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For updated information,please visit www.ibef.orgMay 2025AUTOMOBILES2Table of ContentsExecutive Summary3Advantage India 4Market Overview 6Recent Trends and Strategies13Growth Drivers and Opportunities16Key Industry Contacts26Appendix283Executive summary2132 Growth prospects.The Indian automotive industry is expectedto reach US$300 billion by 2026.StrongpolicysupportfromtheGovernment.Indias passenger vehicle(PV)industry isprojected to achieve a record cumulativedomestic and export volume of five millionunits in FY26.3.Third-largest automobile marketIn FY25,the total passenger vehicle*sales reached 4.3 million units.This sectors share of the national GDPincreased from 2.77%in 19921993 toaround 7.1%presently.It employs about19 millionpeople directly and indirectly.Presence of established domestic andinternationaloriginalequipmentmanufacturers(OEMs).Strongmarketintermsofdomesticdemand and exports.1.Segmented marketThe automobile sector is split into foursegments,i.e.,two-wheelers,three-wheelers,passengervehicles,andcommercialvehicles,eachhavingfewmarket leaders.IndiaisthelargestE2WandE3Wmanufacturer in the world.19.6 million two-wheeler units were sold inFY25,registering a growth of 9.1%overFY24.Sources:SIAMNotes:*BMW,Mercedes,JLR&Volvo Auto data are not available.Tata Motors Domestic Sales data included only in this document.However,without Tata MotorsC4Advantage India5Advantage IndiaADVANTAGE INDIA1432 Rise in middle-class income and youngpopulation may result in strong growth.TheIndianautomotiveindustryistargeting toincreasetheexportofvehiclesby five times during FY26.In March 2025,the total production ofpassengervehicles*,three-wheelers,two-wheelers,and quadricycles was24,76,915 units.Automobile exports from India surgedby 19%to over 5.3 million units inFY25,driven by strong demand forpassenger vehicles,two-wheelers,andcommercialvehiclesininternationalmarkets.1 Growing demand Focusshiftingonelectriccarstoreduce emissions.Government aims to transform Indiainto an R&D hub.India could be a leader in sharedmobilityby2030,providingopportunitiesforelectricandautonomous vehicles.The electric vehicles industry is likelyto create fivecrore jobs by 2030.4 Opportunities India has significant cost advantages.Autofirms save 10-25%on operations vis-a-visEurope and Latin America.Theautomobilesectorreceivedacumulative equity FDI inflow of about Rs.2,45,771 crore(US$37.52 billion)betweenApril 2000-December 2024.India is on track to become the largest EVmarket by 2030,with a total investmentopportunity of more than US$200 billionover the next 8-10 years.TheProduction-LinkedIncentive(PLI)schemefortheautomobileandautocomponentssectorreceivedsignificantsupport,amounting to Rs.2,818.9 crore(US$325.6 million)for FY26.2 Rising Investments Automotive Mission Plan 2016-26 is amutual initiative by the Government ofIndia and the Indian automotive industry tolay down the roadmap for the developmentof the industry.The Centre has launched the PM E-DRIVE scheme with a budget of US$1.30billion(Rs.10,900 crore),effective fromOctober 1,2024,to March 31,2026.Theinitiative aims to accelerate the adoption ofelectric vehicles(EVs),establish charginginfrastructure,anddevelopanEVmanufacturingecosystem in India.3 Policy supportSources:Automotive Mission Plan(2016-2026),Make in India,SIAM,ICRA,Federation of Automobile Dealers Association,News Article,DPIIT Notes:*Data except for BMW,Mercedes,JLR,Tata Motors&Volvo AutoC6Market OverviewMARKET OVERVIEW7Evolution of the sectorClosed market5 playersLong waiting periods&outdated modelsSellers marketBefore 1982IndianGovernment&SuzukiformedMarutiUdyogand commencedproduction in 1983.Componentmanufacturersenteredthemarketviaajointventure(JV).Buyers market.1983-1992Sector de-licensed in 1993.Major OEMs started assemblyoperations in India.ImportspermittedfromApril2001.Introduction of value-added taxin 2005.Automotive Mission Plan 2016-26 launched in 2015.Bharat Stage(BS)IV emissionnorms used since April 2017,and BSVI norms adopted fromApril 1,2020.1992-2020In FY25,total commercial vehiclesales