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The Indian Automotive Industry
A Perspective
1
•
TATA Motors – Organisation Structure
•
Global Auto Industry – An Analysis
•
Overview of Indian Economy
•
Indian Auto Industry
Two Wheelers
Three Wheelers
Passenger Cars
Commercial Vehicles
•
Indian Auto Component Industry
•
Emerging Opportunities
2
Organization Structure – TATA Motors
Senior Management Team
R N Tata
(Chairman – Tata Motors)
Ravi Kant
(Managing Director)
A P Arya
(President – Heavy and
Medium Commercial Vehicles
P M Telang
(President – Light and
Small Commercial
Vehicles)
P P Kadle
(ED – Finance &
Corporate Affairs)
Rajiv Dube
(Sr Vice President – Passenger
Cars)
Engineering
Research Centre
3
•
TATA Motors – Organisation Structure
•
Global Auto Industry – An Analysis
•
Overview of Indian Economy
•
Indian Auto Industry
Two Wheelers
Three Wheelers
Passenger Cars
Commercial Vehicles
•
Indian Auto Component Industry
•
Emerging Opportunities
4
World Vehicle Production Trends (in '000s)
Asia’s share of the
world vehicle
production is growing
significantly..
70000
60000
50000
40000
30000
20000
10000
0
1997
1998
1999
2000
2001
2002
2003
2004
Year
Source : OICA.net
North America
South America
European Union
Other Europe
Japan
Asia-other than Japan
Data excludes 2-wheelers where Asia is not only the largest producer, but is also the largest market
5
State of the Global Automotive Industry
Stagnant Sales except in Asia
Over Capacity in most Regions
Intense Product & Price Competition
Industry Margins Under Pressure
Most of Industry EVA negative
Global Focus to Asia for growth
6
•
TATA Motors – Organisation Structure
•
Global Auto Industry – An Analysis
•
Overview of Indian Economy
•
Indian Auto Industry
Two Wheelers
Three Wheelers
Passenger Cars
Commercial Vehicles
•
Indian Auto Component Industry
•
Emerging Opportunities
7
INDIA : An Introduction
India
USA
 Population
:
1080 million
296 million
 States
:
28
50
(+ 7 Union Territories)
(+14 dependent areas)
 Geographical Area
:
3.3 mn sq km
9.6 mn sq kms
 GDP - Nominal
:
US $ 0.67 trillion
US $ 11.73 trillion
US $622
US $ 3080
US $39,935
US $ 39,496
 Per Capita Income - Nominal:
Per Capita Income
:
(at Purchasing Power Parity)
Estimates for 2004
Current Exchange Rate: 1 USD = INR 45
Sources:– IMF Data, The World Factbook, CIA
Exchange Rate (PPP) : 1 USD = INR 10 (approximately)
8
Real GDP (USD Billion)
600
6.9%
5.4%
After decades of
indifferent growth,
India’s economy
is accelerating in
the new
millenium..
500
400
586
548
473
5.8%
300
279
3.0%
200
100
3.2%
159
4.2%
118
60
86
0
1950
1960
1970
1980
1990
2000
2003
2004
Year
1950
1960
1970
1980
1990
2000
2003
2004
9
Per capita GDP (USD)
600
6.9%
3.6%
Rapid increase in
population in the
last fifty years
have negated the
impact of
economic growth
in the past
500
400
300
546
511
466
3.6%
328
0.7%
0.8%
200
2.2%
199
216
231
1970
1980
164
100
0
1950
1960
1990
2000
2003
2004
Year
1950
1960
1970
1980
1990
2000
2003
2004
10
Goldman Sachs
predicts India to
be the third
largest economy
in the world in
absolute terms by
2025
Indian Economy
already ranks 4th in
the world in terms
of GDP adjusted for
Purchasing Power
Parity
GDP Growth Forecast
%
RANK
COUNTRY
GDP
(Purchasing Power Parity)
10
1
2
3
4
5
6
7
8
9
10
United States
China
Japan
India
Germany
United Kingdom
France
Italy
Brazil
Russia
11,750,000,000,000
7,262,000,000,000
3,745,000,000,000
3,319,000,000,000
2,362,000,000,000
1,782,000,000,000
1,737,000,000,000
1,609,000,000,000
1,492,000,000,000
1,408,000,000,000
7.5
Brazil
China
2.5
Russia
2045-50
2040-45
2035-40
2030-35
2025-30
2020-25
2015-20
2010-15
2005-10
0
2000-05
(*) Estimates for 2004
Source : The World Factbook - CIA
India
5
11
India’s “Demographic Dividend”
Average Median Age (Years)
50.00
45.00
40.00
42.64
India has one of the
youngest population
amongst all nations
42.16
38.99
35.00
38.85
36.27
30.00
32.26
27.81
25.00
27.60
20.00
24.93
24.66
23.98
Mexico
India
South
Africa
15.00
10.00
5.00
0.00
Japan
Germany
Source: The World Factbook, CIA
UK
France
USA
China
Brazil
World
Year
Average Median Age (Years)
“Although it is the most populous country, because of Beijing’s long-standing one-child policy,
China’s working age population will begin to decline in the next 10 years. Meanwhile, India’s
youthfulness - 350 million citizens are under age 15 - ensures its workforce will expand for decades,
potentially enabling it to outstrip China’s economic pace through sheer weight of numbers.”
