Marketline Report

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MarketLine Industry Profile
Medium & Heavy

Trucks in India
April 2019
Reference Code: 0102-0352
Publication Date: April 2019
WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
India - Medium & Heavy Trucks 0102 - 0352 - 2018
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EXECUTIVE SUMMARY
Market value
The Indian medium & heavy trucks market grew by 17.6% in 2018 to reach a value of $10.4 billion.
Market value forecast

In 2023, the Indian medium & heavy trucks market is forecast to have a value of $18.8 billion, an increase of 80.8% since
2018.
Market volume
The Indian medium & heavy trucks market grew by 14.4% in 2018 to reach a volume of 323.4 thousand units.
Market volume forecast

In 2023, the Indian medium & heavy trucks market is forecast to have a volume of 514.6 thousand units, an increase of
59.1% since 2018.
Geography segmentation
India accounts for 6.4% of the Asia-Pacific medium & heavy trucks market value.
Market rivalry
The typically large size of competitors, high fixed costs and the importance of this market to many automotive players,
make it hard for players to exit the lucrative Indian market, leading to increased rivalry.

TABLE OF CONTENTS
Executive Summary......................................................................................................................................................... 2
Market value ................................................................................................................................................................ 2
Market value forecast .................................................................................................................................................. 2
Market volume ............................................................................................................................................................. 2
Market volume forecast ............................................................................................................................................... 2
Geography segmentation ............................................................................................................................................ 2
Market rivalry ............................................................................................................................................................... 2
Market Overview.............................................................................................................................................................. 7
Market definition .......................................................................................................................................................... 7
Market analysis............................................................................................................................................................ 7
Market Data ..................................................................................................................................................................... 9
Market value ................................................................................................................................................................ 9
Market volume ........................................................................................................................................................... 10
Market Segmentation .................................................................................................................................................... 11
Geography segmentation .......................................................................................................................................... 11
Market Outlook .............................................................................................................................................................. 12
Market value forecast ................................................................................................................................................ 12
Market volume forecast ............................................................................................................................................. 13
Five Forces Analysis ..................................................................................................................................................... 14
Summary ................................................................................................................................................................... 14
Buyer power .............................................................................................................................................................. 15
Supplier power........................................................................................................................................................... 16
New entrants ............................................................................................................................................................. 17
Threat of substitutes .................................................................................................................................................. 19
Degree of rivalry ........................................................................................................................................................ 20
Leading Companies....................................................................................................................................................... 22
Ashok Leyland Limited .............................................................................................................................................. 22
Eicher Motors Ltd ...................................................................................................................................................... 26
Mahindra & Mahindra Limited.................................................................................................................................... 28
Tata Motors Limited ................................................................................................................................................... 32
Macroeconomic Indicators............................................................................................................................................. 36

Country data .............................................................................................................................................................. 36
Methodology .................................................................................................................................................................. 38
Industry associations ................................................................................................................................................. 39
Related MarketLine research .................................................................................................................................... 39
Appendix........................................................................................................................................................................ 40
About MarketLine ...................................................................................................................................................... 40

LIST OF TABLES
Table 1: India medium & heavy trucks market value: $ billion, 2014–18.........................................................................9
Table 2: India medium & heavy trucks market volume: thousand units, 2014–18 ........................................................10
Table 3: India medium & heavy trucks market geography segmentation: $ billion, 2018..............................................11
Table 4: India medium & heavy trucks market value forecast: $ billion, 2018–23.........................................................12
Table 5: India medium & heavy trucks market volume forecast: thousand units, 2018–23...........................................13
Table 6: Ashok Leyland Limited: key facts ....................................................................................................................22
Table 7: Ashok Leyland Limited: key financials ($) .......................................................................................................23
Table 8: Ashok Leyland Limited: key financials (Rs.) ....................................................................................................23
Table 9: Ashok Leyland Limited: key financial ratios.....................................................................................................24
Table 10: Eicher Motors Ltd: key facts .......................................................................................................................... 26
Table 11: Eicher Motors Ltd: key financials ($) .............................................................................................................27
Table 12: Eicher Motors Ltd: key financials (Rs.) ..........................................................................................................27
Table 13: Mahindra & Mahindra Limited: key facts .......................................................................................................28
Table 14: Mahindra & Mahindra Limited: key financials ($)...........................................................................................29
Table 15: Mahindra & Mahindra Limited: key financials (Rs.) .......................................................................................29
Table 16: Mahindra & Mahindra Limited: key financial ratios ........................................................................................30
Table 17: Tata Motors Limited: key facts.......................................................................................................................32
Table 18: Tata Motors Limited: key financials ($)..........................................................................................................33
Table 19: Tata Motors Limited: key financials (Rs.) ......................................................................................................34
Table 20: Tata Motors Limited: key financial ratios .......................................................................................................34
Table 21: India size of population (million), 2014–18 ....................................................................................................36
Table 22: India gdp (constant 2005 prices, $ billion), 2014–18 .....................................................................................36
Table 23: India gdp (current prices, $ billion), 2014–18 ................................................................................................36
Table 24: India inflation, 2014–18 ................................................................................................................................. 37
Table 25: India consumer price index (absolute), 2014–18...........................................................................................37
Table 26: India exchange rate, 2014–18 .......................................................................................................................37

LIST OF FIGURES
Figure 1: India medium & heavy trucks market value: $ billion, 2014–18 .......................................................................9
Figure 2: India medium & heavy trucks market volume: thousand units, 2014–18 .......................................................10
Figure 3: India medium & heavy trucks market geography segmentation: % share, by value, 2018 ............................11
Figure 4: India medium & heavy trucks market value forecast: $ billion, 2018–23........................................................12
Figure 5: India medium & heavy trucks market volume forecast: thousand units, 2018–23 .........................................13
Figure 6: Forces driving competition in the medium & heavy trucks market in India, 2018...........................................14
Figure 7: Drivers of buyer power in the medium & heavy trucks market in India, 2018 ................................................15
Figure 8: Drivers of supplier power in the medium & heavy trucks market in India, 2018.............................................16
Figure 9: Factors influencing the likelihood of new entrants in the medium & heavy trucks market in India, 2018.......17
Figure 10: Factors influencing the threat of substitutes in the medium & heavy trucks market in India, 2018 ..............19
Figure 11: Drivers of degree of rivalry in the medium & heavy trucks market in India, 2018 ........................................20
Figure 12: Ashok Leyland Limited: revenues & profitability...........................................................................................24
Figure 13: Ashok Leyland Limited: assets & liabilities...................................................................................................25
Figure 14: Mahindra & Mahindra Limited: revenues & profitability ................................................................................30
Figure 15: Mahindra & Mahindra Limited: assets & liabilities ........................................................................................31
Figure 16: Tata Motors Limited: revenues & profitability ...............................................................................................34
Figure 17: Tata Motors Limited: assets & liabilities .......................................................................................................35

