Small commercial
vehicle – India's little
elephant
September, 2014
Contents
Page
A. Overview in a nutshell
3
B. Rapid growth & high dynamism are the hallmarks of the Indian SCV market
6
C. Demand drivers to trump short to mid term challenges
20
D. Solid growth expected but not across all sub segments
25
E. Choose wisely where to play and drive government engagement
27
This document shall be treated as confidential. It has been compiled for the exclusive, internal use by our client and is not complete without the underlying detail analyses and the oral presentation. It may
not be passed on and/or may not be made available to third parties without prior written consent from Roland Berger Strategy Consultants. RBSC does not assume any responsibility for the completeness
and accuracy of the statements made in this document.
© Roland Berger Strategy Consultants
SCV Knowledge Paper_201409010_vf.pptx
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A. Overview in a
nutshell
SCV Knowledge Paper_201409010_vf.pptx
3
SCV segment is the largest segment in the CV industry in terms of
volume and will continue to remain so over the next 6 years
Executive summary [1/2]
> Current scenario
– The SCV segment is the largest segment within the CV industry with sales of ~432k units in FY2014 contributing 60%
to the overall industry. It has outperformed all other segments declining by ~1% CAGR only over the last 2 years
against the industry average of ~11% CAGR
– The SCV Cargo continues to be the biggest segment and will account for ~80+% of the total market by FY2020
– Within the SCV Cargo segment large pick-ups (2-3.5T) have been growing & account for ~54% of the segment
– SCV Passenger is a highly regulated segment and faces tough competition from 3 wheelers. Over the last year, the
segment has suffered extremely high delinquency rates
– Tata Motors and Mahindra & Mahindra continue to be the top 2 players in the industry
– Tata Motors leads the market in the sub 2T truck category and the SCV Passenger segment
– Mahindra & Mahindra is expected to do well in the 2-3.5 Ton category in the SCV Cargo segment due to its strong
hold in the Pick-up segment. It has also managed to attract ACE customers to higher tonnage Bolero Maxi Truck
– Ashok Leyland is one of the late entrants but has been successful with Dost cornering 14% market share in the 2-3.5
Ton category
Source: Roland Berger
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SCV segment is the largest segment in the CV industry in terms of
volume and will continue to remain so over the next 6 years
Executive summary [2/2]
> Key demand drivers
– Need for last mile connectivity for both goods and people transportation. Supported by increasing rate of urbanization
– Better operating economics clubbed with better financing options making SCVs more lucrative for end customers
– New applications are being developed to expand the market prompting newer customers to buy SCVs. Poultry, milk
and water distribution industries are some of the new segments established over the last year
> Challenges
– OEMs need to continuously develop new applications and also educate the customers on the usage to continue
segment expansion
– SCV Passenger carriers rely heavily on permits issued by Government agencies. Therefore, there is a need to work
closely with the government which faces heavy lobbying from the strong 3-Wheeler unions
> Future projections
– We expect the market to get back to the growth trajectory sometime in the 3rd quarter of the current fiscal
– The SCV industry is expected to reach ~919,000 units by FY2020 growing at a CAGR of ~13% over the next 6 years
Source: Roland Berger
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B. Rapid growth & high
dynamism are the
hallmarks of the
Indian SCV market
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Overall CV Industry
SCV is a relatively new segment in the Indian commercial vehicle
industry; rapid growth turned it into the largest volume segment
CV Industry growth by segment
CV Industry market evolution [Sales volume, '000 units]
CAGR [%]
-11%
+24%
893
729
580
7%
6%
7%
7%
6%
5%
6%
6%
6%
910
5%
5%
25%
34%
38%
FY
2010-12
FY
2012-14
19.8
-6.9
LCV Goods
12.8
-23.5
4%
4%
712
6%
5%
LCV Passenger
M&HCV Passenger
7.1
-11.5
24%
M&HCV Goods
21.7
-26.4
61%
SCV1)
30.4
-1.4
35%
50%
45%
FY 2010
61%
45%
FY 2011
FY 2012
FY 2013
> SCV segment was established in 2005