Time Magazine, Issue dated Dec 05, 2005
12
India has transitioned from a predominantly agrarian to a service-based economy in
line with the growth trajectory followed by major developed economies..
The Indian Economy is
now more broad-based
and thus resilient..
Sectoral Share of GDP
100%
29.0%
33.5%
32.9%
36.0%
41.1%
48.5%
75%
51.4%
15.2%
%
20.7%
21.9%
25.9%
50%
24.9%
24.2%
25%
24.5%
55.8%
45.8%
45.2%
38.1%
34.0%
27.3%
24.0%
2000
2004
0%
1950
1960
1970
Sources:
1980
1990
Year
Statistical Outline of India 2004-05
Agriculture
Industry
Services
13
•
TATA Motors – Organisation Structure
•
Global Auto Industry – An Analysis
•
Overview of Indian Economy
•
Indian Auto Industry
Two Wheelers
Three Wheelers
Passenger Cars
Commercial Vehicles
•
Indian Auto Component Industry
•
Emerging Opportunities
14
Automobile production in India has doubled in 4 years, with growth seen across all
four major segments..
Automobile Production in India (Nos.)
9,000,000
8,000,000
By numbers, two wheelers
are the dominant segment
of the Indian Automotive
market
350,033
275,040
7,000,000
203,697
723,330
6,000,000
5,000,000
4,000,000
162,508
156,706
640,934
203,234
989,560
1,209,654
374,414
356,223
276,719
669,719
212,748
6,526,547
3,000,000
2,000,000
5,076,221
3,758,518
5,622,741
4,271,327
1,000,000
0
2000-01
2001-02
2002-03
2003-04
2004-05
Year
Two Wheelers
Three Wheelers
Passenger Vehicles
Commercial Vehicles
15
In many ways, the Indian Automotive Market is unique
 Harsher operating conditions pose unique challenges for product
conceptualization, design and development:
 Road inadequacy and quality
 High Traffic density
 Poor Fuel quality & variety (Gasoline, Diesel, CNG & LPG)
 Manufacturing complexity higher despite lower volumes compared to
global standards
 Large product portfolios
 Product obsolescence policies not articulated and enforced, entailing
longer product life.
 Firms able to maintain profitability even at low volumes.
