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AUTO COMPONENTSOctober 2007

Contents

Prole o Indian auto component industry

Growth potential o Indian auto

component industry

India as a manuacturing hub

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www.ibe.org

PROFILE OF INDIAN AUTO

COMPONENTS INDUSTRY

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Indian automobile industry crossed

a historic landmark 10 million vehicles in 2006-07

Indian auto industry sales grew to 11.12 billion

units in 2006-07, exhibiting an impressive CAGR

o 15.5% during the past 5 years

Two wheelers have the maximum share in the

industry by volume, ollowed by passengervehicles, three wheelers and commercial vehicles

Maximum growth has been witnessed in the

commercial vehicles segment, ollowed by

three-wheelers

Automotive sales(domestic and exports) Million units

Source: SIAM, IMaCS analysis

2007

2006

2005

2004

2003

2002

11.12

9.71

8.53

7.29

6.25

5.41

15.5%CAGR

PROFILE OF INDIA N AUTO COMPONENTS IND USTRYOctober 2007

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Indian automobile industry crossed

a historic landmark 10 million vehicles in 2006-07

Segment Share in total CAGR

Two wheelers 76.2% 14.5%

Passenger vehicles 14.2% 16.7%

Three wheelers 4.9% 20.5%

Commercial vehicles 4.7% 26.7%

Indias position in world production

2nd in two wheelers

11th in passenger cars13th in commercial vehicles

Source: SIAM, IMaCS analysis


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The OEM as well as the component industry is highly competitive

Tata Motors

Mahinhra & Mahindra

Bajaj Auto

TVS Motors

Hero Honda

Bajaj Tempo

Ashok Leyland

Bharat Forge

Sundram Fasteners

Rane Group

Shriram Pistons

RICO Auto

Sono Koyo Steering

Global OEM Indian OEM

GlobalSuppliers

IndianSuppliers

GM

Toyota

Ford

Hyundai

Maruti Suzuki

Honda

Skoda Volvo

Mercedes

Delphi

Visteon

Bosch

Denso

Valeo

Thyssen Krupp


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The OEM as well as the component industry is highly competitive

The Indian auto industry is highly competitive

with a number o global and Indian auto

companies present

The supplier industry is equally competitive

with a mix o global and Indian players


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Indian auto industry has evolved around 3 major clusters

North / Central

Ashok Leyland Eicher

Hero Honda Honda

Honda SIEL Maruti Suzuki

Delphi Denso India

JBM Lumax

Minda Shriram Pistons

Sona Koyo Phoenix

Asahi India Johnson Matthey


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West

Ashok Leyland Bajaj Auto

Daimler Chrysler FIAT

GM M & M

Skoda Tata Motors

Bharat Forge Bright Brothers

DGP Hinoday Endurance Systems

Kirloskar Brothers Kalyani Brakes

SKF Bearings Tata Johnson

Supreme Ind NRB


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East

Hindustan Motors Tata Motors

Simpson &Co JMT

International Auto Forgings Ramkrishna


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South

Ashok Leyland Enfeld

Ford Hyundai

Toyota Kirloskar TVS Motors

Brakes India Delphi TVS

Fenner India Nippon

LUCAS-TVS MICO

Rane Brake Rane-TRW

Visteon UCAL

Sundaram astners TI Group


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Major automotive clusters - Mumbai - Pune -

Nasik - Aurangabad (West), Chennai - Bangalore

-Hosur (South) and Delhi-Gurgaon - Faridabad

(North)