stood at 10,08,623 units.2020 OnwardsSources:Tata Motors,Society of Indian Automobile Manufacturers(SIAM)8Market overviewAutomobile SectorCommercial vehiclesThree-wheelersTwo-wheelersPassenger vehiclesMopeds and electric scootersScootersMotorcyclesUtility vehicles Passenger carsMulti-purpose vehiclesLight commercial vehicles(LCV)Medium&heavy commercial vehiclesPassenger carriersGoods carrierSource:Society of Indian Automobile Manufacturers(SIAM)925.3329.0730.9226.3622.6523.0425.9328.4331.030.005.0010.0015.0020.0025.0030.0035.00FY17FY18FY19FY20FY21FY22FY23FY24FY25Market overviewNumber of Automobiles Sold in India(in million)21.8624.9726.2721.5518.6117.6121.2023.8525.500.005.0010.0015.0020.0025.0030.00FY17FY18FY19FY20FY21FY22FY23FY24FY25Source:Society of Indian Automobile Manufacturers(SIAM),The Economic TimesThe automotivemanufacturingindustry comprises the production of commercialvehicles,passenger vehicles,three-wheelers,and two-wheelers.In FY25,the total production of passenger vehicles,commercial vehicles,three-wheelers,two-wheelers,and quadricycles was 25.5 million units.India accomplished a significant milestone,with the sale of more than 20 lakh Electric Vehicles in FY25.A report by India Energy Storage Alliance estimated that the EV market in India is likely to increase at a CAGR of 36%until 2026.In addition,aprojectionfor the EV battery market is forecast to expand at a CAGR of 30%during the same period.Number of Automobiles Produced in India(in million)10Market overviewSegment-wise Domestic Market Share in FY25(%)Number of Automobiles Exported(in millions)Two-wheelers and passenger vehicles dominate the domestic Indianauto market.Two-wheelers and passenger cars accounted for76.57%and 16.80%of market shares,respectively,In FY25.Passenger car sales are dominated by small and midsized cars.Indian automobile exports of two-wheelers stood at 5.30 million inFY25.As per ACMA Indian automotive aftermarket expected to reach US$14 billionby 2028.Source:Society of Indian Automobile Manufacturers(SIAM),Federation Of Automobile Dealers Associations(FADA),News Article,*-Until December 20243.643.484.044.634.774.135.624.774.505.300.00.51.01.52.02.53.03.54.04.55.05.56.0FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25CAGR 4.25%OEM market share figures-December 202476.57.80%2.90%3.74%Two WheelersPassenger VehiclesThree WheelersCommercial VehiclesTwo-wheeler OEMDecember 2024December 2023Market Share(%)Dec 24 HERO MOTOCORP LTD54,87,77853,49,42329.02%Honda47,97,974 39,69,41025.37%TVS Motors32,38,852 28,69,76817.13jaj21,84,50620,21,61811.84Clusters and leading companiesAshok LeylandForce MotorsPiaggioSwaraj MazdaAmtek AutoEicherHonda SIEL Maruti SuzukiTata MotorsBajaj AutoHero GroupEscortsICMLJCBYamahaMahindraSuzuki MotorcyclesNorthList of CompaniesAshok LeylandBajaj AutoFIATM&MEicherSkodaBharat ForgeTata MotorsVolkswagenRenault-NissanJohn DeereMercedes BenzTata HitachiVolvo EicherWestTataMotorsHindustan MotorsSimpson&CoInternational Auto ForgingsJMTExideEastAshok LeylandM&MToyota Kirloskar VolvoSundaram FastenersEnfieldHyundaiBMWBoschTVS Motor CompanyRenault-NissanTAFEDaimlerCaterpillarHindustan Motors SouthSources:ACMAOver the past few years,four specific regions in the country have become large auto manufacturing clusters,each having a different set of players.Delhi-Gurgaon-FaridabadKolkata-Jamshedpur Chennai-Bengaluru-Hosur Mumbai-Pune-Nashik-Aurangabad12Key players4 THREE-WHEELERS Theelectricthree-wheelersegmentachieved record sales of 6,99,073 unitsin FY25,representing 57%of the 1.22millionthree-wheelerssold,withMahindra Last Mile Mobility leading themarket at a 10%share.1 PASSENGER VEHICLESIn FY25,totalpassenger vehicle salesreached 43,01,848.In December 2024,Maruti Suzuki was thetop passenger vehicle seller with 1,16,411passenger vehicleunits sold.3 TWO-WHEELERS In December 2024,Hero MotoCorp and Scooter India(P)LTD sold 3,28,634 two-wheelers,the highest in thesegment,which gave it a market share of 27.44%.2 COMMERCIAL VEHICLES InCY2024,TataMotorssold3,45,928commercial vehicles,the highest in the segment,which gave it a market share of 