16
Personal Mobility is positively correlated to per capita GDP
17
India is expected to achieve mass motorization status in 2014
Inhabitants/Vehicle
Vehicle Density vs. GDP/capita
India in
2002
100
Developing Markets
Mature Markets
Inhabitants/Vehicle
‘02
China in 2002
India in 2014
50
China in 2014
10
Mexico
South Korea
Brazil
Poland
Argentina
Czech Spain
Republic
2
15
100
China
82
Germany
Canada
Australia
Italy
0
India
20
Belgium
Austria
UK Sweden
Japan
USA
France
25
30
35
40
$1,000
Per Capita Income (US$ 000)
Note:
The above includes both Passenger Vehicles and Commercial Vehicles
Sources: Ward’s Auto Yearbook 2002, EIU, Goldman Sachs BRICs report, DRI 2002, A.T. Kearney analysis
18
Key Challenges facing the industry
 Increasingly Stringent Emission &
Safety Regulations
 Technological capability
 Cost
 Increase in input prices
 Ferrous & Non-Ferrous Metals
 Crude oil & derivatives
 Natural rubber
 Rising Customer Expectations
 Product features
 Quality & reliability
Transition of Emission & Safety Regulations for Vehicles
India
YEAR
Emission Regulation
Metro Cities
Rest of Country
2000
BS 2 (Euro II)
BS 1 (Euro I)
Underbody Protection Devices
Advance Warning Triangles
2005
BS 3 (Euro III)
BS 2 (Euro II)
Spray Suppression, Noise
Norms, Headlamp levellers
2009
BS 4 (Euro IV)
BS 3 (Euro III)
ABS, Pedestrian Protection
(Expected)
Safety Regulation
 Integration with Global Markets
 Lowering product life cycles
 Reducing time-to-market for new
products
 Threat of new competition
19
•
TATA Motors – Organisation Structure
•
Global Auto Industry – An Analysis
•
Overview of Indian Economy
•
Indian Auto Industry
Two Wheelers
Three Wheelers
Passenger Cars
Commercial Vehicles
•
Indian Auto Component Industry
•
Emerging Opportunities
20
2-Wheeler Production & Market Sub-Segments (Nos.)
CAGR – 15%
8,000,000
Within 2-Wheelers, Motorcycles
contribute 80% of the segment size
7,000,000
1,209,654
6,000,000
989,560
986,208
723,330
935,279
5,000,000
669,719
848,434
4,000,000
640,934
3,000,000
937,506
879,759
5,193,752
4,355,168
3,876,175
2,000,000
2,906,323
2,183,785
1,000,000
0
2000-01
2001-02
Motorcycles
2002-03
Year
Scooters
2003-04
2004-05
Moped
21
Indian 2-Wheeler Market
Competitive Scenario
Motorcycle
50%
30%
13%
4%
1%
2%
<1%
-
<1%
-
15%
28%
-
2%
46%
9% <1%
-
-
-
82%
-
-
-
8% 10%
-
Figures denote Mkt Share (Apr-Oct 05)
India is now the second
largest two-wheeler
market in the world
22
The Indian 2-Wheeler Industry
Indian 2-wheeler Industry
Similarity with Global Industry
Characteristics
• Large variety of products & choice for the customer
(9 manufacturers, 70+ Models)
• Basic transportation necessity as against fun & fashion
orientation of the Western Markets. (Primary transportation
vehicle for entire families)
Dis-similarity with Global
Industry
• Product design & execution driven by economy rather
performance and power
• Presence of strong home-grown players competing against
Global majors.
23
Key Market Drivers
Key Trends
 Increasing disposable incomes
 Eclipse of scooter segment
 Low operating cost
 Higher fuel efficiency of Newgeneration motorcycles
 Greater reliability resulting in low
maintenance cost
 Emergence of new motorcycle subsegments
 Economy
 Low interest rates translating to low
financing and acquisition costs
hence greater affordability.
 Inadequate urban & rural public
transportation infrastructure
 Executive
 Performance
 Shrinking product life-cycles
 Ease of use in congested city
centres
24
•
TATA Motors – Organisation Structure
•
Global Auto Industry – An Analysis
•
Overview of Indian Economy
•
Indian Auto Industry
Two Wheelers
Three Wheelers
Passenger Cars
Commercial Vehicles
•
Indian Auto Component Industry
•
Emerging Opportunities
25
3-Wheeler Production (Nos.)
CAGR – 17%
400,000
Predominantly used for commercial
purposes, for both Goods Transport
(40%) and Passenger Transport (60%).
350,000
300,000
250,000
200,000
356,223
150,000
374,414
276,719
203,234
212,748
100,000
50,000
0
2000-01
2001-02
2002-03
Year
2003-04
2004-05
Three Wheeler
26
Indian 3-Wheeler Market
Sub-segments and Competitive Scenario
Sub
Segments
60%
Scooters
India
68%
24%
2%
1%
3%
3%
23%
40%
12%
13%
7%
6%
Passenger
40%
Goods
Figures denote Mkt Share (Apr-Oct 05)
India is the largest threewheeler market in the world
27
The Indian 3-Wheeler Industry
Indian 3-wheeler Industry
Similarity with Global Industry
Characteristics
• None.
• Product unique to emerging markets in South / South-East
Asia & parts of Africa
Dis-similarity with Global
Industry
• Product design & execution focus on technological simplicity
and ease of use.