with the launch of ACE Truck in the sub
2 ton category. Since then it has grown
considerably
> SCV segment grew by ~30% CAGR
between 2010-2012 whereas it only
declined by ~1% CAGR over the last 2
years. During the same time overall
industry declined by ~11% CAGR
> The SCV segment has outperformed all
the other CV segments and now
accounts for more than 60% of the CV
industry
FY 2014
1) SCV segment includes Tata Magic/IRIS segment and also <3.5 ton cargo vehicles like ACE, Dost, Super Ace, etc For this comparison we have not included hard top vans
(e.g: Omni & Eco)
Source: SIAM, Roland Berger Analysis
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Overall SCV Industry
SCV industry has been impacted by the downturn declining by 22%
over last year; SCV Passenger has declined more than SCV Cargo
SCV1) Industry growth by segment
SCV Industry market evolution [Sales volume, '000 units]
+24%
444
+30%
552
Growth rates [%]
FY
2010-12
-22%
FY
2012-14
21%
432
19%
17%
SCV Passenger
30.4
-6.9
83%
SCV Cargo
30.4
-0.2
325
261
16%
19%
79%
81%
81%
FY 2010
84%
FY 2011
FY 2012
FY 2013
> SCV Cargo segment has outperformed
SCV Passenger segment driven by
growth in the 2 Ton – 3.5 Ton category
which includes the successful Bolero
Maxi Truck
> SCV passenger faces tough competition
from 3Ws which account for more than
~85% of the segment. Also, competition
from MPV/SUV for customers looking for
comfort whereas soft top vehicles are
more in demand for shared taxi
applications
> SCV Passenger segment suffered due
to high delinquency rate and limited
government support in terms of issuance
of new permits
FY 2014
1) SCV segment includes Tata Magic/IRIS segment and also <3.5 ton cargo vehicles like ACE, Dost, Super Ace, etc For this comparison we have not included hard top vans
(eg: Omni & Eco)
Source: SIAM, Roland Berger Analysis
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SCV Cargo
Tata reinforced its dominance in the <2T category by creating the
Zip segment positioned between Ace and the 3W segment
Market share development - Goods carrier <2T
Model wise segment share trend 2010-14
191
Trump 15
M&M Gio
3%
4%
251
3%
2%
1%
2%
3%
2%
1% 1% 1%
0%
15%
167
1%
1% 4%
Porter1000
Porter600
16%
19%
18%
Maxximo
247
14%
15%
8%
65%
70%
68%
Ace Zip
> Since product launch, Ace has remained the
market leader in the <2T segment
> The 0.5T payload category competes directly
with the 3W vehicles and is priced between the
0.75T segment and the 3-Wheelers. However, it
has not managed to create a threat for 3Wheelers as the 0.5T vehicles cost at least 40%
more than 3-Wheelers
> Piaggio regained its market share with the
launch of the Porter series – Ape truck failure
mainly attributed to the product related issues
63%
Ace
2010-11
Tata Motors
Source: SIAM; Roland Berger
Mahindra
2011-12
2012-13
Piaggio
2013-14
Force Motors
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SCV Cargo
3W Cargo
3W Cargo segment has managed to hold its ground even though it
faces tough competition from SCV Cargo segment
Market share development – 3W Cargo
Model wise segment share trend 2010-14
Force Motors
91
101
1%
13%
4%
7%
7%
9%
8%
56%
2009-10
Source: SIAM; Roland Berger
0%
7%
9%
12%
97
95
0%
0% 3% 0% 8%
9%
15%
17%
Bajaj
Scooters India
Atul Auto
19%
15%
Mahindra & Mahindra
107
61%
2010-11
18%
21%
23%
54%
53%
52%
2011-12
2012-13
2013-14
Piaggio Vehicles
> Overall 3W Cargo segment has increased by
CAGR ~1% over the last 5 years. However, it
declined by ~2.5% the last year
> This segment though faces more competition
than 3W passenger since there are no
regulations in terms of permits. However, they
have managed to sustain their volumes since
they also cost ~40% less than the SCV cargo
entry range vehicles (For eg: Tata Ace Zip)
> Piaggio continues to be a market leader in the
3W cargo segment and now accounts for ~52%
of the market
> Atul Auto has been a success story. It has
gained ~10% market share over the last 5 years
driven by the launch of rear mounted engines
and their focus towards Tier II & Tier III cities
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SCV Cargo
Rapid growth of Dost indicates significant opportunities exist for new
players. Right product and good network critical for success
Market share development - Goods carrier 2-3.5T
Model wise segment share trend 2010-14
82
Winner
Trump40
Trax Pick-up
1%
110
6%
16%
2%
4%
7%
1%
1% 1%
1% 0%
14%
0%
3%
7%
4%
7%
Dost
207
Xenon
10%
15%