34.43%.Source:SIAM,FADAEach segment in the Indian automobiles sector have few established key players,who hold a major portion of the market.1234C13Recent Trends and StrategiesRECENT TRENDS AND STRATEGIES14Recent trends3.New financing optionsTata Motors,has signed a Memorandum ofUnderstanding(MoU)with Bajaj FinanceLtd.In which it will offer financing solutionsacrosstheentirecommercialvehicleportfolio,andcustomerswillbenefitcompetitive interest rates,flexi loan anddigitally-enabledloan processing.In May 2024,Maruti Suzuki India Limited(MSIL)announcedthesigningofaMemorandum of Understanding(MoU)withDBS Bank India Limited for dealer inventoryfunding.In April 2024,Tata Motors,has signed aMemorandum of Understanding(MoU)withSouthIndianBanktoofferconvenientfinancing solutions to its commercial vehiclecustomers and dealerships.In January 2024,Renault India joined handswithBajajFinancetoofferfinancingsolutionstoitscustomerswiththeintroduction of Flexi Pay Scheme,digital-first experience,including up to 100%on-road funding,with turnaround time of 30minutes.AccordingtoNITIAayogandRockyMountain Institute(RMI),Indias EV financeindustry is likely to reach Rs.3.7 lakh crore(US$50 billion)in 2030.1.Luxury vehiclesIn December 2024,Mercedes-Benz sold 1,468 luxury cars,the highest inthe segment,which gave it a market share of 0.50%.BMW sold 1,302cars in December 2024.The luxury car market registered sales of 42,731 units in 2023.In February 2023,German luxury car maker Audi India began localproduction of the Audi Q3 and Audi Q3 Sportback at the Skoda AutoVolkswagen India Private Limited(SAVWIPL)plant in Aurangabad.2.Catering to Indian needsMost firms including Kia Motors and Volkswagenhave adapted themselves to cater to the largeIndian middle-class population by dropping theirtraditional structure and designs.This has allowedthem to compete directly with domestic firms,making the sector highly competitive.Tata Motors introduced the Ace Gold Petrol CX inJuly2022,whichisIndiascheapest,mostcompact commercial four-wheeler vehicle,startingat Rs.3.99 lakh(US$5,362).For this,it haspartnered with the State Bank of India to provideup to 90%financing of on-road pricing,withmonthly EMIs starting at Rs.7,500(US$101).In August 2023,Toyota unveiled the worlds firstBS-VIstageIIcompliant,electrifiedflex-fuelvehicle,ToyotaInnova,runningentirelyonethanol,a renewable fuel sourced from plantmaterials commonly derived from crops such assugarcane,corn,and maize.Sources:News Articles21315Strategies adopted1.Capacity additionHonda Motor Japan has announced plans to establish adedicated electric motorcycle production facility in India by2028.The new plant will be operational by 2028 and isexpected to produce a wide variety of electric two-wheelersby combining modules common to multiple models,aimingto reduce costs and increase efficiency.In October 2023,Hero MotoCorp inaugurated its first state-of-the-art premium dealership in India.In October 2023,Tata Motors signed a definitive agreementto acquire a 27%stake in Freight Tiger,a software-as-a-service(SaaS)company,for Rs.150 crore(US$17.99million).3.Launch of new modelsIn July 2024,Tata Motors,unveiled the TataCurvv ICE and EV,the Curvv is Indias firstSUV Coup.Exhibiting the new-age SUVtypology,an SUV with the elegance andsporty silhouetteof a coup.In May 2024,Mahindra&Mahindra Ltd.,announced the launch of the new AX5Select(AX5 S)variant for the XUV700offering premium features at an attractiveprice point.In May 2024,Tata Motors launched all-newAce EV 1000 to strengthened its e-cargomobilitysolutions.In May 2024,Maruti Suzuki launches EpicNew Swift with all-new Z-Series engineIn April 2024,Mahindra launches the XUV3XO the New Disruptor in compactSUVs.In February 2024,Mahindra launches TharEarth Edition:Iconic style inspired by theinimitable landscapes of the mighty TharDesertIn February 2024,Tata Motors launchedTiago and Tigor iCNG AMT Indias 1stAMT CNG Cars.213Sources:News Articles2.Electric vehiclesIndias electric vehicle market is anticipated toexpand at a CAGR of 28.52%to attain Rs.1,54,896 crore(US$18.32 billion)by CY29 fromRs.44,135 