MARKET OVERVIEW
Market definition
The medium and heavy trucks market includes commercial vehicles (CVs), buses and coaches (BCs), heavy commercial
vehicles (HCVs) and heavy buses and coaches (HBCs). CVs and BCs weigh 3.51 to 16 tonnes and include pick-ups and
vans where they fall into this weight range. HCVs and HBCs weigh over 16 tonnes; the converted trucks and buses are
excluded. The market volume includes the number of newly registrated vehicle in any given year. The market value is
calculated in terms of average manufacturer selling price (MSP) against market volume, and excludes all taxes and
levies. Any currency conversions used in the creation of this report have been calculated using constant 2018 annual
average exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific, Middle
East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
Market analysis
The Indian medium and heavy trucks market has experienced very strong growth over the historic period which is set to
continue during the forecast at a decelerated pace.
Growth in the Indian medium and heavy trucks market was strong during the past four years except for 2017. In 2017 the
presidential elections acted as a catalyst, offsetting growth in the market due to the uncertainty that had risen at that
time.
The Indian medium & heavy trucks market had total revenues of $10.4bn in 2018, representing a compound annual
growth rate (CAGR) of 16% between 2014 and 2018. In comparison, the South Korean and Chinese markets grew with
CAGRs of 1.4% and 9.6% respectively, over the same period, to reach respective values of $1.7bn and $113.0bn in
2018.
GDP growth is positively correlated with growth in medium and heavy trucks market. As GDP increases, exports will also
increase, meaning that industrial businesses are booming. Those kinds of businesses will require medium or heavy
trucks in order to transport their products, increasing demand in the medium and heavy trucks market which will boost
the market’s growth rate in the long run.
Market consumption volume increased with a CAGR of 12.7% between 2014 and 2018, to reach a total of 323.4
thousand units in 2018. The market's volume is expected to rise to 514.6 thousand units by the end of 2023,
representing a CAGR of 9.7% for the 2018-2023 period.
CV had the highest volume in the Indian medium & heavy trucks market in 2018, with a total of 188.7 thousand units,
equivalent to 58.3% of the market's overall volume. In comparison, HCV had a volume of 97.9 thousand units in 2018,
equating to 30.3% of the market total.

CV was the most popular segment for the medium and heavy trucks market, due to their smaller build and lower
consumption levels, rendering them the most efficient and cost effective option for companies. On the other hand, the
bigger build HCV truck was the second most popular segment for the medium and heavy trucks market due to the bigger
space and transportation options the truck has to offer, rendering it good value for money.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 12.6% for the five-year period
2018 - 2023, which is expected to drive the market to a value of $18.8bn by the end of 2023. Comparatively, the South
Korean and Chinese markets will grow with CAGRs of 1.5% and 7% respectively, over the same period, to reach
respective values of $1.9bn and $158.1bn in 2023.
As GDP increases, growth of the medium and heavy trucks market will increase as well. As GDP drives growth in the
market there will be more and more businesses requiring medium and heavy trucks, increasing demand in the long-rung
and boosting growth in the market. However, even though the GDP will continue to rise in the future, the medium and
heavy trucks market will remain stable or may decelerate. This is mainly due to the oversupply of medium and heavy
trucks in the future, saturating the market, meaning that businesses able to lease or buy cheaper second hand medium
or heavy trucks decreasing growth in the market.

MARKET DATA
Market value
The Indian medium & heavy trucks market grew by 17.6% in 2018 to reach a value of $10.4 billion.
The compound annual growth rate of the market in the period 2014–18 was 16%.
Table 1: India medium & heavy trucks market value: $ billion, 2014–18
Year $ billion Rs. billion € billion % Growth

2014 5.8 393.8 4.9
2015 6.9 470.9 5.8 19.6%
2016 8.6 590.2 7.3 25.3%
2017 8.9 605.6 7.5 2.6%
2018 10.4 712.1 8.8 17.6%
CAGR: 2014–18 16.0%
SOURCE: MARKETLINE MARKETLINE
Figure 1: India medium & heavy trucks market value: $ billion, 2014–18

Market volume
The Indian medium & heavy trucks market grew by 14.4% in 2018 to reach a volume of 323.4 thousand units.
The compound annual growth rate of the market in the period 2014–18 was 12.7%.
Table 2: India medium & heavy trucks market volume: thousand units, 2014–18
Year thousand units % Growth

2014 200.6
2015 232.8 16.1%
2016 283.4 21.7%
2017 282.7 (0.3%)
2018 323.4 14.4%
CAGR: 2014–18 12.7%
Figure 2: India medium & heavy trucks market volume: thousand units, 2014–18

MARKET SEGMENTATION
Geography segmentation
India accounts for 6.4% of the Asia-Pacific medium & heavy trucks market value.
China accounts for a further 69.1% of the Asia-Pacific market.
Table 3: India medium & heavy trucks market geography segmentation: $ billion, 2018
Geography 2018 %
China 113.0 69.1
Japan 22.0 13.5
India 10.4 6.4
South Korea 1.7 1.1
Taiwan 0.2 0.1
Rest of Asia-Pacific 16.2 9.9
Total 163.5 100.1%
Figure 3: India medium & heavy trucks market geography segmentation: % share, by value, 2018

MARKET OUTLOOK
Market value forecast
In 2023, the Indian medium & heavy trucks market is forecast to have a value of $18.8 billion, an increase of 80.8% since
2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 12.6%.
Table 4: India medium & heavy trucks market value forecast: $ billion, 2018–23
Year $ billion Rs. billion € billion % Growth