12%
1%
13%
4%
25%
Bolero Maxi Truck
38%
Bolero Pick-up
7%
18%
193
18%
14%
3% 0%
190
Superace
Genio
18%
53%
43%
2010-11
Mahindra
Source: SIAM; Roland Berger
2011-12
Tata Motors
33%
2012-13
Ashok Leyland
> M&M dominates the pick-up segment with its
products derived from SUV/ MUV platforms
> M&M has also managed to attract customers
from less than 2T category by keeping the price
gap between Bolero Maxi Truck and lesser
tonnage ACE to less than INR 39,000 as a
result of which it has gained 12% market share
over the last 2 years
> Most OEMs provide loans through their
financing arms in order to increase penetration
in this segment
2013-14
Force motors
Hindustan Motors
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SCV Cargo
M&M has successfully managed to convert <2T customers by
reducing the price gap between Bolero Maxi Truck & ACE
Case study – Bolero Pickup & Bolero Maxi Truck
Annual volumes and market share
Segment
share (%)
72%
57%
51%
+27%
Volumes
('000 units)
Bolero Maxi Truck
Bolero Pickup
59
15
44
62
15
48
96
63%
121
CAGR
growth rate
48
47%
73
18%
34
62
FY 2011 FY 2012 FY 2013 FY 2014
Source: SIAM, press research, primary interviews, Roland Berger
> 1.5-2T truck customers are shifting to Bolero Maxi Truck
(BMT) due to the following reasons:
– Price differential: Tata Ace which is a market leader in sub
2T category is only cheaper by less than INR 40K from
Bolero Maxi Truck
– Product differential: Incremental product improvements
makes Bolero Maxi Truck even more attractive:
- Pay load increases from 1.5T to 2.5T
- Engine displacement increases from 705 cc to 2523 cc
- Power increases from 16 HP to 62 HP
> M&M also has managed to launch several customer centric
programs in order to retain and grow SCV customer loyalty
for example:
– In May 2014, M&M launched Uday under which following
benefits are being offered to customers:
- Discounted mobile recharge coupons
- Accidental insurance (upto INR 2 lakhs)
- Referral bonus in the form of free service benefit
- Discounts on labor and spare parts
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SCV Cargo
Backup
Ashok Leyland followed a partner based approach for its SCV entry
and has established a significant brand value with success of Dost
Case study – Dost
Annual volumes and market share
Segment
share (%)
n/a
7%
18%
14%
+89%
34,794
Volumes
(units)
27,080
> First product from the Ashok Leyland Nissan Joint Venture –
based on the Nissan Vanette
> Commercial launch of Dost in September 2011 – Phased
launch covering only 6 states in the first few months
> Dost product upgrade in July 2013 to marginally increase
engine power and cosmetic changes such as headlight, tail
light, guard, steering wheel, instrumental cluster, dashboard
and rear ventilated glass
> Commission of new plant delayed due to the current market
slowdown. Plant to have a capacity of 150,000 units once
completed
> Passenger carrier (Dost Express) based on the same
platform already under trials
> Plans to have annual sales of around 45,000 in the next
couple of years
7,593
n/a
FY11
FY12
Source: SIAM, press research, primary interviews, Roland Berger
FY13
FY14
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SCV Passenger
Preference for soft top vehicles for intra-city and rural applications
has resulted in market share growth for Tata and Mahindra
Market share development – Passenger carrier1)
Model wise segment share trend 2010-14
214
235
24%
3%
8%
4%
0%
20%
Trip
Venture
32%
3%
25%
237
7%
2%
12%
2010-11
Maruti Suzuki
36%
2011-12
Tata Motors
1%
5%
11%
27%
4%
1%
Maxximo
7%
Magic
2%
20%
Soft top:
72,116 units
Maxximo
minivan
Eeco
Hard top:
118,628 units
30%
34%
2012-13
2013-14
Mahindra
Gio
Iris
21%
17%
43%
191
Omni
> Customers are increasingly
preferring soft top 4W vehicles over
the conventional 3W for urban share
taxi application
> Hard top vans are being replaced by
MPVs as end users demand more
comfort
> As a result, both Tata Motors and
M&M have managed to grow their
market share. Tata Motors owns
more than 30% of the market
> However, 4Ws have not managed to
topple 3Ws as they cost ~40% more
than 3W and weigh almost double
making them less fuel efficient
Force Motors
1) SCV segment includes Tata Magic/IRIS segment . However, for comparing purposes we have included hard top segment
Source: SIAM; Roland Berger
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SCV Passenger
3W Passenger