crore(US$5.22 billion)in CY24.In January 2024,VinFast and Tamil Nadu Govt.signed a MoU to invest US$2 billion for an EVproject in Thoothukudi,with US$500 millioncommitted for the first phase,targeting 150,000units annually.C16Growth Drivers and OpportunitiesGROWTH DRIVERS17Policies and initiatives(1/2)1NATRIPSetting up of R&D centres at a total cost of US$388.5 million to enable the industry to be on par with global standards.Under National Automotive Testing and R&D Infrastructure Project(NATRIP),five testing and research centres have beenestablished in the country since 2015.2Production-linked Incentive(PLI)SchemeIn January 2024,the Ministry of Heavy Industries extended the tenure of the Production Linked Incentive(PLI)Scheme forAutomobile and Auto Components by one year.The incentive will now be applicable for a total of five consecutive financial years,until March 31,2028.In September 2021,the Indian government issued a notification regarding a PLI scheme for automobile and auto componentsworth Rs.25,938 crore(US$3.49 billion).This scheme is expected to bring investments of over Rs.42,500(US$5.74 billion)by2026.The Union Cabinet outlaid Rs.57,042 crore(US$7.81 billion)for the automobiles&auto components sector under theDepartment of Heavy Industries.3The Automotive Mission Plan 2016-26(AMP 2026)AMP 2026 targets a four-fold growth in the automobile sector in India which include manufacturers of automobiles,autocomponents and tractors over the next 10 years.Sources:News Articles18Policies and initiatives(2/2)5Clean Tech SchemeThe Indian government has planned US$3.5 billion in incentives over a five-year period until 2026 under a revampedscheme to encourage production and export of clean technology vehicles.Sources:News Articles6Flex-fuel EnginesIn September 2021,Minister of Road Transport and Highways,Mr.Nitin Gadkari,announced that government is planning tomake it mandatory for car manufacturers to produce flex-fuel engines after getting the required permissions from the SupremeCourt of India.7Ethanol BlendingIn July 2022,the Government amended the National Policy on Biofuels 2018.The target of 20%blending of ethanol in petroland 5%blending of biodiesel in diesel by 2030 was brought forward to 2025-26.8Battery Waste Management Rules,2022Ministry of Environment,Forest and Climate Change,Government of India published the Battery Waste Management Rules,2022 on August 24th,2022 for environmentallysound managementof waste batteries,including EV batteries.On October 25,2023,the Ministry of Environment,Forest,and Climate Change issued a notable notification introducing theBattery Waste Management(Amendment)Rules,2023,which impose fresh obligations and duties on battery producers,recyclers,and refurbishers.4FAMEThe Ministry of Heavy Industries has launched FAME-III Scheme,with a budget of Rs.10,900 crore(US$1.29 billion)topromote electric mobilityand reduce reliance on fossil fuels over a two-year period from April 1,2024,to March 31,2026.The Government approved FAME and plans to cover all vehicle segments and all forms of hybrid&pure EVs.FAME-I wasextended until March 31,2019.In February 2019,the Government of India approved FAME-II scheme with a fund requirement of Rs.10,000 crore(US$1.2billion)for FY20-22.The Centre approves US$97.77 million(Rs.800 crore)for 7,432 public fast charging stations under theFAME Scheme Phase II.The FAME Scheme was extended for a further period of 2 years up to March 31st,2024.19Policies and initiatives(3/3)Sources:News Articles9Electric Mobility Promotion SchemeMinistry of Heavy Industries,Government of India with the approval of Department of Expenditure has launched Electric MobilityPromotion Scheme 2024 to further accelerate the adoption of EVs in the country which is a fund limited scheme with a totaloutlay of Rs.500 crore(US$59.91 million)for the period of 4 months,from 1st April 2024 to 31st July 2024.20Growth drivers3.Support infrastructure and high investmentUnder Electric Mobility Promotion Scheme2024 government aims to support 3,72,215EVs including e-2W(3,33,387)and e-3W(38,828 including 13,590 