project report on commercial vehicles industry

8/11/2019 PROJECT REPORT ON COMMERCIAL VEHICLES INDUSTRY

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Project ReportOn

Commercial VehiclesIndustry


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CONTENTS

Preface Executive Summery Acknowledgement Evolution and Growth of Industry Market Size of Industry Product Mix of Commercial Vehicle Industry in India Competitive Analysis Outlook Declaration Bibliography


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PREFACE

Master of Business administration is a course, Which combines both theory and its applicationsas its contents of study in the field of management. As part and parcel of thiscour se , ev er yaspirant has to prepare Market Research Report on particular Industry .The purposeof this report is to get the in depth knowledge regarding the Industry and enhance studentsanalytical skills. One of the Indian booming Indian commercial vehicle industry which is

being researched byour group from the management perspective. By studying Indian commercial vehicleindustryfrom a management perspective we would be able analysis potential opportunity as wellasthreats of the commercial vehicle industry. Also, attractiveness of new en trantwould be analysis with the help of Michael Porters five force model. Environmental scanningwould be with the help of PEST analysis (Political, Economic, Social and technology).The data for analysis is being collected through the secondary sources like internet, Newspaper and published journal.


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EXECUTIVE SUMMERY

This report is the study of Indian commercial vehicles industry. This report has helped ustogetting some very useful insight of the commercial vehicles industry. Tata Motor, EicherMotor, Mahindra & Mahindra,Swaraj Mazda are the dominant player of the Indian commercialvehicle Industry. India is 13th largest commercial vehicle market in the world. The last five yearsindustry has grown CAGR of 14%. Commercial vehicles Industrys share in Indian automobile is5.05% in the year 2007-08.T h e i n d u s t r y w h i c h g r e w a t a r a t e o f a b o v e 2 5 % o v e r200 1-0 7 has g ro wn by ju s t 5% in FY 200 8 , so the economic f luctua tionaffect greatl y to Indi an commer cia l v ehi cle Indu str y. Ability to enhance and vary

product mix, Sales and distribution service network, Access tonew technologies are the keysuccess factor of Indian commercial vehicle Industry.An Indian railway is the only onecom pet ito r o f In dia n c omm erc ial veh icl e Indust ry but because of several advantagecommercial vehicle Industry ruled over the Indian railway.Inn e a r f u t u r e w e a r e n o t s e e i n g a n y s u b s t i t u t e o f c o m m e r c i a l v e h i c l e I n du st r y. In d i an commercial vehicle Industry use sales promotional tool asmarket in g tool mo st and fo r advertisement the print media is preferred by the most of theIndian players. Here we got chance to understand the fundamentals of Indian commercialvehicles industryand also ident ifies t he positi on o f the indust ry, t hat how t hey had

built its image in themarket.


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ACKNOWLEDGEMENT

I take this opportunity to express my deep sense of gratitude to those who have contributed

significantly by sharing their knowledge and experience in the competition of this project work.

I am greatly obliged to, for providing me with the right kind of opportunity and facilities tocomplete this venture.

I am highly thankful to Mr., my faculty under whose able guidance this project work was carriedout. I thank him for his continuous support and mentoring during the tenure of the project.Finally, I would also like to thank to all my dear friends for their cooperation, advice andencouragement during the long and arduous task of carrying out the project and preparing thisreport.


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Evolution and Growth of Industry

A Nations economy is well known from its transport system for instant and rapid growth ineconomy, a well-developed and well-networked transportation system isessential. As India'stransport network is developing at a fast pace, Indian AutomobileIndustry is growing too. Also,the Automobile industry has strong backward andforward linkages and hence providesemployment to a large section of the population. Thus the role of Automobile Industry is veryessential in Indian economy. Varioustypes of vehicles are manufactured by the AutomobileIndustry. Indian Automobile Industry includes the manufacturing of trucks, buses, passenger cars, defensevehicles, two-wheelers, etc.

The industry can be broadly segmented into the following category :-


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Commercial Vehicle (CV) industry in India has surged over the past decade and the market is

expected to grow at a CAGR of over 15% until 2016 ( Source: Society of Indian Automobile

Manufacturers (SIAM) ) with many companies competing to expand. Commercial vehicle is a

type of motor vehicle that is used for transporting goods or carrying passengers with former

contributing around 87% in India. Commercial vehicles are classified into Light, Medium &

Heavy depending upon its gross vehicle weight. The CV industry enables quick, easy departure

of goods and accepts smaller loads than railways and also commercial vehicles can access

remote and hilly areas where rail lines cannot be constructed.