2018 10.4 712.1 8.8 17.6%
2019 13.0 887.9 11.0 24.7%
2020 13.9 949.5 11.8 6.9%
2021 15.5 1,057.6 13.1 11.4%
2022 17.1 1,170.0 14.5 10.6%
2023 18.8 1,286.6 15.9 10.0%
CAGR: 2018–23 12.6%
Figure 4: India medium & heavy trucks market value forecast: $ billion, 2018–23

Market volume forecast
In 2023, the Indian medium & heavy trucks market is forecast to have a volume of 514.6 thousand units, an increase of
59.1% since 2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 9.7%.
Table 5: India medium & heavy trucks market volume forecast: thousand units, 2018–23
Year thousand units % Growth

2018 323.4 14.4%
2019 392.6 21.4%
2020 409.0 4.2%
2021 444.2 8.6%
2022 479.4 7.9%
2023 514.6 7.3%
CAGR: 2018–23 9.7%
Figure 5: India medium & heavy trucks market volume forecast: thousand units, 2018–23

FIVE FORCES ANALYSIS
The medium & heavy trucks market will be analyzed taking manufacturers of medium and heavy trucks as players. The
key buyers will be taken as end-users, including truck leasing and logistics firms, and providers of raw materials (such as
metals, plastics and chemicals), textiles, electric and electronic systems, and automotive parts as the key suppliers.
Summary
Figure 6: Forces driving competition in the medium & heavy trucks market in India, 2018
The typically large size of competitors, high fixed costs and the importance of this market to many automotive players,
make it hard for players to exit the lucrative Indian market, leading to increased rivalry.
However, rivalry is somewhat alleviated by the fact that there is concentration around a limited number of players. At the
same time, competition from foreign manufacturers is reduced due to their limited presence. Markedly, foreign
manufacturers tend to ally with domestic incumbents in this market as these are tough to compete in an extremely price
sensitive environment.
Trucks buyers generally tend to have stronger financial muscle than in the passenger cars or light trucks markets, as end
users are mainly business customers (wholesalers, leasing companies and logistic services providers) as opposed to
individuals. Governments purchase trucks for military use and transportation purposes. All of this serves to increase
buyer power.
Suppliers in this market are mainly providers of raw materials and manufacturing equipment. There is fairly low
differentiation of primary raw materials such as aluminum, copper, and steel, and manufacturers have limited power to
influence the price of these commodities. Additionally, other inputs such as electronic counterparts and tires are
produced by large and specialized companies, who carry greater bargaining power.
The degree of government regulation can deter new entrants, with new trucks having to adhere to strict emissions
standards, in addition to health and safety concerns with regards to the manufacturing process and the vehicles
produced.

Buyer power
Figure 7: Drivers of buyer power in the medium & heavy trucks market in India, 2018
Truck manufacturers generally sell to dealers in the first instance. However, pull-through from end-users (companies
using trucks for in-house transportation or the provision of third-party logistics services, and vehicle leasing companies)
is expected to be important in this market. In this situation, buyer power is strengthened by the size of many end-users.
Leasing companies are less expanded in India as most end-users are credit-restricted individuals. Nonetheless, there
are logistics companies with large-scale operations in the country such as DHL, TNT Express and DTDC and Gati, which
have augmented buyer power.
Buyer power is strengthened as each individual heavy truck order from the operator of a large fleet represents a larger
proportion of total revenues than a typical passenger car or light commercial vehicle does for automotive manufacturers.
Concession agreements to meet the large-scale demand of buyers are possible, especially in the case of military
services, public transportation or large companies that are reliant on the input of trucks for their production. Buyer power
can be reduced by increasing future switching costs via these agreements. But at the same time, initiating an auction for
a concession agreement could increase buyer power, provoking fierce competition among those market players looking
to secure such a contract.
There is a low level of product differentiation from one manufacturer to another; the basic functions of medium and heavy
trucks do not differ greatly. However, manufacturers can differentiate their products on the basis of quality and reliability,
ability to meet custom specs, and after-sales service. Brand strength and reputation can diminish buyer power to an
extent as customers often display loyalty to a particular brand.
Providers of maintenance services will generally be able to deal with several manufacturers' trucks, at least for truck
makers established in the country. This strengthens buyer power. Trucks tend to be of importance to their business, and
will rarely be discretionary purchases, weakening buyer power.
Overall, buyer power is assessed as moderate.

Supplier power
Figure 8: Drivers of supplier power in the medium & heavy trucks market in India, 2018
Suppliers in this market are mainly providers of raw materials and manufacturing equipment. Switching costs are low, as
there is limited differentiation between primary raw materials, such as aluminum, copper and steel. However, truck
manufacturers may have limited power to influence the price of these commodities. A supplier's position in this market is
strengthened by their lack of reliance on single manufacturers: one truck manufacturer will only constitute a small part of
suppliers' overall revenues. Large manufacturers such as Eberspacher, Visteon Corporation and BOSCH have strong
supplier power. Nonetheless, manufacturers operating in a range of automotive segments, have greater bargaining
power over suppliers, exploiting their production scale to get discounts.
Other important inputs are much less commoditized; components such as electronic assemblies and powertrain parts
are supplied by a more limited range of specialized companies. Some tire companies such as Pirelli, Michelin,
Bridgestone, Continental and Hankook are large enough to bargain effectively with market players. However, at times
manufacturers are able to effectively outsource substantial portions of their production. Truck manufacturers often use
long-term supply contracts to defend against volatility in raw material and component prices. However, this tends to raise
switching costs.
Where components are highly specialized, it may be difficult to find new suppliers capable of offering genuine
alternatives. These factors strengthen supplier power. The importance of these inputs to manufacturers enhances
supplier power.
Overall, supplier power in this market is assessed as moderate.