The state o Uttaranchal is turning in to an

autohub, because o the industry riendly

government policy


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Exports o auto components have

also exhibited an impressive growth

The exports o auto components industry has

reached around US$ 2.9 billion in 2006-07,

having grown at a rate o 40% CAGR over the

last our years

The Indian auto component industry is wellpositioned to capitalise on the growth in

outsourcing to low cost countries

Indian auto component exportsUS$ billion

Source: ACMA, IMaCS Analysis

2003-04

2002-03

2.93

0.76

CAGR40%

2004-05

2005-06

2006-07

2.1

1.4

1.02


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More than 60% o exports are made to the developed

markets o Europe and USA

Over 60% o the exports are to developed

markets such as US and Europe, indicating the

capability o Indian manuacturers to meet

stringent quality and technical standards

A signicant characteristic o exports is theshit in the market in which the components

are sold - 75% o the supplies are today made

to OEM/Tier-I players as compared to only

35% in the 1990s

Indian auto component exports by destination (2006)


n Europe n US

n Asia n Arica

n Middle East n Others

36%

26%

16%

10%

10%2%

Exports by type o Client


1990

2006 25%75%

65%35%

n OEM/TiEr-1s n AfTErMArkET


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The Indian auto component Industry is highly ragmented

Around 500 organised players account or the

77% o the value added in the sector.

Unorganised players are mainly replacement

market players or tier 3/4 component manuacturers

Automotive Manuacturers Association o India

(ACMA) represents the auto component

industry in India and has around 500 registered

members

500Organised

Players

Unorganised Players: 6000

77%

23%

Industry Structure Value added by the players



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Demand rom the OE segment dominates

the Indian component industry

OE demand accounts or hal o the auto

component market in India.

Breakup o components industry by end market prole


n OE Componentsn Replacement Market

n Exports

50%

35%

15%


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Breakup o components industry by type o component


n Engine Parts n Drive transmission and Steering

n Body/ Chassis n Suspension and Brakingn Equipments n Electrical n Others

31%

19%12%

12%

10%

9%

7%

Demand rom the OE segment dominates

the Indian component industry

Engine parts accounts or a third o the auto

components made in India


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Two and Three wheelers along with car segment account or

a major portion o the component market in India

Two and Three wheelers, along with passenger

cars account or two-thirds o the components

manuactured

However, CV components have shown the astest

growth rate over the last 5 years. The growthrate o components o various vehicle categories

are as ollows:

2/3Wheelers: 14.95%

Cars : 15.4%

CVs : 26.1%

Vehicle Category Contribution


n 2 /3 Wheelers n Carsn CVs n Tractors

34%

33%

24%

9%


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Indian auto components companies are making

signicant strides on the quality ront

Driven by needs o export markets and the increasing

demands o Indian OEMs, quality awareness o Indian

companies has increased over the last decade

Quality awareness has increased across all levels

o management and is being viewed as a

must have instead o nice to have, which is

refected in the drastic reduction in the number

o problems o vehicles over the last decade

Nine Indian auto component manuacturers have

got the prestigious DEMING award

Certiication No: o Companies

Japan Quality Medal Winner 1

JIPM Awards 4

DEMING Prize 9 ( 7 since 2003)

OHSAS 18001 47

ISO 14001 154

QS 9000 81

TS 16949 342

ISO 9000 524

Problems per 100 vehicles

Source: JD Power Survey, IMaCS Analysis

2006

1997 572

208


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Indian auto component companies are spreading their

operations globally, mainly through acquisitions

Acquisitions made overseas are helping Indian

auto component companies get access to new

set o skills, technology and customers

Indian Company Acquired Country Acquisition value

Tata Technologies Incat International UK US$ 95 million

Bharat Forge Imatra Kilsta AB Sweden US$ 56 million

Amtek Auto GWK UK US$ 37 million

Amtek Auto Zelter Germany US$ 36 million

Bharat Forge Carl Dan Peddinghaus Germany US$ 35 million

EL Forge Shakespeare Forgings UK US$ 28 million

Ucal Fuel Systems Amtec Precision USA US$ 28 million

Bharat Forge Federal Forge USA US$ 9.1 million

Bharat Forge CDP Aluminiumtechnik Germany US$ 7.5 million

Sona Koyo Steering 21% o Fuji Autotech France US$ 6.15 million

Tata Auto CompSystems

Wundsch Weidinger Germany US$ 5 million

Sundaram Fasteners Cramlington Forge UK US$ 2.6 million

Source: Industry news


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The companies are capable o carrying

out product development activities at low cost

High level o existingcapabilities

Low cost highquality designs

Low cost oemployment and high

proportion o irsttime right designs

Experience in designs

with increasing levelso Indigenisation

Largest pool o English

Speaking Engineers

0.4 million Engineering graduates

every year India accounts or 26% o the world

ESO & BPO Talent

Analysis and Simulation

Engineering animations Modelling and drating Tooling design etc.