rickshaws&e-carts and 25,238 e-3W in L5 category).Under phase-II of FAME India Scheme,subsidy amounting to US$696.8 million(Rs.5,790 crores)has been awarded to EVmanufacturers on sale of 13,41,459 numberof electric vehicles till January 31,2024.OlaElectricIPOtobethefirstautocompany in India to launch an IPO in overtwo decades(20 years).It has an expectedsize of Rs.8,500 crore(US$1.01 billion).In April 2023,Power Finance CorporationLtd(PFC)approved a Rs.633 crore(US$76.39 million)loan for 5,000 passenger EVsand 1,000 cargo EVs.In March 2023,the Central Governmentsanctions Rs.800 crore(US$72.41 million)under FAME India Scheme Phase II toIndianOil(IOCL),BharatPetroleum(BPCL),and Hindustan Petroleum(HPCL),for setting up 7,432 public fast chargingstations across the country.2.Growing demandRising income and a growing youngpopulation.Greater availability of credit andfinancingoptions.Demand for commercial vehiclesincreasing due to the high level ofactivity in the infrastructure sector.1.Policy supportInitiativeslikeMakeinIndia,theAutomotiveMissionPlan 2026,andNEMMP 2020 will give a huge boost tothe sector.The government introduced a battery-swappingpolicy,whichwillallowdrained batteries to be swapped withcharged ones at designated chargingstations,thus making EVs more viablefor potential customers.Toinstallelectricvehiclesupplyequipment(EVSE)infrastructureforEVs,variouspublicsectorfirms,ministries,andrailwayshavecometogether to create infrastructure,andmanufacture components.Source:Society of Indian Automobile Manufacturers(SIAM),Union Budget 2022-23,News ArticlesNote:NEMMP-National Electric Mobility Mission Plan21321Investment scenario(1/4)The Indian automobile sector witnessed an inflow of huge investments from domestic and foreign manufacturers.Source:Media Sources,Company Website3NISSAN The Renault-Nissan alliance is stepping up its investments in India plans to invest US$600-700 million at its Chennai-basedfacilityto step up platformlocalisation and improve sophistication levels in manufacturing.In July 2023,Renault Nissan to invest Rs.1.4 crore(US$1,68,762.86)to upgrade infrastructure at eight schools near Chennai.In February 2023,Nissan and Renault plan to invest US$600 million in India over the next 3-5 years to expand their marketshare in passenger cars and electric vehicles.2Maruti Suzuki India(MSI)In March 2025,company has announced a significant investment of Rs.7,410 crore(US$864 million)to establish a thirdmanufacturing facility in Haryana.This strategic expansion is projected to elevate the regions production capacity to 7,50,000units annually by 2029.In April 2024,Maruti Suzuki India Limited,commissioned another vehicleassembly line at its Manesar facility.In January 2024,at the Vibrant Gujarat Global Summit,Maruti Suzuki announced the investment plans in Gujarat with a NewGreenfield plant and a fourth line in SMG.1Tata MotorsOn April 17,2025,Tata Motors announced that it had filed a record 250 patents and 148 design applications in FY25,its highestever in a single year.Tata Passenger Electric Mobility,a subsidiary of Tata Motors Limited and pioneer of Indias EV revolution(TPEM),along with theRajasthan Solar Association(RSA),has entered a Memorandum of Understanding(MoU)to promote electric vehicles(EVs)andthe use of solar energy for EV charging in Rajasthan.In January 2025,Tata Motors has proposed an initial investment of Rs.914 crore(US$105.6 million)to set up a new vehiclemanufacturingproject in Tamil Nadu.22Investment scenario(2/4)Source:Media Sources,Company Website5MAHINDRA&MAHINDRA Mahindra&Mahindra Ltd plans to invest Rs.26,000 crore(US$3.08 billion)in its automotive business over 2027,with Rs.12,000 crore(US$1.42 billion)allocated specificallyfor its electric vehicleunit.In January 2024,Mahindra&Mahindra Ltd.and the India-Japan Fund(IJF),managed by the National Investment andInfrastructure Fund Limited(NIIF),entered into a binding agreement,with IJF committing to invest Rs.400 crore(US$48.1million)in Mahindra Last Mile Mobility Limited(MLMML).In July 2023,Mahindra&Mahindra is in advanced talks with British International Investment(BII)and