SCV Passenger segment has not been able to create in roads into
the 3W passenger segment where Bajaj Auto is the market leader
Market share development – 3W Passenger carrier
Model wise segment share trend 2010-14
350
425
406
441
385
2%
5%
2%
2%
3%
3%
2%
4%
4%
2%
3%
5%
10%
12%
10%
11%
Atul Auto
37%
33%
31%
30%
Piaggio
47%
47%
48%
51%
49%
Bajaj
2009-10
2010-11
2011-12
2012-13
2013-14
Force Motors
4%
1%
9%
Mahindra & Mahindra
Source: SIAM; Roland Berger
30%
Scooters India
TVS
> Overall 3W Passenger segment has
increased by CAGR ~2.4% over the last 5
years. However, it has declined by ~13%
the last year
> This segment continues to remain highly
regulated with most routes requiring
permits from government authorities
> Bajaj Auto continues to be a market leader
in the 3W passenger segment and
continues to account for ~49% of the
market
> This segment has managed to keep the
competition off from SCV Passengers
mainly due to the price gap (~40% less
than SCV Passenger). Also, they enjoy
strong lobbying with the government
bodies through the unions
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SCV Passenger
Backup
Negative growth in passenger carriers is driven by the increasing
preference for MPVs over hard top vans
Historical and projected sales, SCV passenger segment, 2011 – 2020 ['000]
Segment volumes 2011-20 – Passenger carriers1)
235
237
CAGR +1%
214
191
152
Hard tops
123
Segment share - MPV vs. Van
205
38
161
322
29%
27%
434
348
45%
45%
465
119
83
52
2011
-17%
300
70% MPV
167
Soft tops
CAGR
14-20
2012
+15%
71%
73%
55%
114
55%
72
2013
20141)
30% Van
2020
2011
2012
2013
2014
2020
> Hard top vans (primarily used as personal vehicle and as taxis) expected to have a negative growth due to shift towards MPVs and soft tops
> MPVs are preferred over conventional vans due to customer preference for better comfort and vehicle features
> Soft top vans used for intra city transport as an alternative for 3–wheelers expected to have a positive growth rate of 15% CAGR
1) SCV segment includes Tata Magic/IRIS segment . However, for comparing purposes we have included hard top segment
Source: IHS; SIAM; Roland Berger
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SCV product landscape
Key players augment their volumes by having presence across all
sub-segments in the SCV space
Product overview
GVW <1.5T
<2T
GVW
1.5-2.0T
Gio
Zip
Porter 600
Trump 151)
Maxximo
Ace
Porter 1000
Trump 40
Bolero maxi Truck
Superace
Mini truck
2-3.5T
Dost
Winner
Pickup
Trax Pickup
Passenger
carrier
Trip1)
Genio
Gio
Bolero Pickup
207
Xenon
Maxximo
Iris
Magic
Omni
Eeco
1) Not in production
Source: SIAM; Roland Berger
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SCV Industry expansion plans
Most OEMs have aggressive expansion plans in India. Significant
overcapacities to increase margin pressures in SCV
Investment landscape
SCV installed capacities ['000 units]
Selected future OEM investments in India [INR cr]
3,000
2,500
1,500
750
500,000
Isuzu
260,0001)
24,000
27,000
115,000
12,000
36,000
Total capacity : 974 k units
1) Estimated combined SCV/pickups production capacity across plants
2) Tata Motors: overall future investments in CV
Source: Company websites; Press research; Roland Berger
Ashok Leyland
Tata2)
Mahindra
250
Eicher
> Isuzu investment of 3000 Cr. for production of both SUVs and LCVs
(pickups) – Plant capacity of 100,000 in its AP plant
> Ashok Leyland Nissan JV total investment of 2500 Cr. of which 50% has
been spent already. Plant with capacity of 150,000 being built
> Tata Motors overall investment of 1500 Cr. for FY14-15. Investments
only for new product development. No additional capacity being planned
> Mahindra to invest 250 Cr. for expanding capacity in AP for SCV and
PV. Additional 500 Cr. for new product in ICV and LCV product
refreshes
> Eicher to invest 250 Cr. in the JV with Polaris. Potential additional
investments for own SCV models
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SCV applications
SCV Cargo is used in several industries across multiple
applications. SCV passenger support last mile connectivity
Application examples1)
SCV
cargo
Construction Material
delivery
Closed container
SCV
Passen-ger
School van
Cold drink/water
delivery
Cash van
Black & yellow taxi
Electrical goods
customer delivery
Mobile billboard
Private office pickup &
drop
1) Not exhaustive: Other applications include delivery vehicles for paint industry, poultry and mobile food vans etc.