Entry level engineer costs as less asUS$ 8000/year

89-92% irst time right designsexperienced by certain companiesmuch above world average

High levels o indigenisation by oreignOEMs & increasing skill sets

World renowned IT Skills withexcellent Automotive domainknowledge


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Government o India Initiative to strengthen Automotive R&D Inrastructure-

National Automotive Testing and R&D Inrastructure Project (NATRIP)

NATRIP envisages an investment o US$ 380 million

in setting up the ollowing acilities NATRIP is expected

to strengthen the automotive R&D inrastructure in

India

Rae Bareilly Centre

Complete homologation services to Agri Tractors,

o road Vehicles, Gensets as per Indian or Global

standards & Driver Training centre

Center o Excellence For Accident Data Analysis

Commissioning Schedule Phase-I: July 2010,

Phase-II: Aug 2010


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Manesar - iCAT

Complete homologation services to all vehicle

categories as per Indian or Global Standards

Center o Excellence For Component

Development, NVH Commissioning Schedule Phase-I: 2008,

Phase-II: 2010

Silchar Centre

Hill area Driver Training Centre and Inspection

& maintainence Facilities

Center o Excellence For Driver Training

Commissioning Schedule Phase-I: 2008,

Phase-II: 2010


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Ahmednagar - VRDE Up-Gradation

Research, Design, Development and Testing

o Vehicles

Center o Excellence For Photometry, EMC,

EMI,Test Tracks Commissioning Schedule April 2008

Indore -Proving Grounds

Complete Testing Facilities to all vehicle


Center o Excellence For Vehicle Dynamics,

Tyre Development


Phase-II: 2010


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Pune - ARAI Up-Gradation



Center o Excellence For Power Train

Development, materials, atigue Commissioning Schedule Phase-I: 2008,

Phase-II: 2009

Chennai Centre



Center o Excellence For Inotronics,EMC,Passive Saety


Phase-II: 2011


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Indian Productivity is on a rise - Analysis o Return

On Capital Employed (ROCE)

ROCE% levels in India have shown an increase

in the past ew years, indicative o the

productivity increase

Average ROCE levels in India are estimated

to be in the range o 24-28%

MNC/Collaborations have achieved signicantly

higher ROCE levels in India

Component Manuacturer ROCE (%) in 2002 ROCE (%) in 2007

Sundram Clayton 17.73 29.06

Amtek India 14.11 17.96

Clutch Auto 14.17 20.64

Minda Industries 17.5 19.1

Setco Automotives 18.07 35.83

Wheels India 10.88 15.77

Sona Koyo 8.17 25.03

ZF Steering 25.94 38.96

Denso India 14.52 28.28

Exide Industries 13.69 30.45

Lumax Industries 6.56 22.57

Subros 10.9 19.73


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Capacity utilisation is also on an increase

The huge growth in demand has

improved the capacity utilisation o Indian

auto component manuacturers

Overall capacity utilization

n 2007 n2002

Source: IMaCS Analysis

Denso India

Subros

Delphi TVS

Minda Industries

Axles India

Wheels India

Lumax Industries

Exide Industries

Setco Automotives

MICO

0 20 40 60 80 100 120


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Company Increase in Capacity