some other global investorsto raise up to Rs.5,000 crore(US$602.72 million)for its electric vehicles(EV)unit.6SAICIn November 2023,SAIC Motor and JSW Group announced a strategic joint venture to accelerate growth with focus on greenmobility.In January 2023,MG Motor India to investUS$100 millionto expand capacity,eyes 70%growth in 2023.In March 2022,MG Motors,owned by Chinas SAIC Motor Corp,announced plans to raise US$350-500 million in private equity inIndia to fund its future needs,includingEV expansion.4Hyundai Motor IndiaIn February 2024,company has announced it will invest over Rs.32,000 crore(US$3.85 billion)from 2023 to 2033 in expandingits EV range and enhancing its current car and SUV platforms.In January 2024,Hyundai Motor India Limited announced Rs.6,180 crore(US$743.8 million)investment plans in the state ofTamil Nadu including Rs.180 crore(US$21.7 million)towards a dedicated Hydrogen Valley Innovation Hub,in association withIIT-Madras.In January 2024,Hyundai Motor India Ltd.finalized the acquisition and transfer of specified assets at General Motors IndiasTalegaon Plant in Maharashtra and inked an MoU with the Government of Maharashtra committing to an investment of Rs.6,000crore(US$722 million)in the state.23Investment scenario(3/4)Source:Media Sources,Company Website8Skoda AutoIn February 2024,Klaus Zellmer CEO of Skoda Auto said India is the most promising growth market for Skoda Auto andSkoda Auto India is lookingto increase its share in the Indian market to 5%by 2030.In August 2022,Volkswagen Groups Indian subsidiary,Skoda Auto Volkswagen India,has begun a feasibility study for itsnext phase of investment in India after rolling out its India 2.0 strategic plan7Mercedes-BenzMercedes Benz will make an investment of Rs 3,000 crore(US$360.14 million)in Maharashtra.In January 2024,Mercedes-Benz is set to invest Rs 200 crore(US$24.04 million)in India in 2024 and is gearing up to introducemore than a dozen new cars,including EVs this year.In January 2023,Global chief executive officer(CEO)Mr.Ola Kallenius said that India was Mercedes-Benzs fastest-growingmarket worldwide in 2022 and plans on investing more.9Hero MotoCorpHero MotoCorp is set to invest up to Rs.525 crore(US$62.1 million)in Euler Motors,marking its entry into the electric three-wheeler market.This strategic moveaims to establish Hero MotoCorp in the fast-growing electric vehicle sector.In April 2024,Hero Motocorp said it has opened an assembly facility in Nepal in partnership with its distributor CG Motors withcapacity of 75,000 units per annum.In December 2023,Hero MotoCorp announced a partnership with Ather Energy for an interoperable fast-charging network inIndia which will cover 100 cities with over 1900 fast-charging points.10Kinetic GreenIn June 2023,Kinetic Green Energy and Power Solutions are planning to raise up to US$100 million by selling a 10-15%stakein the company to investors.In September 2022,Kinetic Engineering Limited(KEL)invested in Ahmednagar to set up a dedicated production line with aninitial capacity of 5,000 sets per month.24Investment scenario(4/4)11TVS MotorOn February 2025,TVS Motor Company announced a Rs.2,000 crore(US$236.6 million)investment in Karnataka over thenext five years to enhance its presence in the state through new infrastructureand expanded capabilities.In November 2023,TVS Motor announced its entry into the European market through a distribution agreement with Emil Frey,a renowned automotive distribution company with a century-long legacy.In July 2022,TVS Motor lines up fresh investmentsof Rs.1,000 crore(US$121 million)in EV push.Source:Media Sources,Company Website12BYDIn March 2024,BYD India,a subsidiary of the worlds leading New Energy Vehicles(NEV)manufacturer,announced its entryinto the luxury electric sedan segment with the launch of the BYD SEAL.BYD India currently has two products in its portfolio-the BYD ATTO 3 and the All-New e6,both of which have been very well receivedby Indian consumers.14Force MotorsIn January 2025,Force Motors Ltd announced securing an order to supply 2,429 ambulances to Uttar Pradeshs