New entrants
Figure 9: Factors influencing the likelihood of new entrants in the medium & heavy trucks
market in India, 2018
Entry barriers to the Indian medium and heavy trucks market are high, with companies intending to establish new
manufacturing facilities requiring significant capital outlay. The leading position of domestic incumbents with strong
brands does not leave much space for competitors.
Entry to the medium and heavy trucks market is difficult due to high fixed-costs. Players in the market require large
facilities with good infrastructure for supply and distribution, thus those kinds of areas would require high rent, increasing
fixed costs. In addition, these facilities require large supplies of electricity and water, increasing utilities costs. In order to
keep machinery and facilities up-to-date, they would require regular maintenance increasing fixed costs in the long-run.
Although entry by means of importing from existing facilities is less demanding on capital, imposed import tariffs and
duties vary from country-to-country, and it may be difficult to remain competitive with domestic manufacturers. Labor
costs in India are low for prospective entrants, but competing in productivity against giant domestic manufacturers such
as Tata Motors, Ashok Leyland or Mahindra & Mahindra can be hard.
Compliance with environmental regulations may further increase costs. Engines must comply with standards relating to
nitrogen oxide and particulate emissions. The degree of government regulation can deter new entrants, with new trucks
having to adhere to strict emissions standards, in addition to health and safety concerns with regards to the
manufacturing process itself and the vehicles produced. In India, fuel emission standards for medium and heavy trucks,
Bharat Stage IV, are less stringent than in developed markets where regulation is mostly based on Euro IV standards.
However, regulation is complex as standards apply only to the most highly populated regions at present. Nationwide
compliance is due in mid-2017. A new set of stricter emission standards – Bharat Stage VI, based on Euro VI standards
– will be enforced nationwide by mid-2020. Consequently, there is an opportunity for manufacturers that comply with
these standards to exploit a steep demand increase as outdated fleets are replaced.

Brand name is a strong component of the market, as more consumers would consider buying the products from strong
brand name companies that are easily recognizable, rather than smaller companies. This makes market entry difficult for
companies looking to enter the market without a strong brand image. In addition, big companies who are already in the
market are taking advantage of that condition, by lowering the production costs and providing lower quality products,
depending only on marketing campaigns and their strong brand name. However, due to government contracts and
competitions, those companies with strong brand names might lose power, due to the fact that government does not
consider brand names; they only consider quality and costs. Thus, if companies who do not have a strong brand name
can satisfy government demands, then they have more chances to win contracts. The selection process is only based on
quality and how much a company can lower prices. However, due to the size of strong brand name companies, they
have the ability to lower their selling prices without losing profit.
Raw material costs are highly sensitive to whether the wider economy is booming, in recession, or recovering. The
market is correlated with other industries and to an extent is dependent on their growth. Although broadly speaking it is
expected that demand for trucks and input costs will tend to correlate positively, it is nevertheless difficult for players to
maintain consistent profitability when both revenue and costs are inherently volatile. Successful entrants will need to
implement effective cost management and revenue diversification strategies from the start. Although switching costs are
not high, which favors new players, the incumbents have strong brands.
Trucks and other vehicles also require after-sales service. Garages and mechanics capable of servicing trucks made by
the incumbents may have to expand their skills to deal with unfamiliar vehicles; new entrants will therefore need to
ensure that these services will be available to potential buyers.
Overall, the likelihood of new entrants is moderate.

Threat of substitutes
Figure 10: Factors influencing the threat of substitutes in the medium & heavy trucks market in
India, 2018
Substitutes in this market are second-hand vehicles. This practice may become more common for smaller companies
with not much financial power. However, new emission standards, together with technological solutions and fuel
economy, may lead to a situation in which it is more economical to purchase new vehicles than second-hand vehicles
due to the savings more technologically advanced vehicles offer. On the other hand, end-users tend to prefer second-
hand vehicles due to lower prices. That could be the case mostly in developing countries, while in developed ones; end-
users due to their financial power prefer new vehicles.
For some buyers, more relevant substitutes may be alternative modes of transportation such as rail freight, waterways
(for example canals, rivers and lakes), or air freight. Buyers tend to be fairly reliant on the trucks market however, with
little in the way of viable alternatives for their transportation requirements. Especially, trucks used as a production-input
cannot be substituted by other means.
The actual threat to truck sales from alternative modes of transport depends on what kind of goods are carried: if high-
volume bulk commodities such as coal are the main freight carried by rail, then the threat to trucks is less, because it
would not be economical in any case to transport these goods by road, furthermore these modes of transport are not
viable alternatives if a logistics company carries out multi-drop deliveries.
Overall, the threat of substitutes is assessed as moderate.

Degree of rivalry
Figure 11: Drivers of degree of rivalry in the medium & heavy trucks market in India, 2018
The existence of large players in the Indian market such as Tata Motors, Ashok Leyland, Mahindra & Mahindra and
Eicher Motors increases rivalry. However, rivalry is somewhat alleviated by the fact that there is great concentration
within the market. Competition from foreign manufacturers is reduced due to their limited market presence. Many ally
with domestic incumbents to compete in an extremely price sensitive environment.
Some truck manufacturers are specialized, leaving them at risk from slowdown in the market and intensifying competition
from more diversified players. A combination of the number of players, and their large size, results in increased rivalry.
Differentiation exists in terms of model types and companies invest heavily in marketing to promote these models,
reducing rivalry somewhat but increasing costs.
The ease with which truck manufacturers can expand their production lines, due to spare capacity, decreases rivalry.
However, if a manufacturer finds itself lacking the capacity to meet demand, it can be time consuming and costly,
requiring the expansion of facilities. Subsequently, there are limits to competition on production, induced by the structure
of the market. Manufacturers that also provide leasing services are able to increase their competition capacity and
market share. However, this entails liquidity and a source of capital that only large players can access.
The similarity of players serves to reduce rivalry, as those with similar business models and structures are more
predictable than those with widely divergent histories and cultures, which may behave in ways that are difficult for their
competitors to predict. High fixed costs make it hard for players to exit the market.
High fixed costs and strong brand name recognition increase rivalry in the market. Medium and small companies have to
compete with large sized companies for market share, due to brand recognition.
In addition, companies with strong brand name are more capable of creating economies of scale and synergies with the
car industry. In this way, they have augmented bargaining power against suppliers and dealers and are able to transfer
innovation from the car industry to the trucks market. Their diversity could allow them to be more sustainable during
times of increased rivalry or market recession, by subsidizing their truck operations with profits from the car industry.
Consequently, their success stems from their strong car brands. Their very existence exerts competitive pressure on
smaller players, minimizing their share.

Ultimately, demand for new trucks in Indian market is dictated by the need to replace stock rather than expand a fleet. In
this way, demand is unstable, with buyers being extremely price sensitive.
Overall, rivalry is currently assessed as moderate.