Denso India 493%

Subros 233%

Delphi TVS 170%

Minda Industries 140%

Exide Industries 95%

Axles India 79%

Wheels India 40%

Lumax Industries 11%

Setco Automotives 0%

MICO 0%

Capacity utilisation is also on an increase

Most o the Indian manuacturers have utilisation

levels in excess o 80%, even ater taking into

account the recent capacity additions


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www.ibe.org

GROWTH POTENTIAL OF INDIAN

AUTO COMPONENT INDUSTRY

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Indian auto component industry is expected

to grow to US$ 33-40 billion by 2015

The Indian auto component industry is well

positioned to capitalise on the growth in

outsourcing to low cost countries

Exports would lead the growth in the component

industry, which is expected to be around

US$ 33- 40 billion by 2015, rom the current

size o roughly US$ 15 billion

Projected size o Auto componentIndustry 2015

Source: AMP, SIAM, ACMA, IMaCS Analysis

Exports

Domestic

US$ 20-25 bn

US$ 13-15 bn

GROWTH P OTENTIAL OF INDIAN AUTO COMPON ENTS IND USTRYOctober 2007

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Several actors make India a avourite investment destination

Proven product developmental capabilities More than 125 Fortune 500 (including

large auto companies) have R&D centresin India

Companies can leverage Indiasacknowledged leadership in the IT industry

Proximity to Markets Proximity to other Asian economies

Proximity to the emerging markets likeArica

Shipments to Europe cheaper than thoserom Brazil and Thailand

Stable economic policies Continuity in economic

reorms and policies related to

investments

High quality standards 9 Indian component

manuacturers have won theDeming Award or quality

Most leading componentmanuacturers are QS and

ISO certiiedLarge and growing domestic

demand Demand growth o 14%

CAGR makes India one o

the astest growing markets

Competitive

manuacturing costs Skilled labour costs

amongst the lowest in India

Availability o Manpower

0.4 million Engineeringgraduates every year

7 million enterworkorce every year

Export Potential Total value o exports by

2015 expected to reach

US$ 810 billion orvehicles and US$ 2025billion or components

India as a

Auto Hub


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Indian auto component oers a balance between quality and cost

Quality Services

Indian IT Recognized worldwide

Quality Manpower

0.4 Million Engineering Graduates

Quality Suppliers

456 Nos ISO 9000 Certied Suppliers

Lower

Labour Cost

Lower

Design Cost


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Many global auto companies have made India a manuacturing base

- a robust supply base exists in India

Engines Stamping

Gear Boxes Engg ServicesPlastics Air BrakesMoulds ForgingCastings Lamps

Die MakingMachining

Indian Supply Base

Delphi Denso BoschLear Meritor AisinVisteon Jhonson Controls

TRW Valeo AmtekRico MindaBharat Forge TVS

Maruti Suzuki Hero Honda

Toyota Kirloskar Skoda India SwarajMazda Tatra VectraVolvo Ford IndiaForce Motors General Motors

Tata Motors Mahindra

Ashok Leyland HindustanMotors Atul AutoTVS Motors Bajaj Auto

Tier 1s/ 2s

Indian OEMSGlobal OEMS/ JVs

Global Exports


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OEMs have made India as a sourcing hub or their auto

components requirements

Manuact-

urer

Component Worth Comments

Volvo Machine and painted castings ,

orgings, gearbox and enginecomponents & Others

US$ 90

Million

India is the single sourcing

unit FM12 (8 X 4) modelsold in South Korea.

Fiat Engines, Gearboxes, Others US$ 4Million

To source components orthe Grande Punto as well

as Linea Models. To investUS$ 1,000 Million

FordMotors

Castings and orgings,crankshats, exhaustmaniold, lea springs, Horns,Dashboard, Door Trims

US$150Million

Expects the volume togrow to US$ 400 - US$700Million

Renault-Nissan

Has irmed up plans tosource components and

aggregates

US$ 125Million in

next 2 years

First phase to SourceLow end Tech or low end

models. High-end in secondphase

Daimler

Chrysler

Auto Components and IT

services

US$ 125

Million

Growing at 20% CAGR

Toyota R-type manual transmission Gear Boxes GlobalSupply, Propeller Shats etc

1,40,000Gearboxes

Expected to go up by 5- 10%


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Leading global auto components companies are also sourcing rom India

Manuact-

urer

Component Worth Comments

Delphi Catalytic Convertors,Steering Systems, Piston

Rods, Drive Shats etc

US$250 Million

(2007 Plan)