The main growth drivers for CV Industry are modernization of the trucking industry, structural

shift to Hub & Spoke model, improved road infrastructure, growing freight capacity and increase

in exports from remote areas enabling the producers/manufacturers to move their goods to ports.

The key risk factors for this industry are low freight demand and truck rentals, non-availability ofcargos, fuel price, risk prone area of occupation, sudden transport strike, competition with

alternate mode of transport (Railways) and any new government regulations related to

restrictions based on age of the vehicle and other environmental safety issues. Also, recent study

on CV industry by ICRA found that the Indias GDP and IIP numbers are very closely correlated

with the development of Commercial Vehicle Industry, which in turn has made this industry the

lifeline of Indian Economy.

CV Financing and Securitisation

CV Financing Industry in India has seen an impressive growth and in the last five years till 2012-

13, CV loan disbursements grew by around 11 per cent ( Source: CRISIL Research, Retail

Finance- Auto, June 2013 ). Major players in CV Financing in India are Tata Motors

Cholamandalam Finance, Sundaram Finance, AU Finance, Shriram Transport Finance, Magma,

L&T, M&M and Religare. The key factors that could impact vehicle financing in India are

growth in vehicle sales, finance penetration and average ticket size (players offering marginally

higher LTV because of competition from other players). The process of pooling the loans given

by these CV financiers and selling the securities backed by cash flows from the loans to investors

is termed as Securitization of CV pools and the bank or finance company that has originated

the pool of receivables/loans is termed as Originator. While selecting the loans for


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securitization, Originator should take into account the factors such as loan tenure, Interest rates,

vehicle type (LCV/UCV), geographical diversity, recovery rates, etc.

Growth of the industry is taking place in clusters. The automotive industry is developing inclusters. There are four major clusters in the automotive industry in India. They are in andaround New Delhi, Gurgaon and Manesar in North India, Pune, Nasik, Halol and Aurangabad inWest India, Chennai, Bangalore and Hosur in South India and Jamshedpur and Kolkata in EastIndia. Of course there are several manufacturing units in many other parts of India but these fourclusters are expected to become the main hubs for manufacturing in the automotive industry. TheGovernment of India (GOI) is taking initiatives to develop the automotive clusters. For example,the GOI, in its 11th Five Year Plan (2007 2012), is planning to create the Specialized Educationand Training Institute for the automotive industry. It is also taking measures to enhancetransportation, communication, and infrastructure facilities in these clusters.

After a few years of strong growth, Indias commercial vehicle (CV) industry hit a rough patchlast year, impacted by the overalleconomic slowdown, delay in infrastructure projects and weak investment sentiment. However,the industry has long-term growth

potential, subject to the economy accelerating back to 7% 8% GDP growth per annum and theGovernment expediting policies thatsupport growth of manufacturing and infrastructure development. While deregulation of diesel

prices will make the industry lessdependent on subsidies, it is likely to create demand uncertainty in the short-term as truckowners and manufacturers adjust to the new normal.


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Market Size Of Industry

Industry performance in 2011-12

Production

The cumulative production data for April-March 2012 shows production growth of 13.83 percentover same period last year. In March 2012 as compared to March 2011, production grew at asingle digit rate of 6.83 percent. In 2011-12, the industry produced 20,366,432 vehicles of whichshare of two wheelers, passenger vehicles, three wheelers and commercial vehicles were 76

percent, 15 percent, 4 percent and 4 percent respectively.

Domestic Sales

The growth rate for overall domestic sales for 2011-12 was 12.24 percent amounting to17,376,624 vehicles. In the month of only March 2012, domestic sales grew at a rate of 10.11

percent as compared to March 2011.

Passenger Vehicles segment grew at 4.66 percent during April-March 2012 over same period lastyear. Passenger Cars grew by 2.19 percent, Utility Vehicles grew by 16.47 percent and Vans by10.01 percent during this period. In March 2012, domestic sales of Passenger Cars grew by 19.66

percent over the same month last year. Also, sales growth of total passenger vehicle in the monthof March 2012 was at 20.59 percent (as compared to March 2011). For the first time in historycar sales crossed two million in a financial year.