LEADING COMPANIES
Ashok Leyland Limited
Table 6: Ashok Leyland Limited: key facts
Head office: 1, Sardar Patel Road, Guindy, Tamil Nadu, IND

Telephone: 91 44 22206000
Fax: 91 44 22206001
Website: www.ashokleyland.com
Financial year-end: March
Ticker: 500477, ASHOKLEY
Stock exchange: Bombay, National Stock Exchange of India
SOURCE: COMPANY WEBSITE MARKETLINE
Ashok Leyland Limited (Ashok Leyland or 'the company') manufactures and distributes commercial vehicles and related
components. The company operates seven manufacturing plants in India, including the principal unit at Ennore near
Chennai, three plants at Hosur, one plant at Pantnagar, and assembly plants at Alwar and Bhandara. It also has facilities
in the UAE, the UK and Finland.
The company operates through two reportable segments; Commercial vehicle and Financial service. However, based on
the product category, it classifies its products under: Commercial Vehicles; Engines and Gensets; Ferrous castings and
patterns; and Spare Parts and Others.
The company's product range spans from 16-80 seaters in buses, trucks, as well as light vehicles, and defense vehicles.
Additionally, it offers diesel engines for industrial, marine, and generator applications. Ashok Leyland's product range in
buses includes compressed natural gas (CNG), double decker, low floor, and vestibule buses. Its trucks product range
includes long-haul, distribution, construction, and mining trucks. The company has a product range from 2.5T GVW
(Gross Vehicle Weight) to 49T GTW (Gross Trailer Weight) in trucks. The company designs, develops, and
manufactures defense vehicles, including rapid intervention vehicles, field artillery tractors, light recovery vehicles, water
bowsers, truck fire fighters, and fuel dispensers. The company offer end-to-end solutions to meet the logistics
requirements of the armed forces. The company provides power solutions for generating set applications, industrial
applications that include earth moving equipment, compressors, cranes, harvester combines, road sweepers and marine
applications.
The company manufactures diesel engines with energy rating ranging from 40 to 200 HP for marine application. These
engines are used in front end loaders, excavators, compactors, pavers, road sweepers, harvester combines,
compressors, cranes and pumps. The company manufactures diesel engines with energy rating ranging from 10-2000
kVA for genset application. These engines are used in hospitals/clinics, commercial/residential complexes, cinema halls,
shopping malls/offices, rice mills and hotels/restaurants. Ashok Leyland’s diesel engines range between 47.5hp to 166hp
for trawlers, gillnetters, sailing vessels, marine generating sets, pavers, speed boats, passenger launches, ferries and
auxiliary drive in vessels. The company provides defense vehicles to the Indian army. It manufactures and supplies
vehicles including Fox, Stallion, Rhino, MPV and Buses to provide mobility and protection for the crews and personnel
being transported.
The company’s Financial segment offers vehicle and housing financial services.
The company’s R&D activities focus on emission conformance, fuel efficiency, vehicular performance and enhancement
of safety, aesthetics and ride comfort. It is involved in the development of its engine range and cabins.

Geographically, the company classifies its operations into two segments; India and Outside India.
Key Metrics
The company recorded revenues of $4,371 million in the fiscal year ending March 2018, an increase of 24.2% compared
to fiscal 2017. Its net income was $257 million in fiscal 2018, compared to a net income of $232 million in the preceding
year.
Table 7: Ashok Leyland Limited: key financials ($)
$ million 2014 2015 2016 2017 2018

Revenues 1,679.1 2,242.5 3,019.9 3,518.3 4,370.9
Net income (loss) (24.0) 19.6 156.5 232.3 257.3
Total assets 2,563.2 2,854.1 3,356.7 3,863.2 4,899.6
Total liabilities 1,980.0 2,194.6 2,627.0 2,928.7 3,814.9
Employees 11,552 11,204 10,352 11,906 11,835
SOURCE: COMPANY FILINGS MARKETLINE
Table 8: Ashok Leyland Limited: key financials (Rs.)
Rs. million 2014 2015 2016 2017 2018

Revenues 114,867.2 153,408.9 206,587.1 240,683.5 299,010.9
Net income (loss) (1,641.2) 1,338.9 10,706.8 15,893.5 17,603.8
Total assets 175,343.1 195,246.2 229,631.5 264,278.1 335,179.9

Table 9: Ashok Leyland Limited: key financial ratios
Ratio 2014 2015 2016 2017 2018

Profit margin (1.4%) 0.9% 5.2% 6.6% 5.9%
Revenue growth (8.4%) 33.6% 34.7% 16.5% 24.2%
Asset growth 33.9% 11.4% 17.6% 15.1% 26.8%
Liabilities growth 56.7% 10.8% 19.7% 11.5% 30.3%
Debt/asset ratio 77.2% 76.9% 78.3% 75.8% 77.9%
Return on assets (1.1%) 0.7% 5.0% 6.4% 5.9%
Revenue per employee $145,354 $200,154 $291,720 $295,507 $369,322
Profit per employee ($2,077) $1,747 $15,119 $19,514 $21,743
Figure 12: Ashok Leyland Limited: revenues & profitability

Figure 13: Ashok Leyland Limited: assets & liabilities

Eicher Motors Ltd
Table 10: Eicher Motors Ltd: key facts
Head office: 3rd Floor, Select Citywalk, A-3, District Centre, New Delhi, IND
Telephone: 91 124 7102900
Website: www.eicher.in
Ticker: EICHERMOT
Stock exchange: National Stock Exchange of India
Eicher Motors Limited (EML) is an Indian automotive company. The company is involved in the manufacture and
marketing of motorcycles. It operates in India, the US, South Africa, Srilanka, and Brazil.
The company operates through its three businesses namely, Royal Enfield, VE Commercial Vehicles, and Eicher Polaris.
EML under the Royal Enfield business engages in manufacturing of mid-size motorcycles. The company product line
includes Bullet, Classic and Thunderbird models in both 350 and 500cc displacements. It also offers continental GT
535cc cafe racer under its product line. It also organizes and supports motorcycle events and rides all over India. The
company operates 12 stores and 380 dealers in all major cities and towns in India. It also exports to over 50 countries
across the world including the US, Japan, the UK, several European and Latin American countries, as well as the Middle
East and South Asia.
The company under the VE commercial vehicles engages in designing, manufacturing and marketing of reliable fuel
efficient trucks and buses. It is a joint venture between the Volvo Group and Eicher Motors Limited. It offers a complete
range of Eicher branded trucks and buses, VE Powertrain, Eicher’s components and engineering design services, the
sales and distribution business of Volvo trucks, as well as aftermarket support to Volvo Buses in India.
Under the Eicher Polaris the company engages in design, development, manufacturing, and selling of personal vehicles
in India. The company has manufacturing facility in Jaipur, Rajasthan. It is a joint venture company between US based
Polaris Industries and EML.
Key Metrics
to fiscal 2017. Its net income was $286 million in fiscal 2018, compared to a net income of $244 million in the preceding
year.