Source: Company websites
Vegetable selling
Milk/water tanker
Intercity travel like
metro station pickup &
drop
SCV Knowledge Paper_201409010_vf.pptx
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C. Demand drivers to
trump short to mid
term challenges
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Demand drivers
Growth of SCV segment will be driven by volume shift from other
vehicle segments and increasing need for last mile connectivity
Key demand drivers [1/2]
1
2
3
100%
100%
69%
63%
31%
37%
’10
’25
Need for last mile connectivity
> Increase in rural consumption drives growth in the light CV segment – SCVs form an integral
part of the hub & spoke model – SCVs required to reach the last mile
> Increasing urbanization and stringent traffic regulations in major cities limiting movement of
higher tonnage vehicles also aids the growth of the LCV/SCV segment
> Metro rail network is planned/under development in as many as 10 cities across India
amounting to ~650 km of metro lines further expanding market for last mile connectivity
Urban population ratio [%]
Better operating economics
> Preference for 4-Wheel higher tonnage vehicles over the smaller 3-Wheel vehicles primarily
due to the higher profitability with the 4W vehicle
> Within the SCV segment 2-3.5T is being preferred more due to the higher tonnage while the
.75T payload category (Zip/Gio) still remains a small volume segment
Margins
4W
3W
EBITDA
31.0%
15.5%
PAT
6.8%
2.3%
RoE
19.7%
7.9%
Availability of finance/interest rates
> SCV sales depend on the ease of availability of loan, % LTV and interest rates
> Higher delinquency rates in CV loans have led to tightening of lending norms - reducing LTVs,
more stringent due diligence processes and focusing only on large fleet operators with clean
track record
Rural
Urban
Delinquency rates
4.0%
2012
2011
2.0%
2009
2010
0.0%
1
6
11
Months since issuance
Source: RBI; UN; Analyst reports; Roland Berger
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Demand drivers
Growth of SCV segment will be driven by volume shift from other
vehicle segments and increasing need for last mile connectivity
Key demand drivers [2/2]
4
5
Better product quality than 3W
> Small commercial vehicles offer more headroom, leg room and cargo area
> Small commercial vehicles also have independent strut suspensions which help in reducing
vibrations, noise, waggling and shakes while traveling. It has coil-springs with semi-trailing arm
at the rear. These features gives it a car-like driving comfort and riding comfort
> SCVs come with doors and 4Ws are considered safer than 3Ws
> As a result products like Ace Zip (0.5 T) are growing at a rate ~10-15%
Specs
4W
3W
Power
11-60 HP 8-15 HP
GVW
0.5-3T
Mileage ~10-281)
(Kmpl)
< 0.5T
~30
Development of new applications for SCVs
> OEMs have been developing several applications for the SCVs in order to increase penetration
across industries
> Some of the new applications include paint industry, poultry, small water tankers, garbage
disposals, etc.
> This has helped in expanding the market for SCVs
1) Mileage varies by tonnage category
Source: Expert Interviews, Analyst reports; Roland Berger
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Challenges
Several challenges need to be overtaken in order to achieve higher
penetration of SCV Cargo and Passenger carriers
Major challenges
SCV Cargo
> This is a relatively new segment and
not many customers are aware about
its applications
> As a result it is the responsibility of the
OEM to develop and educate
customers on the various applications
> Last mile delivery system is highly
unorganized still depending greatly on
3Ws and other traditional modes of
transportation
Overall
> Most drivers are first time users of any
automobile. As a result considerable
effort is needed to train/educate them
about the vehicle/applications, etc.