The overall Commercial Vehicles segment registered growth of 18.20 percent during April-March 2012 as compared to the same period last year. While Medium & Heavy CommercialVehicles (M&HCVs) registered a growth of 7.94 percent, Light Commercial Vehicles grew at27.36 percent. In only March 2012, commercial vehicle sales registered a growth of 14.82

percent over March 2011.

Three Wheelers sales recorded a decline of (-) 2.43 percent in April-March 2012 over same period last year. While Goods Carriers grew by 6.31 percent during April-March 2012,Passenger Carriers registered decline by (-) 4.50 percent. In March 2012, total Three Wheelerssales declined by (-) 9.11 percent over March 2011.

Total Two Wheelers sales registered a growth of 14.16 percent during April-March 2012.Mopeds, Motorcycles and Scooters grew by 11.39 percent, 12.01 percent and 24.55 percentrespectively. If we compare sales figures of March 2012 to March 2011, the growth for twowheelers was 8.27 percent.

Exports

During April-March 2012, the industry exported 2,910,055 automobiles registering a growth of25.44 percent. Passenger Vehicles registered growth at 14.18 percent in this period. Commercial


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Vehicles, Three Wheelers and Two Wheelers segments recorded growth of 25.15 percent, 34.41 percent and 27.13 percent respectively during April-March 2012. For the first time in history carexports crossed half a million in a financial year.

In March 2012 compared to March 2011, overall automobile exports registered a growth of

17.81 percent.


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PRODUCT MIX OF COMMERCIAL VEHICLE INDUSTRY ININDIA

AMBULANCE:

Ambulance forms the important category of commercial vehicle. The sole purpose of thisvehicle is to carry the sick and injured persons. Modern-day ambulances are typicallylarge automobiles on a van or light truck chassis with a maximum road weight up to 7.5tonnes.They are categorized into various sub-categories such as Emergency ambulance, PatientTransport Ambulance, Response Unit and Charity Ambulance depending on theirfunctional use.The major producers of these vehicles are-

Force Motors

Traveller Ambulance

Hindustan Motors Ltd

RTV Ambulance

Mahindra & Mahindra Ltd.

Mahindra Voyager Ambulance

Mahindra MM 540 DP Ambulance

Maruti Suzuki India Ltd.

Omni Ambulance

Swaraj Mazda

Swaraj Mazda Ambulance

Tata Motors

Tata Winger

TRUCKS:Trucks are basically used for carrying goods and materials in bulk. These trucks areclassified into sub-categories like depending on their size and functional use: haulage,rigid trucks, tippers, cabs, delivery vans and trailers. They come under the intrinsic


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category of vehicle due to India's growing commercial sector. The fuel efficiency of thesevehicles has also improved to a great extent in the past few years.The major players of truck manufacturers in India are:

Ashok LeylandHaulage :

4x2 Haulage Models Multiaxle Vehicles

1613 H 2214 (6X2)

1612 H 2516 H (6X2)

Comet 1611 2514 H (6X2)

1613H/2 (12M Goods) 2516 H (6X 4)

4/51GS 2516H/4C

1613 S

1616 H

1616H - BS III

Hippo Haulage Beaver Haulage

Tippers :Hippo Tipper Stallion Mk III Tipper

4x2 and Multixled Tippers

CT 1613 H/1 (4X2)

Taurus 2516/2 (6x4)

1613 ST (4x2)

Taurus HD 2516MT/1 (6x4)

CT 1613 H/2 (4x2)

Rigid Trucks :Beaver Tractor Hippo Tractor

Ecomet

Ecomet 912

Ecomet 1112

Force MotorsHaulage :

CLA 40.280 CLA 49.280

Hindustan Motors Ltd.Rigid Trucks :

Mascot T-480 FC Pick-Up CargoPorter Plus

Mahindra & Mahindra Ltd.