Table 11: Eicher Motors Ltd: key financials ($)
$ million 2014 2015 2016 2017 2018

Revenues 1,277.4 0.0 1,018.8 1,160.6 1,347.7
Net income (loss) 90.0 0.0 195.7 243.7 286.5
Total assets 936.0 0.0 722.0 1,021.9 1,392.0
Total liabilities 568.3 0.0 188.0 240.6 364.3
Table 12: Eicher Motors Ltd: key financials (Rs.)
Rs. million 2014 2015 2016 2017 2018

Revenues 87,383.2 0.0 69,694.1 79,394.5 92,192.6
Net income (loss) 6,153.6 0.0 13,386.0 16,670.8 19,596.7
Total assets 64,032.3 0.0 49,391.5 69,906.6 95,222.3
Total liabilities 38,873.7 0.0 12,859.3 16,455.9 24,921.6

Mahindra & Mahindra Limited
Table 13: Mahindra & Mahindra Limited: key facts
Head office: Mahindra Towers, Dr.G.M.Bhosale Marg, Worli, MUMBAI, IND

Telephone: 91 22 24931441
Fax: 91 22 22875485
Website: www.mahindra.com
Ticker: 500520, M&M
Stock exchange: Bombay, National Stock Exchange of India
Mahindra & Mahindra Limited (M&M or 'the group') is an India-based manufacturer and marketer of utility vehicles, and
tractors. It also provides farm equipment, steel trading and processing, financial, infrastructure development, hospitality,
and information technology services. The group operates in Asia, the Americas, Europe, the Middle East and Africa, and
Australia. As on March 31, 2018, the group comprised of 141 subsidiaries and eight joint ventures.
The group operates through seven segments: Automotive, Farm Equipment, Financial Services, Hospitality, Two
Wheelers, Real Estate and Others.
M&M's Automotive segment comprises sale of automobiles, mobility solution, spares and related services. The group
manufactures and markets utility vehicles and light commercial vehicles, including three-wheelers. M&M markets its
vehicles under Alfa, Bolero, Loadking, Maxximo, REVA Electric Cars, Rexton II, Rodius, Scorpio, Thar, Verito, XUV 500,
Xylo, and e2o brand names. It exports its automotive products to several regions, including Europe, Africa, South
America, South Asia, and the Middle East. In FY2018, M&M Automotive segment recorded total sales of 548,508 units of
automotive products.
The group's Farm Equipment segment operates through Mahindra USA, Mahindra Yueda (Yancheng) Tractor, Mahindra
(China) Tractor, and Mahindra & Mahindra-Farm Equipment Division subsidiaries. It is engaged in the sale of tractors,
spare parts, and related services. Additionally, the segment offers crop care solutions and distribution of seeds. The
segment also offers power generation products under the Mahindra Powerol Brand.
M&M's Financial Services segment comprise of services relating to financing, leasing and hire purchase of automobiles
and tractors. It provides financing for UVs, tractors and cars in the rural and semi-urban sectors. Additionally, the group
offers direct insurance broking services both in the life and non-life insurance segments with a focus on retail and
commercial lines of businesses. The life insurance retail products include children's plans, endowment, money back,
retirement plans, term, unit linked plans, and whole-life plans, while the group's non-life insurance retail products cover
personal, industrial, commercial, social and liability plans.
The group’s Hospitality segment includes sale of timeshare, and providing leisure facilities to members for a specified
period each year, over a number of years, for which membership fee is collected either in full up front, or on a deferred
payment basis. The Hospitality segment operates through Mahindra Holidays & Resorts India and Mahindra Ocean Blue
Marine subsidiaries.
The group’s Two Wheelers segment comprises the sale of two wheelers, spare parts and related services.
The Real Estate segment comprises of projects, project management and development and commercial complexes
operation services.

M&M's Other Business segment comprises of logistics, after-market, two wheelers, and investment. The after-market
sector focuses on the pre-owned vehicles, servicing, spares and the financial instruments and exchange platforms. The
business units in the after-market sector include Mahindra Spares Business, Mahindra First Choice Wheels that
purchases and sells pre-owned vehicles, and Mahindra First Choice Services that is involved in multi-brand service
chain. The group's two wheeler sector is engaged in designing and marketing a range of scooters and motorcycles for
the Indian and global markets.
Additionally, the group, through Mahindra Defence Systems Limited (MDS), is engaged in two businesses: Mahindra
Defence Naval Systems (MDNS) and Mahindra Special Services Group (MSSG). MDNS provides weapons, sub-
systems and components to the Navy, ordnance factories and the Defence Research and Development Organization
and defence public sector undertakings, including Bharat Electronics Limited and Bharat Dynamics Limited. The
division's products primarily include Triple Tube Torpedo Launcher, Anti Torpedo Decoy Launcher, and other
components for the ordnance factories which go into Naval and Army weapon systems. MSSG provides corporate
security risk management consultancy services to various organizations to protect information, physical and personnel
assets.
Geographically, the company classifies its operations into two geographies, namely Domestic, and Oversea.
Key Metrics
to fiscal 2017. Its net income was $1,098 million in fiscal 2018, compared to a net income of $541 million in the
preceding year.
Table 14: Mahindra & Mahindra Limited: key financials ($)
$ million 2014 2015 2016 2017 2018

Revenues 10,740.3 10,517.4 11,761.9 13,007.5 13,633.4
Net income (loss) 682.2 458.6 469.4 540.6 1,097.9
Total assets 12,903.3 13,864.3 15,820.0 16,785.2 20,057.4
Employees 19,427 19,853 20,122 20,366 20,867
Table 15: Mahindra & Mahindra Limited: key financials (Rs.)
Rs. million 2014 2015 2016 2017 2018