> Lack of financing options: Drivers lack
credible credit history and it becomes
difficult for banks, etc, to give them
loans
> High delinquency rates: Tough
economic situation has lead to really
high delinquency rates (especially in
SCV passenger )
SCV Passenger
> This segment relies primarily on
government permits. Therefore, it
becomes extremely important to liaise
with government authorities to procure
the permits
> 3-wheeler lobby is extremely strong
and manages to take the bigger pie of
the permits
> There is a price gap of ~INR 90k
between SCV Passenger and 3Wheelers making it difficult for 3Wheeler customers to graduate to 4Wheeler carriers (Sales 3W: ~480k,
SCV P: ~72k)
> Considerable effort still needed to improve the penetration of SCV Cargo and Passenger carriers like better financing
schemes
> Need to develop an eco system around this segment including driver training schools, SCV Passenger carrier
unions/associations to counter the powerful 3W lobby and actively liaise with Government authorities
Source: Expert interviews, Roland Berger Analysis
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Challenges
Backup
Strong 3-Wheelers unions lobbying and lack of coordination
between government bodies impact SCV passenger carriers
Press clips
Source: Press clips
SCV Knowledge Paper_201409010_vf.pptx
24
D. Solid growth
expected but not
across all sub
segments
SCV Knowledge Paper_201409010_vf.pptx
25
Future outlook & projections
SCV industry will grow at a CAGR of ~13% till FY 2020 driven by
demand for better quality last mile connectivity/delivery vehicles
SCV Industry projected market evolution
['000 units]
Growth rates
[%]
> Growth projections are based on the regression
analysis based on GDP growth as SCV
FY
2013-20
FY
2014-20
> Rise in demand of SCVs in the rural sector driven
by better connectivity, rising income levels and
further urbanization of tier 3/4 towns and cities
5.6
15.1
> OEMs will continue to focus on this high growth
sector due to low penetration and huge potential
customer base
919
+13%
18%
SCV Passenger
552
21%
79%
FY
2013
432
17%
82%
83%
FY
2014
SCV Cargo
> Steady government for the next 5 years that is
focused on infrastructure development like metro
rail network and other growth related policies
8.0
13.1
> Customer preferences will continue to evolve
(soft tops, MPV/SUV, higher tonnage vehicles)
ensuring OEMs continue to innovate to develop &
market products as demanded
FY
2020
1) SCV segment includes Tata Magic/IRIS segment and also <3.5 ton cargo vehicles like ACE, Dost, Super Ace, etc For this comparison we have not included hard top vans (eg: Omni & Eco)
Source: SIAM, Roland Berger Analysis
SCV Knowledge Paper_201409010_vf.pptx
26
E. Choose wisely
where to play and
drive government
engagement
SCV Knowledge Paper_201409010_vf.pptx
27
Recommendations
OEMs need to focus on developing applications, understanding
customer needs and liaising with government authorities
Recommendations
> Understand the customer requirements as they keep on evolving. For example: Over the last 2 years customers
have moved to higher tonnage pickups. Important to pre-empt these trends and adapt
> Liaise with the local government authorities in order to further promote SCV Passengers
OEM
> Continue to spread awareness around the benefits, applications etc among its potential customers to further
grow the market
> Develop new applications in order to expand the market. Paint distribution, gas cylinders, water, waste disposal
examples of some of the new applications
> Develop drivers for this segment as majority of the end users belong to lower economic section of the society
and most likely will be the first time users of any kind of automobile
> Start investing and promoting infrastructure projects like Metro rail networks across the various congested cities.
This will help create opportunities for last mile connectivity
Government
> Streamline the Permit issuance system for SCV passenger carriers and create an environment for healthy
competition between SCV Passenger carriers & 3-Wheelers
> Come up with schemes like cheaper financing options to promote the usage of SCVs, specially in the rural
segment in order to further promote connectivity of rural areas with urban centers
Source: VECV; Roland Berger
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Please contact us in person if you have any questions
Your contact at Roland Berger Strategy Consultants
Dr. Wilfried Aulbur
Jeffry Jacob
Managing Partner
Senior
Project Manager
E-mail:
wilfried.aulbur@rolandberger.com
E-mail:
jeffry.jacob@ rolandberger.com
Mobile:
+91 9920 6301 31
Mobile:
+91 8879 3876 35
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