• Lesser competitive intensity as compared to other segments.
28
Key Market Drivers
 “Last Mile” Transportation needs.
 High product maneuverability &
driveability. Ideal for congested
Indian roads and tropical
conditions.
 Inadequate urban & rural public
transportation infrastructure
 Low initial ownership cost
 Self-employment opportunity for
large segment of urban youth
Key Trends
 Goods segment growing at faster
clip.
 Ability of product to meet
increasingly stringent emission &
safety regulations is doubtful.
 Market push building up for product
upgradation.
29
•
TATA Motors – Organisation Structure
•
Global Auto Industry – An Analysis
•
Overview of Indian Economy
•
Indian Auto Industry
Two Wheelers
Three Wheelers
Passenger Cars
Commercial Vehicles
•
Indian Auto Component Industry
•
Emerging Opportunities
30
Passenger Vehicle Production & Market Sub-Segments (Nos.)
CAGR – 17%
1,400,000
Unlike the USA, the Indian Passenger
Vehicle market is dominated by Cars
(79%)
67,371
1,200,000
181,778
1,000,000
60,673
146,325
800,000
51,441
600,000
0
127,519
63,751
114,479
105,667
960,505
782,562
400,000
513,415
200,000
500,301
557,410
(*)
0
2000-01
2001-02
(*) MPVs were part of Passenger Car segment till 2000-01
Passenger Cars
2002-03
Year
Utility Vehicles
2003-04
2004-05
Multi-Purpose Vehicles
31
Indian Passenger Vehicle Market – Competitive Scenario
Passenger
Cars
52%
17%
19%
-
1%
5%
2%
2%
2%
1%
-
<1%
<1%
Utility
Vehicles
2%
18%
1%
42%
21%
1%
10%
1%
<1%
-
4%
-
<1%
Multi
Purpose
Vehicles
100%
-
-
-
-
-
-
-
-
-
-
-
<1%
Figures denote Mkt Share (Apr-Oct 05)
4th largest Passenger Vehicle Market
in Asia
32
The Indian Passenger vehicle Industry
Indian Passenger Vehicle
Industry
Similarity with Global Industry
Characteristics
• Multiple segmentation across & within major segments
• Cars (A, B, C, D & E segments) (Hatchbacks, Sedans, Notchbacks, Station
Wagons & Saloons)
• Utility Vehicles (Multi- & Sports Utility)
• Large variety of products & choice for the customer
(13 manufacturers, 50+ Models)
• Market dominated by Mini Cars & Hatchbacks (>80%)
• High incidence of taxes in Car Prices.
(24% Excise Duty, 12.5% VAT, Local Taxes as applicable)
Dis-similarity with Global
Industry
• Customer preference driven by value for money and cost of
ownership considerations rather than image, performance and
power.
(80% of cars sold are priced below USD 12000)
• Large proportion of chauffer driven cars. Rear Passenger comfort
is a critical influence in purchasing decisions.
• Emergence of strong domestic players (TATA, Mahindra).
• Strong demand pull for Utility vehicles from Private Taxi segment.
33
Cars per thousand population
Passenger Car Penetration is low in India
The low penetration
presents an opportunity
for industry players to
offer an affordable fourwheeled alternative to
the mass of 2-wheeler
customers
34
Key Market Drivers
 Increasing disposable incomes
 Rising aspirational levels
 Low interest rates.
Wide variety and easy
availability of Financing options.
 High sensitivity to Fuel prices
 Lack of urban & rural public
transportation infrastructure
Key Trends
 Market evolution from Mini
cars to Hatchbacks to
Compact Sedans now evident
 Increasing customer emphasis
on aesthetics and comfort.
 Shrinking product life-cycles
 Flourishing Service Sector
35
•
TATA Motors – Organisation Structure
•
Global Auto Industry – An Analysis
•
Overview of Indian Economy
•
Indian Auto Industry
Two Wheelers
Three Wheelers
Passenger Cars
Commercial Vehicles
•
Indian Auto Component Industry
•
Emerging Opportunities
36
Commercial Vehicle Production & Market Sub-Segments (Nos.)