Cabs :Pic-Up Range Hard Top Range

Mahindra Utilty Mahindra Economy

Mahindra Pik-up Mahindra Marshal DI


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Mahindra NC640DP Mahindra 775 XDB

Pik-Up CBCMahindra 3door Hard Top

Mahindra 5door Hard Top

LCV Range

Mahindra CabKing 576

Mahindra DI 3200

Mahindra Cab King 576 DI

Mahindra Load King DI

Maxx Maxi TruckDelivery Van

Mahindra Voyager Delivery Van

Swaraj MazdaRigid Trucks :

Sartaj V W 26-S Premium Truck Swaraj 4 Wheel Drive

Applications

Super ZT54 Swaraj Mazda Water Tank

Tata MotorsRigid Trucks :

Tata Motors' Range of Tata Ace

'World Trucks'

Rigid Trucks Tata Novus

LPT 1109 Turbo Truck

LP 1109 Turbo TruckTL 4x4

SFC 407 Ex Turbo Truck

SFC 407 Turbo Truck

LPT 709 E Truck

LPT 407 Turbo Truck

SFC 709 E Aerial Lift Turbo TruckPic-Up

Tata Xenon XT

Volvo

Rigid TrucksVolvo FM Volvo FHTippers

Volvo FM9 Tippers

FM400 8x4 Tipper

M340 6x4 Tipper


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TRACTORS: Tractors are heavy vehicles serving the purpose of hauling at an extremely low speed.India being one of the major agricultural countries makes the use of tractors on a largescale . It is one of the heaviest vehicle basically used for carrying out the agriculturaltasks in an effective way. Modern tractors usually employ diesel engines which delivers18 to 575 horsepower

The major producers of tractors in India are:

Escorts Ltd.Farmtrac PowertracFarmtrac 45 Powertrac 430Farmtrac 50 Powertrac 435Farmtrac 60 Powertrac 440

New Farmtrac 70 Powertrac 455

Force MotorsBalwan TractorBalwan 300Balwan 400Balwan 450Balwan 500OX 25

Swaraj EnterpriseSwaraj Tractor Swaraj Forklift Tractors

Swaraj 722 Super Swaraj EL. Forklift 15Swaraj 724 FE Swaraj Forklift 15Swaraj 733 FE Swaraj Forklift 20Swaraj 735 FE Swaraj Forklift 30Swaraj 744 FESwaraj 834 FE Swaraj Harvester CombineSwaraj 855Swaraj 939 FE

Sonalika TractorsDI 35 DI 55DI 60 2WD DI 60 4WD

DI 60 Senior DI 75 2WDDI 75 4WD DI 90 4WDDI 340 S DI 730 IIDI 730 III DI 732 IIIDI 735 DI 740DI 740 III DI 745 IIIDI 750 DI 750 IIDI 750 III


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Mahindra KisanmitraMahindra Arjun Mahindra BhoomiputraArjun 445 DI Bhoomiputra 265 DIArjun 605 DI Bhoomiputra 275 DI TU

Arjun 555 DIBhoomiputra 475 DIBhoomiputra 575 DI

Mahindra Sarpanch Mahindra YuvrajSarpanch 265 DISarpanch 275 DI TUSarpanch 475 DISarpanch 585 DISarpanch 575 DISarpanch 595 DI Super Turbo

HMT TractorsHMT Yuva 2522 FX2522 OS 3522 CS3522 DX 3522 FX

4022 49224922 DX 65227511

Tafe TractorsMF 241 Eagle MF 1035 DIMF 1035 Std. MF 5245 MahaanTafe 25 DI Tafe 30 DITAFE 4410 Samrat Tafe 5900 DI GajrajTafe 8502 - 4WD

Indofarm Tractors

Indo Farm 2030 DI Indo farm 2035 DIIndo farm 2040 DI Indo farm 2050 DI

BUSES:

A bus is a huge commercial vehicle, said to have originated in France in the year 1826 byStanislasBaudry under the name of 'Omnibus'. The basic purpose of this vehicle is to carrythe passengers as it is an easy and cost-effective medium of transport.

The major producers of buses in India are Ashok Leyland and Tata Motors whereas SwarajMazda and Hindustan Motors have made a big name in manufacturing mini-buses.However there are huge sub-categories of buses like-Commuter Bus, School buses,Electric buses and so on. In India,CNG buses have occupied the huge market thus makingit an fuel efficient and environmental friendly vehicle.