Planning urtherinvestments in

the sotware wing

Visteon AC Systems, Alternators,Panel Instrument assembly

US$ 56Million

in 2002

Bosch FIPs, Common Rail Systems US$100

Million

Planning or urther

investments o US$430Million

Cummins Engines and Components US$150 Million

Plans to increase it toUS$ 500 Million by 2010

TennecoAutomotive

Forgings US$60 Million

Deutz Engine Components US$70 Million

Plans to procure US$1,000 million worth ocomponents rom LowCost Countries including

India

Source: Industry News, IMaCS Analysis


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Competitiveness o Indian auto component manuacturing

In order to emerge as a manuacturing hub, India

would ace competition rom other low cost

countries such as

* China

* Thailand

* Brazil

IMaCS has compared the cost competitiveness

o manuacturing 6 automative component groups

(Engine, Transmission and Steering, Suspension

and braking, Electricals, Equipment and others

manuacturing in India with respect to these

countries in terms o actors like taxes and duties


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Tax structure in India vis--vis other countries

The burden o direct and indirect taxes is higher

in India as compared to in other countries

India Brazil China Thailand

Excise 16.36% - - -

VAT 12.5% 15% 17% 10%

Other Taxes 18%*

Corporate Tax 34% 28% 33% 30%

Exemptions Speciicpackagesprovided

by states

or largeinvestments

Tax incentivesor companiesin Export

processing

zones

Preerentialcorporate taxpolicies or

FIE

Taxincentives orinvestments

outside

central zone

Import dutyon rubber

13% 16% 8% Free

Import duty on steel 8% 4% 2% 10%

*Refers to local taxes


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Labour and labour productivity vis--vis other countries

India compares avorably with other low cost

countries in productivity adjusted labour cost

Indian labour productivity in the manuacturing

sector is on an increase with the application o

production management techniques and many

companies have doubled their productivity in

last ve years

India Brazil China Thailand

Labour cost (US$/hour) 0.7 4.1 0.7 0.72

Labour cost (US$/day)* 5.6 32.8 5.6 5.76

Productivity index** 1.0 2.0 1.0 1.2

Productivity adjustedlabour cost (US$/day)

5.6 16.4 5.6 4.8

* Assuming 8 hour shift per day

** Gross value added per person employed as compared to India


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Power Cost vis--vis other countries

Power cost in India the highest amongst the

competing countries

However, power cost accounts or around

3% o the overall cost structure, hence not a

signicant disadvantage

Power costs in India varies by state and is

as low as US$ 0.1 in states like Maharashtra

With privatisation and competition in the

emerging Indian power sector, cost o power

is expected to come under control

Interest rates in India high as compared to

competing countries, but expected to soten

in the uture.

Country Cost per kwh

(US$)

India 0.14

Brazil 0.05

China 0.03

Thailand 0.11

Power costs

Country Annual lendinginterest rate

India 10-11%

Brazil 14-16%

China 5-6%

Thailand 7-8%

Interest costs


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Manuacturing in China vis--vis India

Indian manuacturers suer rom a cost

disadvantage vis--vis Chinese manuacturers

mainly because o higher power and uel costs

and to some extent due to the cascading

impact o taxes

China Engine Parts Transmission &

Steering

Suspension &

Braking

Electricals Equipment Others

Cost o component or an Indian Company 100 100 100 100 100 100

Less

Taxes and Duties Higher net state level levies andcascading impact o taxes

0.55% 0.85% 1.58% 1.51% 1.72% 0.89%

Higher import duty 0.03% 0.02% 0.06% 0.14% 0.14% 0.07%

Higher corporate taxes 0.03% 0.03% 0.03% 0.03% 0.03% 0.03%

Industry costs Higher cost o power and uel 3.43% 3.16% 4.01% 3.02% 2.13% 2.68%

Higher cost o unds 0.62% 0.30% 0.18% 0.00% 0.44% 0.13%

Higher rate o insurance 0.10% 0.08% 0.10% 0.08% 0.11% 0.08%

Others Others 3.63% 2.98% 3.08% 3.11% 3.50% 2.72%

Total cost disadvantage or India 8.39% 7.43% 9.04% 7.88% 8.08% 6.60%


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Manuacturing in Thailand vis--vis India