CAGR – 22%
400,000
Unlike most developed markets,
Indian Market has seen dominance
by Medium Commercial vehicles
350,000
300,000
138,890
250,000
108,917
200,000
83,195
150,000
68,922
65,756
211,143
100,000
166,123
120,502
50,000
87,784
96,752
0
2000-01
2001-02
2002-03
Year
Medium & Heavy Commercial Vehicles
2003-04
2004-05
Light Commercial Vehicles
37
Indian Commercial Vehicle Market – Competitive Scenario
Medium &
Heavy CV Trucks
64%
24%
-
8%
-
3%
-
<1%
<1%
Buses – L, M
& HCV
40%
30%
7%
5%
10%
6%
1%
1%
-
Light & Small
Comm Veh –
Trucks
59%
<1%
32%
4%
3%
3%
<1%
-
-
Figures denote Mkt Share (Apr-Oct 05)
TATA Motors dominates over 60% of the Indian Commercial Vehicle
Market. It is also the World’s fifth largest Medium & Heavy commercial
vehicle manufacturer.
38
The Indian CV Industry
Indian CV
Industry
Characteristics
Indian CV Industry
Similar with Global
CV Industry
• Cyclical
250
•
•
•
•
Secular long term growth trend
Lower Power to Weight Ratios
Early stage of road development
Less degree of product
sophistication.
• Strong price entry barriers created
by domestic players
150
CAGR: 5%
100
50
0
70
-7
72 1
-7
74 3
-7
76 5
-7
78 7
-7
80 9
-8
82 1
-8
84 3
-8
86 5
-8
88 7
-8
90 9
-9
92 1
-9
94 3
-9
96 5
19 -97
98
-9
00 9
-0
02 1
-03
Dis-similar to
Global CV Industry
Nos in '000
200
39
Key Market Drivers
 Growth in Economic Activity
 Road Network Development
 Low interest rates.
Wide variety and easy availability of Financing options.
 High sensitivity to Fuel prices
40
Indian CV Industry: Trucks
The growth of the Commercial vehicle industry is critically dependent on Infrastructure
development & economic activity
Impact of Road development
Dramatic impact in
initial stage of road
development
1000
900
Impact of GDP Growth.
1000
Stage
Stage
Gradual impact
900
Germany
Germany
800
800
Truck penetration
MHCV / m population
700
Truck penetration
MHCV / m population
France
UK
600
Turkey
Spain
500
4
Australia
Russia
Argentina
400
300
Portugal
3
Brazil
200
China
South Africa
India (AL)
2
100
1
Indonesia
India
700
France
UK
600
500
Portugal
400
Argentina
Brazil
300
Mexico
Romania
200
100
0.5
1
1.5
2
Hungary
3
China
South Africa
2
Indonesia
India
0
0
4
Spain
1
0
0
Road Density
Paved Highway (km) / Area (km2)
5
10
15
20
25
GDP per capita
1000 US$ / head
Source: VDA (German Automotive Association), Worldbank, DRI Automotive report
41
Road network development in India
Between 2003-04 to 2007-08 each year ~2000 Kms of 4-laned highways will be added
Golden
Quadrilateral
Year-wise completion schedule of NHDP
Planned length – 14,000 km
2003
12%
NSEW
Corridors
Feeder
Roads
Completed
15%
2004
21%
2005-07
52%
Source: CrisInfac, NHAI
Impact on Domestic CV Industry
 Faster turnaround
 Increased freight movement
 Lower operating cost of vehicles
 Replacement demand
Between 1997 - 2002, Highway length in China increased by around 15,000 km and CV
volumes nearly doubled from 1.2 mn to 2.1mn …
….. Indicative of future likely directions in Indian market
42
Key Trends
 Increasing Power to weight
ratio
 Increasing customer emphasis
on aesthetics and comfort.
 Arrival of Global Players
 Divergence in Truck and Bus
Technology
Average Power To Weight Ratios
Of Selected Countries
Average Power to Weight ratio
 Migration from erstwhile “Basic
MCV Workhorse” to “Hub &
Spoke” Model
18
Europe
16
Japan
14
12
Brazil
10
China
8
India
6
4
2
15
25
35
45
GVW (Tonnes)
 Focus on Fully Built Transport
Solutions
43
•
TATA Motors – Organisation Structure
•
Global Auto Industry – An Analysis
•
Overview of Indian Economy
•
Indian Auto Industry
Two Wheelers
Three Wheelers
Passenger Cars
Commercial Vehicles
•
Indian Auto Component Industry
•
Emerging Opportunities
44
Automobile Component Business - India
(In USD Million)
CAGR – 22%
9,000
The growth rate in Auto Components
business has kept pace with OEM
growth
8,000
1,400
7,000
1,020
6,000
760
5,000
578
4,000
625
7,300
5,710
3,000
4,670
2,000
3,340
3,892
1,000
0
2000-01
2001-02
2002-03
Year
Domestic
2003-04
2004-05
Export
45
Key Market Drivers
 Linked to growth of OEM Industry
 Highly sensitive to input cost
escalation.