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The major players in this sector are :

Ashok LeylandAirport Tarmach Coach Cheetah BS-II Cheetah BS-III

Double Decker Lynx BS-II Panther BS-II

Stag-BS II Vestibule Bus Viking BS-II

Viking BS-III Viking CNG BS-III Viking SLF BS-III

12-M Bus-II 12-M Bus

EicherSkyline Bus School Bus Cruiser

Skyline CNG Bus

Force MotorsCitiline 25+D Citiline School Bus (25+D) Commuter 32+DTraveller Mini Bus 14+D Traveller Long 17+D

Hindustan Motors Ltd.RTV Custom RTV Passenger RTV School Bus

Mahindra & Mahindra LtdMahindra FJ Minibus Mahindra FJ 470 Tourister 15

Swaraj EnterpriseBus CNG Bus LHD Bus

School Bus

Tata MotorsStarbus Other Buses

StarbusSkool SFC 407 Turbo Mini-Bus

StarbusSkool 17 LPO 1510 CGS Bus (CNG Bus)

StarbusSkool 32 LP / LPO 1510 Bharat stage II Bus

StarbusSkool 52LPO 1616 TC Luxury Bharat Stage - IIBus

Starbus Low Floor Globus

Starbus LF Globus 13

Starbus ULF CNG Globus 18

Starbus Standard Globus 20

Starbus 16 Globus 45

Starbus 18 CNG

Starbus 20


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Starbus 32

Starbus 54

Starbus 67

Starbus Deluxe

StarbusDlx 18

StarbusDlx 20

StarbusDlx 28

StarbusDlx 35

Competitive AnalysisTwo decades ago, India opened its doors for multinational automobile companies allowing themtopenetrate the market, modernize the Indian transportation picture and make it beneficial for theend-users.

The India Commercial Vehicle Market Analysis observed that the commercial vehicle segmentof the Indianautomobile industry has shown great recovery after withstanding the effects of theglobal economic crisis.With economic revival, increasing public & private spending oninfrastructure and higher penetration offinancing facilities, we expect the growth trend in eachsegment of commercial vehicles to continue in thecoming years. As per our analysis, LCV goodscarrier is the fastest growing segment that is estimated toregister a sales growth of around 20%during FY 2012-FY 2015.

Our report has studied the Indian commercial vehicle market from various perspectives. Itfacilitatesinformation on production, sales, exports and key players in each segment (M&HCV,LCV and threewheelers)that has been further divided into passenger carrier and goods carriersections. A comprehensivestudy on commercial vehicle tyre has also been included in theextensive research, which also foreseesgrowth in CV auto component industry.We observed that hub and spoke model and small commercial vehicles are among the majortrends whichwould drive the Indian CV market in near future. During the regional analysis, itwas found that South Indialeads the country in terms of commercial vehicle market. Besides, thegrowth in the CV industry will boostup demand for used commercial vehicles in coming years.With a view to understanding the industry's competitive landscape and presenting its balancedoutlook toclients, we have included profiles of key players like Tata Motors and Ashok Leylandin our research study .


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MAJOR PLAYERS OF INDIANCOMMERCIAL VEHICLE INDUSTRY


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Mahindra & Mahindra (M&M):

M&M is the dominant player in multi utility vehiclesegment. In UV market The Company hasaround 51% market share in FY08. M&M has amarket share of 11.2% in C-segment cars duringFY08. M&M is second biggest player in theIndian LCV segment. The company has recently

announced an investment of Rs 15 billion inthe upcoming Greenfield Chakan facility in Pune. It plans to use the capacity for the production of LCV, M&HCV and UV at this plant with theinitial capacity of around 2.5 lakhunits.

ASHOK LEYLANDAshok Leyland (ALL): ALL is the second-largest commercial vehicles manufacturerin India.The company plans to increase the installed capacity from 84,000 vehicles in FY08to184,000 vehicles by FY10 with a capital expenditure of Rs 30 billion over the next threeyears.

Nissan Motor and ALL have stepped up planned investment in their three new jointventurecompanies to $575 million. The JV will set up manufacturing capacity of one lakhvehicles in thefirst phase which would be scaled up subsequently. The plant is expected tostart production by

FY10-11

Tata Motors

Tata Motors (TML): TML is the worlds fifth largest and Indias largest medium andheavycommercial vehicle manufacturer. The company has plants in Jamshedpur, Pune,Lucknow, andDharwad and R&D centers in Pune, Jamshedpur, and Lucknow in India and inSouth Korea, Spain and the UK. The company markets its products in Europe, Africa, MiddleEast, South Asia, South East Asia and Australia. Tata Motors has planned a capacity of 2.25 lakhunits for Ace, the sub-one-tonne truck, while the existing capacity in Pune is just around 60,000units a year. Recently, TML has acquired Jaguar and Land Rover from Ford Motors for $2.3

billion.