Revenues 734,733.0 719,486.0 804,618.7 889,830.0 932,647.7
Net income (loss) 46,669.0 31,375.0 32,112.6 36,980.4 75,103.9
Total assets 882,703.0 948,440.0 1,082,228.9 1,148,256.1 1,372,109.1
Total liabilities 592,303.0 630,954.0 796,032.5 850,876.2 1,004,357.2

Table 16: Mahindra & Mahindra Limited: key financial ratios
Ratio 2014 2015 2016 2017 2018

Profit margin 6.4% 4.4% 4.0% 4.2% 8.1%
Revenue growth 8.1% (2.1%) 11.8% 10.6% 4.8%
Asset growth 15.4% 7.4% 14.1% 6.1% 19.5%
Debt/asset ratio 67.1% 66.5% 73.6% 74.1% 73.2%
Return on assets 5.7% 3.4% 3.2% 3.3% 6.0%
Profit per employee $35,116 $23,102 $23,329 $26,543 $52,613
Figure 14: Mahindra & Mahindra Limited: revenues & profitability

Figure 15: Mahindra & Mahindra Limited: assets & liabilities

Tata Motors Limited
Table 17: Tata Motors Limited: key facts
Head office: Bombay House, 24, Homi Mody Street, Mumbai, Maharashtra, IND
Telephone: 91 22 66658282
Fax: 91 22 66657799
Website: www.tatamotors.com
Ticker: 500570, TTM
Stock exchange: Bombay, New York
Tata Motors Limited (Tata Motors or 'the company') is an Indian automobile manufacturer with a portfolio comprising of
light commercial vehicles, medium and heavy commercial vehicles, utility vehicles, and passenger cars. It has
automotive operations in India, South Korea, South Africa, Thailand, Bangladesh, Singapore, Spain, and the UK. The
company is a part of the Tata Group, one of the leading business groups in India.
The company operates through two reportable business segments: Automotive Operations and Others.
The automotive segment is sub-divided into two divisions namely Tata and other brand vehicles; and Jaguar Land
Rover.
The automotive segment includes all activities relating to development, design, manufacture, assembly and sale of
vehicles including financing and sales of related parts and accessories. It provides financing for vehicles sold by dealers
in India.
The Tata and other brand vehicles, including financing thereof, division includes the development, design, manufacture,
assembly, and sale of vehicles. The division also includes the sale of related parts and accessories as well as the
financing for vehicles sold by dealers in India. The division offers a wide range of automotive products, including
passenger cars, utility vehicles, light commercial vehicles, and medium and heavy commercial vehicles.
Its passenger vehicle category consists of the brands such as GenxNano, Tiago, Bolt, Tigor, Zest, Nexon, Sumo Gold,
Hexa, Safari Storme. The commercial vehicle category comprises brands including Ace Range, Xl Range, Yodha Range,
Coaches, Urban Buses, Contract Carriages, Vans, Ultra Range, Sfc&Lp Range, Cargo Range and Construck Range.In
addition, through Tata Daewoo Commercial Vehicle (TDCV), the company manufactures a range of high horsepower
trucks ranging from 215 horsepower to 560 horsepower, including dump trucks, tractor-trailers, mixers and cargo
vehicles.
The company operates seven automotive manufacturing facilities for Tata Motors brand located in Jamshedpur
(Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Dharwad (Karnataka), and
Ahmedabad (Gujarat) in India. TDCV has a manufacturing facility in Gunsan, South Korea.
The company's sales and distribution network in India includes approximately 4,931 sales contact points for its
passenger and commercial vehicle business.
The Jaguar Land Rover division consists of the Jaguar Land Rover business operations that the company acquired from
Ford Motor in 2008. The sub segment operates, designs, manufactures, and sells Jaguar luxury performance cars and
Land Rover premium all-terrain vehicles (ATVs).

Jaguar's principal products include three car lines, the XF and XJ sedans, the F-TYPE two-seater sports cars and the XK
coupe and convertible. Land Rover's range of products includes the Range Rover, Range Rover Sport, including the
Range Rover Sport SVR, the Range Rover Evoque, Land Rover Discovery, including the Discovery 4 which features 7-
seat capacity, the Discovery Sport and the Defender.
Jaguar Land Rover markets products in 170 countries, through a global network of 22 national sales companies, 79
importers, 2 export partners, and 1,571 franchise sales dealers, of which 1,226 are dealers for both Jaguar and Land
Rover.
The Jaguar Land Rover business operates four automotive manufacturing facilities in the UK at Solihull, Castle
Bromwich, Warwick and Halewood. It also has five manufacturing units in Brazil, Austria, China, Slovakia, and India. The
segment also has two product development facilities in the UK at Gaydon and Whitley.
Tata Motors' other operations business division includes information technology and machine tools and factory
automation solutions. Through its other subsidiary and associate companies, the company is engaged in providing
engineering and automotive solutions, construction equipment manufacturing, and automotive vehicle components
manufacturing and supply chain activities. In addition, it provides machine tools and factory automation solutions, high-
precision tooling and plastic and electronic components for automotive and computer applications, and automotive
retailing and service operations.
Geographically, the company has operations across six regions that include India, the UK, Rest of Europe, the US,
China and Rest of World.
Key Metrics
to fiscal 2017. Its net income was $1,314 million in fiscal 2018, compared to a net income of $1,090 million in the
preceding year.
Table 18: Tata Motors Limited: key financials ($)
$ million 2014 2015 2016 2017 2018

Revenues 34,035.5 38,114.0 40,281.4 40,125.1 43,182.8
Net income (loss) 2,045.2 2,044.5 1,611.4 1,089.7 1,314.0
Total assets 32,159.3 34,886.9 39,365.8 40,017.3 48,436.7
Employees 66,593 73,485 76,598 79,558 81,090

Table 19: Tata Motors Limited: key financials (Rs.)
Rs. million 2014 2015 2016 2017 2018

Revenues 2,328,337.0 2,607,343.0 2,755,611.1 2,744,921.0 2,954,093.4
Net income (loss) 139,910.0 139,863.0 110,237.5 74,543.6 89,889.1
Total assets 2,199,983.0 2,386,580.0 2,692,976.0 2,737,543.6 3,313,505.1
Total liabilities 1,539,742.0 1,819,627.0 1,885,149.3 2,156,924.7 2,359,226.0
Table 20: Tata Motors Limited: key financial ratios
Ratio 2014 2015 2016 2017 2018

