindra (MAHMAH)

M&M’s overall automotive volumes grew 9.5% YoY to 56,005 units.

While domestic auto volumes grew 9.2% YoY to 52,915 units, exports

volumes increased 16.4% YoY to 3,090 units. Overall UV volumes were

up 16.1% YoY at 24,349 units. The recently launched Marazzo model

helped support volumes in the face of declines in KUV100, TUV300 and

Scorpio. In YTDFY19, M&M domestic UV volume remained flat YoY vs.

~2.1% YoY growth in UV space, thus leading to contraction of market

share by 48 bps YoY to 24.7%. The newly launched XUV300 clocked

volumes of 4,484 units for the month

M&M’s tractor volumes were down 8.1% YoY to 18,978 units. Domestic

tractor volumes de-grew 6.9% YoY to 18,105 units in February while

exports de-grew 28.2% YoY in the month




M&HCV Passenger 1,755 1,757 -0.1 1,892 -7.2 17,457 17,941 -2.7

M&HCV Goods 11,536 11,969 -3.6 12,802 -9.9 109,367 96,434 13.4

LCV 4954 4455 11.2 5047 -1.8 49,007 38,023 28.9

Total Sales 18,245 18,181 0.4 19,741 -7.6 175,831 152,398 15.4

Exports 893 968 -7.7 1,208 -26.1 11,287 15,319 -26.3



UV’s 24,349 20,977 16.1 22,263 9.4 209,561 209,322 0.1

4-Wheeler pickups 19,647 19,225 2.2 21,035 -6.6 206,881 176,521 17.2

M & HCV 1,507 1,721 -12.4 1,590 -5.2 17,297 14,781 17.0

Total 4wheeler Sales 47,263 43,335 9.1 46,497 1.6 451,233 413,762 9.1

3-Wheeler 5,652 5,138 10.0 6,003 -5.8 59,756 48,023 24.4

Total Domestic Auto Sales 52,915 48,473 9.2 52,500 0.8 510,989 461,785 10.7

Exports 3,090 2,654 16.4 3,222 -4.1 34,656 24,803 39.7

Total Auto Sales 56,005 51,127 9.5 55,722 0.5 545,645 486,588 12.1


Tractors - Domestic 18,105 19,442 -6.9 20,948 -13.6 298,296 276,057 8.1

- Exports 873 1,216 -28.2 1,264 -30.9 12,452 14,204 -12.3

Total Tractors 18,978 20,658 -8.1 22,212 -14.6 310,748 290,261 7.1


Ashok Leyland: Total sales


Mahindra and Mahindra: Sales volume


Mahindra and Mahindra: Tractor sales




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Top domestic model wise volumes for February 2019

Exhibit 20: Top 10 passenger vehicle – Models sold in India (in units)

Source: Siam

Exhibit 21: Top 10 two-wheelers – Models sold in India (in units)

Source: Siam

S.No. Models Feb-18 Models Feb-19

1 DZIRE 20,941 Alto 24,751

2 Alto 19,760 Swift 18,224

3 Swift 17,291 Baleno 17,944

4 Baleno 15,807 DZIRE 15,915

5 Wagon R 14,029 New WagonR 15,661

6 Elite i20 13,378 VITARA BREZZA 11,613

7 VITARA BREZZA 11,620 Elite i20 11,547

8 Grand i10 10,198 Creta 10,206

9 Creta 9,278 Grand i10 9,065

10 Bolero 8,001 Tiago 8,286

S.No. Models Feb-18 Models Feb-19

1 Activa 247,377 Splendor 244,241

2 Splendor 238,722 Activa 205,239

3 HF Deluxe 165,205 HF Deluxe 184,396

4 CB Shine 82,189 CB Shine 86,355

5 TVS XL Super 71,931 Pulsar 84,151

6 Glamour 66,064 TVS XL Super 75,001

7 Jupiter 63,534 Passion 67,374

8 Passion 61,895 Platina 53,044

9 Pulsar 60,772 Jupiter 48,688

10 Classic 350 48,557 Access 48,265



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