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Eicher Motors (EML):

EML produces commercial vehicles including trucks, buses, motorcycles, automotive gears andcomponents. The company has sold 8.1% of promoters holding to Swedish bus maker Volvo to

form a joint venture, in which Volvo will pump upRs 1,082 crores. The JV would be a subsidiaryof EML, where Eicherwould hold54.4%equity and Volvo 45.6%. The manufacturing facility of Eicher Motors is located inPitham

pur, Madhya Pradesh. The plant houses some top-of-the-line equipments, a robust infrastructureand has an annual production capacity of 30,000 vehicles. The company is one of the leadingmanufacturers of commercial vehicles in India with a 33% market share in the7T-11T segment.

Eicher motor is another leading company in commercial vehicle Industry although wecannotcompare it with Tata motor as EMLs market share is not more than 10% in any segment

of Indian commercial vehicle industry. Eicher motors highest market share in medium andheavycommercial vehicle segment it has 9 % market share in multi and heavy goods carrier.


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Rising commercial vehicle loan defaults increase risk for lenders

The inevitable fallout of the long decline in commercial vehicle (CV) sales is the rise indelinquencies in loans to this sector. Prolonged sluggishness in the economy along with highinterest rates has led to defaults of commercial vehicle loans. Obviously, this puts at risk the non-

banking finance firms, which have a reasonably high exposure to this segment.

A report by India Ratings and Research Pvt. Ltd says that for the quarter ended September,the weighted average of 90- plus days dues rose by 23% from the immediate precedin g quarterto 3% of the loans. An earlier report by Equifax Credit highlighting the 30-day outstanding loandelinquencies were up by about 18% in the first half of fiscal year 2013.

The data is backed by the corporate results of leaders in CV lending. Shriram TransportFinance Co. Ltd reported a margin decline, albeit a small one, compared with the June quarter,mainly due to high cost of borrowing, growth moderation in assets under management andinching up non-performing assets. Non-banking financial companies in this segment likeCholamandalam Investment and Finance Co. Ltd and Sundaram Finance Ltd have reducedthe loan amount given as a percentage to value of the asset and tightened eligibility norms.

But risks on existing assets continue to rise. A report from Antique Stock Broking Ltd pointsout some worrisome trends in the industry. Utilization of trucks has fallen as number of trips permonth has come down to six from 10, with no return trip. This has strained cash flows oftransporters. Delay in payment of loan instalments has spread from heavy trucks to evenintermediate and light CVs.

The deteriorating fundamentals of finance firms are due to all-round sluggishness in theeconomy, ranging from agricultural product movements to industrials, mining and infrastructure.

More worrisome is the recently noticed trend of rise in early delinquency rate against ascenario of stable repayment of loans at least in the first two to three years. The handfulof listed firms has shown stress on cash flows in the last several quarters, which isunlikely to improve immediately, in spite of improved collection procedures and lendingnorms.

Meanwhile, year-till-date sales volume of trucks is down 27% compared with a year agofor Ashok Leyland Ltd and Tata Motors Ltd .

A rise in truck rentals, which has been falling for many months, will bring hope. A 3-4%rise in truck rentals seen in the last two months, however, could be due to arrival of the

agricultural harvest. This is too early to signal a revival.
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BIBLIOGRAPHY

http://www.icra.in/Files/ticker/SH-2013-Q1-1-ICRA-Commercial%20Vehicles.pdf

http://www.indiacommercialvehiclesummit.com/

http://www.ey.com/IN/en/Newsroom/News-releases/PR_Mega-trends-shaping-the-

Indian-commercial-vehicle-industry
http://www.icra.in/Files/ticker/SH-2013-Q1-1-ICRA-Commercial%20Vehicles.pdfhttp://www.indiacommercialvehiclesummit.com/http://www.indiacommercialvehiclesummit.com/http://www.icra.in/Files/ticker/SH-2013-Q1-1-ICRA-Commercial%20Vehicles.pdf

project report on commercial vehicles industry

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