Key Trends
 India’s emergence as low cost
global sourcing destination.
 Indian ancillary manufacturers are
shifting focus from global after-
 Competitiveness driven by
 Manpower – Large pool of
qualified engineers & skilled
technicians at lower cost
 Lower investment cost – Through
appropriate, low cost automation.
market to global OEM supplies.
 Firms focus on operational
excellence to improve quality &
reliability of products.
(8 Deming Award winners)
 Increasing relevance of Global Tier
1 suppliers (Bosch, Denso, Visteon,
Delphi)
46
Rotating Auto
Electricals
Tyres & Tubes
Heavy Forgings
Wheel Rims
Small Castings &
Forgings
Medium
Low
Product Complexity
High
The Indian Auto component industry is now transitioning from
being a supplier for the global aftermarket to becoming a fullscale global Tier 1 supplier
Plastic Components
Hand Tools
Metal bonded &
Moulded Rubber Parts
Aftermarket
Tier 2-n supplier
Tier 1 supplier
Customer complexity
47
Indian Component suppliers are adopting different approaches
for Global expansion & growth
Exports from India
Suppliers of:
• Castings
• Forgings
• Machined Items
Greenfield Overseas Locations
• Rubber Items
• Wheel Rims
Sundaram Fasteners: China
Minda Group: Indonesia
Overseas Acquisitions
Bharat Forge
(CDP-Germany; Federal ForgeUSA)
Sundaram Fasteners
(Cramlington Precision, UK;
Peiner-Germany)
48
•
TATA Motors – Organisation Structure
•
Global Auto Industry – An Analysis
•
Overview of Indian Economy
•
Indian Auto Industry
Two Wheelers
Three Wheelers
Passenger Cars
Commercial Vehicles
•
Indian Auto Component Industry
•
Emerging Opportunities
49
Automobile Exports from India (Nos.)
700,000
International Business
growth presents a huge
opportunity, as well as
a challenge for the
Indian Automotive
Industry
600,000
500,000
CAGR
Overall – 22%
Passenger Veh – 57%
2-Wheelers – 35%
29,949
166,413
17,432
129,291
400,000
12,255
66,801
68,144
300,000
72,005
200,000
13,770
27,112
16,263
11,870
43,366
366,724
53,165
265,052
15,462
179,682
100,000
111,138
104,183
0
2000-01
Two Wheelers
2001-02
Three Wheelers
2002-03
Year
2003-04
Passenger Vehicles
2004-05
Commercial Vehicles
50
Opportunities for the industry are emerging both in the areas of Automotive
Manufacturing and Engineering Services
Manufacturing:
 Emerging World hub:
 Small Cars (Suzuki, Hyundai)
 Castings & Forgings
 Regional Sourcing base
 Aggregates for Entire Vehicle Programs
(e.g. Transmissions for Toyota IMV)
 Globalisation opportunities for Indian
Manufacturers
 Increasing exports of “Made In India”
vehicles
 Establishing manufacturing facilities at
foreign locations (e.g. TVS Indonesia)
 Contract Manufacturing (e.g. Sub-150cc
Bajaj motor cycles for Kawasaki)
 Growth through Mergers & Acquisitions
(TATA Motors acquisition of Daewoo
Commercial Veh, Korea & Hispano,
Spain
Engineering Services:
 Indian IT Majors offering on-shore and
off-shore engineering services to Global
IT players.
(e.g. TCS, TATA Technologies, Infosys,
Satyam)
 Global Auto & Auto component majors
putting up Development Centres in
India, either on their own or in
partnership with local players
(e.g. General Motors, Daimler Chyrsler,
Johnson Controls, Delphi, Bosch)
 Independent Indian OEMs focusing on
upgrading their design & engineering
capabilities.
(e.g. TATA Motors European Development
Centre & Acquisition of INCAT plc, UK)
51
Thank You
52