HealthDepartment,enhancing the regions medical services.VinFastIn January 2024,VinFast and Tamil Nadu Govt.signed a MoU to invest US$2 billion for an EV project in Thoothukudi,withUS$500 millioncommittedfor the first phase,targeting 150,000 units annually.1325Opportunities2131.Opportunities for creating sizeable market segments through innovationsMahindra&Mahindra(M&M)isplanningtoimplementinnovativedigital technology in the automobilebusiness.Hyundai is planning to enter the hybridvehicles segment to explore alternativefueltechnologyandtoavailgovernmentincentives.In 2022,Tata Motors filed for 125patents in India,the highest in itshistory.Tata Motors,filed for 158 patents and79designsinFY23,markingthehighest number by an Indian OEM.Italso received 71 patent grants duringthe fiscal year.2.Small car manufacturing hubNissan and Toyota announced plans to make India their global hub for small cars.With Maruti Suzuki and Hyundai leading,the Indian passenger vehicle market is dominated by small cars.Strong export potential in ultra-low-cost cars segment(to developing&emerging markets).3.India is fast emerging as a global R&D hubStrong support from the Government;setting up of NATRIP centres.Private players such as Hyundai andMaruti Suzuki are keen to set up an R&Dbase in India.Indiaaccountsfor40%ofglobalengineering and R&D spending of US$31billion.Theautomobilesectoraccounts for 8%of the countrys R&Dspending.Source:Media Sources,Company WebsiteC26Key Industry Contacts27Key Industry ContactsAgencyContact InformationSociety of Indian Automobile Manufacturers(SIAM)Core 4-B,5th Floor,India Habitat CentreLodhi Road,New Delhi 110003Phone:91 11 24647810-12,91-11-47103010Fax:91-11-24648222E-mail:siamsiam.inWebsite:www.siam.inAutomotive Research Association of India(ARAI)Survey No.102,Vetal Hill,off Paud Road,Kothrud,Pune-411 038P.B.No.832,Pune-411 004Tel No.: 91 20-67621111Fax No.: 91 20-67621104E-mail:Website:Federation of Indian Automobile AssociationsInd.Merchants Chamber Bldg.76 Veer Nariman Road Churchgate,MumbaiTel: 91 22 2204 1085Fax: 91 22 2204 1382Website:www.fiaa.inC28Appendix29Glossary CAGR:Compound Annual Growth Rate Capex:Capital Expenditure CENVAT:Central Value Added Tax EHTP:Electronic Hardware Technology Park EPCG:Export Promotion Capital Goods Scheme FDI:Foreign Direct Investment FY:Indian Financial Year(April to March);So,FY10 implies April 2009 to March 2010 LCD:Liquid Crystal Display R&D:Research and Development US$:US Dollar Wherever applicable,numbers have been rounded off to the nearest whole number30Exchange ratesExchange Rates(Fiscal Year)Exchange Rates(Calendar Year)YearRs.Equivalent of one US$2004-0544.952005-0644.282006-0745.292007-0840.242008-0945.912009-1047.422010-1145.582011-1247.952012-1354.452013-1460.502014-1561.152015-1665.462016-1767.092017-1864.452018-1969.892019-2070.492020-2173.202021-2274.422022-2378.602023-2482.802024-2586.472025-26*85.47YearRs.Equivalent of one US$200645.33200741.29200843.42200948.35201045.74201146.67201253.49201358.63201461.03201564.15201667.21201765.12201868.36201969.89202074.18202173.93202279.82202382.61202484.492025*86.03Source:Foreign Exchange Dealers Association of IndiaNote:*-Until April 202531DisclaimerAll rights reserved.All copyright in this presentation and related works is solely and exclusively owned by IBEF.The same may not be reproduced,wholly or in part in any material form(including photocopying or storing it in any medium by electronic means and whether or not transiently orincidentally to some other use of this presentation),modified or in any manner communicated to any third party except with the written approval ofIBEF.This presentation is for information purposes only.While due care has been taken during the compilation of this presentation to ensure that theinformation is accurate to the best of IBEFs knowledge and belief,the content is not to be construed in any manner whatsoever as a substitute forprofessional advice.IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assumeany liability,damages or responsibility for the 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