Profit margin 6.0% 5.4% 4.0% 2.7% 3.0%
Revenue growth 23.3% 12.0% 5.7% (0.4%) 7.6%
Asset growth 29.1% 8.5% 12.8% 1.7% 21.0%
Debt/asset ratio 70.0% 76.2% 70.0% 78.8% 71.2%
Return on assets 7.2% 6.1% 4.3% 2.7% 3.0%
Profit per employee $30,712 $27,822 $21,038 $13,697 $16,204
Figure 16: Tata Motors Limited: revenues & profitability

Figure 17: Tata Motors Limited: assets & liabilities

MACROECONOMIC INDICATORS
Country data
Table 21: India size of population (million), 2014–18
Year Population (million) % Growth

2014 1,238.9 1.3%
2015 1,254.0 1.2%
2016 1,269.0 1.2%
2017 1,283.6 1.2%
2018 1,298.0 1.1%
Table 22: India gdp (constant 2005 prices, $ billion), 2014–18
Year Constant 2005 Prices, $ billion % Growth

2014 1,595.4 7.4%
2015 1,716.1 7.6%
2016 1,847.6 7.7%
2017 1,990.6 7.7%
2018 2,146.3 7.8%
Table 23: India gdp (current prices, $ billion), 2014–18
Year Current Prices, $ billion % Growth

2014 2,045.6 9.0%
2015 2,337.2 14.3%
2016 2,671.5 14.3%
2017 3,035.3 13.6%
2018 3,453.7 13.8%

Table 24: India inflation, 2014–18
Year Inflation Rate (%)

2014 7.7%
2015 7.2%
2016 6.7%
2017 6.4%
2018 6.3%
Table 25: India consumer price index (absolute), 2014–18
Year Consumer Price Index (2005 = 100)

2014 215.6
2015 231.0
2016 246.5
2017 262.2
2018 278.7
Table 26: India exchange rate, 2014–18
Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)

2014 60.9620 80.8938
2015 64.1233 71.1453
2016 67.1794 74.3472
2017 65.0484 73.5945
2018 68.4090 80.6918

METHODOLOGY
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
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analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
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profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
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definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
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be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
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Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry associations
International Organization of Motor Vehicle Manufacturers (OICA)
4 rue de Berri, 8éme arrondissement, Paris, FRA
Tel.: 33 1 4359 13
Fax: 33 1 4563 8441
www.oica.net
Society of Indian Automobile Manufacturers (SIAM)
Core 4B, 5th Floor, India Habitat Centre, Lodi Road, New Delhi, 110 003, IND
Tel.: 91 11 24 647 810
Fax: 91 11 24 648 222
www.siam.in
Related MarketLine research

Industry Profile
Medium & Heavy Trucks in Asia-Pacific
Medium & Heavy Trucks in China
Medium & Heavy Trucks in Japan

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MarketLine Industry Profile

Medium & Heavy

Reference Code: 0102-0352

Publication Date: April 2019

India - Medium & Heavy Trucks 0102 - 0352 - 2018

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

Market value forecast

Market volume forecast

India - Medium & Heavy Trucks 0102 - 0352 - 2018

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

Market value ................................................................................................................................................................ 2

Market value forecast .................................................................................................................................................. 2

Market volume ............................................................................................................................................................. 2

Market volume forecast ............................................................................................................................................... 2

Geography segmentation ............................................................................................................................................ 2

Market rivalry ............................................................................................................................................................... 2

Market definition .......................................................................................................................................................... 7

Market Data ..................................................................................................................................................................... 9

Market value ................................................................................................................................................................ 9

Market volume ........................................................................................................................................................... 10

Market Segmentation .................................................................................................................................................... 11

Geography segmentation .......................................................................................................................................... 11

Market Outlook .............................................................................................................................................................. 12

Market value forecast ................................................................................................................................................ 12

Market volume forecast ............................................................................................................................................. 13

Five Forces Analysis ..................................................................................................................................................... 14

Buyer power .............................................................................................................................................................. 15

New entrants ............................................................................................................................................................. 17

Threat of substitutes .................................................................................................................................................. 19

Degree of rivalry ........................................................................................................................................................ 20

Ashok Leyland Limited .............................................................................................................................................. 22

Eicher Motors Ltd ...................................................................................................................................................... 26

Mahindra & Mahindra Limited.................................................................................................................................... 28

Tata Motors Limited ................................................................................................................................................... 32

India - Medium & Heavy Trucks 0102 - 0352 - 2018

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

Industry associations ................................................................................................................................................. 39

Related MarketLine research .................................................................................................................................... 39

About MarketLine ...................................................................................................................................................... 40

India - Medium & Heavy Trucks 0102 - 0352 - 2018

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

Table 6: Ashok Leyland Limited: key facts ....................................................................................................................22

Table 7: Ashok Leyland Limited: key financials ($) .......................................................................................................23

Table 8: Ashok Leyland Limited: key financials (Rs.) ....................................................................................................23

Table 9: Ashok Leyland Limited: key financial ratios.....................................................................................................24

Table 10: Eicher Motors Ltd: key facts .......................................................................................................................... 26

Table 11: Eicher Motors Ltd: key financials ($) .............................................................................................................27

Table 12: Eicher Motors Ltd: key financials (Rs.) ..........................................................................................................27

Table 13: Mahindra & Mahindra Limited: key facts .......................................................................................................28

Table 14: Mahindra & Mahindra Limited: key financials ($)...........................................................................................29

Table 17: Tata Motors Limited: key facts.......................................................................................................................32

Table 18: Tata Motors Limited: key financials ($)..........................................................................................................33

Table 19: Tata Motors Limited: key financials (Rs.) ......................................................................................................34

Table 20: Tata Motors Limited: key financial ratios .......................................................................................................34

Table 21: India size of population (million), 2014–18 ....................................................................................................36

Table 23: India gdp (current prices, $ billion), 2014–18 ................................................................................................36

Table 24: India inflation, 2014–18 ................................................................................................................................. 37

Table 25: India consumer price index (absolute), 2014–18...........................................................................................37