Indian manuacturers suer rom a cost disadvantage

vis--vis Thai manuacturers mainly because o higher

level o taxes and their cascading impact

Thailand Engine Parts Transmission &Steering

Suspension &Braking



Less


3.64% 5.13% 5.80% 5.33% 5.54% 5.33%




Higher labour cost 1.72% 1.10% 1.19% 1.22% 1.59% 0.85%

Higher cost o unds 0.50% 0.24% 0.14% 0.00% 0.35% 0.10%

Higher rate o insurance 0.10% 0.08% 0.10% 0.08% 0.11% 0.08%Others Others 2.15% 1.51% 1.60% 1.63% 2.02% 1.25%

Total cost disadvantage

or India

9.74% 9.42% 10.56% 10.26% 11.32% 9.38%


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Manuacturing in Brazil vis--vis India

India is competitively positioned vis--vis Brazil across

components mainly due to the higher cost o labour

in Brazil

Brazil Engine Parts Transmission &

Steering

Suspension &

Braking



Less


-4.20% -5.72% -3.89% -3.15% -3.08% -5.15%




Higher labour cost -23.16% -14.85% -16.07% -16.45% -21.47% -11.51%

Higher cost o unds -0.27% -0.13% -0.08% 0.00% -0.19% -0.06%

Higher rate o insurance -0.06% -0.05% -0.06% -0.04% -0.06% -0.05%

Others Others 5.55% 4.90% 5.00% 5.02% 5.42% 4.64%

Total cost disadvantage or India -18.93% -12.94% 11.51% - -11.73% -17.25% -9.42%


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Conclusions

India has a cost advantage when compared to Brazil,

however suers rom a cost disadvantage vis--vis

China and Thailand (to a lesser extent), primarily

due to high level o taxes and their cascading impact.

India, in the near uture is expected to go ahead with

the abolition o interstate Central Sales Tax (CST),

which will reduce the cascading impact o taxes tosome extent.

Implementation o Goods and Services tax (along the

lines o VAT) and abolition o all other taxes by 2010

is under consideration, which will reduce the taxation

loading on the automotive sector considerably. This

step is expected to strengthen Indias uture position

as a leading automobile manuacturing hub.

Various steps being taken by the Indian government

in improving inrastructure would reduce the

disadvantage that India suers rom because o poor

inrastructure that causes project delays, delays

in deliveries and others. This would increase the

demand or road transportation in the country and

consequently demand or auto components.

Indias exports o auto components have the

advantage o proximity to automotive manuacturing

nations like Thailand; trade agreements being signed

with ASEAN nations are expected to give urther

boost to exports.


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AUTO COMPONENTSOctober 2007

This presentation has been prepared jointly by the India Brand

Equity Foundation (IBEF) and ICRA Management Consulting

Services Limited, IMaCS (Authors).

All rights reserved. All copyright in this presentation and related

works is owned by IBEF and the Authors. The same may not be

reproduced, wholly or in part in any material orm (including

photocopying or storing it in any medium by electronic

means and whether or not transiently or incidentally to someother use o this presentation), modied or in any manner

communicated to any third party except with the written

approval o IBEF.

This presentation is or inormation purposes only. While due

care has been taken during the compilation o this presentation

to ensure that the inormation is accurate to the best o the

Authors and IBEFs knowledge and belie, the content is not

to be construed in any manner whatsoever as a substitute or

proessional advice.

The Author and IBEF neither recommend or endorse any

specic products or services that may have been mentioned

in this presentation and nor do they assume any liability or

responsibility or the outcome o decisions taken as a result o

any reliance placed in this presentation.

Neither the Author nor IBEF shall be liable or any direct or

indirect damages that may arise due to any act or omission

on the part o the user due to any reliance placed or guidance

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DISCLAIMER

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