bscm assignment- india yamaha motor.docx
TRANSCRIPT
ANLYSIS OF INDIA YAMAHA MOTOR IN INDIAN AUTOMOBILE INDUSTRY
Executive Summary
India Yamaha Motors is one of the major players in premium segment of motorbikes in
India. (Bureau, 2015) Said, India Yamaha Motor registered a growth of 15 per cent and 13 per
cent in August 2015 and September 2015 respectively. The increase in sales is due to the
company’s customer centric activities, expansion in dealerships in the country and addition of
new models. In this report we studied the prevailing trends in the two wheeler industry using
macro-environmental analysis, Porter’s Five Force model and SWOT matrix. We found Indian
governments initiatives programs like “Make in India”, 100 percent FDI in Automobile industry
and support to hybrid and electric vehicle are making this industry highly competitive. Also, the
focus of customers is shifting towards premium segment of bikes in urban areas whereas the
rural market segment prefers commuter bikes. For motorbike manufactures the scope is vast
due to increase in household incomes, major composition of population is young people, stable
economy of the nation. Whereas there are some threats as well for the current players in the
industry which are easy entry of competitors from other countries, domestic manufactures like
Bajaj are going global to get expertise in technology and government initiatives to promote
electric and hybrid vehicles. India Yamaha Motor is focusing on premium segment and it should
come out with more commuter bikes to capture the rural market.
Table of Contents
1.0 Introduction ----------------------------------------------------------------------------------------- 1
1.1 Overview of Industry ------------------------------------------------------------------- 2
1.2 Overview of the Company ------------------------------------------------------------- 4
1.3.1 India Yamaha Motor Pvt. Ltd -------------------------------------------------- 4
1.3.2 Core Competencies -------------------------------------------------------------- 5
1.3.4 Product Category -----------------------------------------------------------------5
2.0 Analysis ---------------------------------------------------------------------------------------------- 6
2.1 Macro environmental analysis ------------------------------------------------------ 6
2.2 SWOT analysis --------------------------------------------------------------------------- 9
2.3 Porter’s Five Force Model ------------------------------------------------------------ 10
2.4 Comparison with competitors ------------------------------------------------------- 12
3.0 Conclusions and Recommendations --------------------------------------------------------- 15
References
1.0 Introduction
Yamaha motors entered into India in 1985. Subsequently, in the year 1996 it moved into
a joint venture (50:50) with Escort group. Nonetheless, Yamaha gained all the remaining stakes
in the year August 2001, getting a complete control over the Indian operations in the form of
100% subsidiary from Yamaha motors Co. Japan (YMC).
The company initially started by launching its bike segments 100 cc 2-stroke motorcycles
RX 100. Subsequently it introduced a full range of both 2-stroke and 4-stroke motorcycles with
106 cc, 113 cc, 149cc, 153cc, 998cc, and 1679cc in India.
In the recent sales report of the two-wheelers in June 2015 we see that India
Yamaha Motors is in the fifth place with the sales of units 51,432, and TVS Motor Co, Bajaj
Auto, Honda Motorcycle and Scooter India (HMSI) and Hero Motor Corp are having huge sales
when compared to India Yamaha. However, we see that there was a vast growth of 26.47% in
the sales of India Yamaha when compared to the sale of June 2014. We see that the sales are
low when compared to the competitors however the trend of using India Yamaha bikes has
increased and we can see the increase in growth (www.autocarpro.in).
Fig 1: Sales report in June of different companies.
Source:http://www.autocarpro.in/analysis-sales/car-sales-stutter-june-weak-monsoon-fears-slack-rural-demand-hcvs-shining-8768)
India Yamaha has switched its focus to the bikes with premium segments and is also
concentrating on supplying the customers with a wide range of products with its own
engineering marvels which gives Yamaha a unique place in the market. We have also observed
the change in the above sales report showing a tremendous increase on the growth of the
company. Yamaha should also focus on the lower segment bikes which are doing well in its
competitors industries like Bajaj, Hero, HMSI and TVS and which are also preferred by a major
population in India.
1.2 Overview of the Industry
Two-wheeler Indian auto industry in the global market is one of the huge industries with
a large annual production of vehicles of 23.37 million till September 2015. And an increase in
the growth to 8.68 per cent compared to 2014(Industry.com, 2015). It covers a major area of 81
percent of the automobile industry. Since 1995, this industry was in existence. Below is a pie
chart which gives us the information of the market shares by volume of two-wheelers in India.
The sale of two-wheelers has increased slightly by 0.52 percent compared to 2014.
In FY 2014-2015, compared to last year there was an increase of 15 percent in the
automobile exports. In summation, with the help of government of India and major automobile
companies they are trying to make India a Leader in the segments of both two-wheeler and
four-wheeler in the whole world by end of 2020.
Figure 1: Forecast of two-wheeler usage in India till 2020
(Source: http://www.ibef.org/industry/india-automobiles.aspx)
The recent sales report by India Yamaha shows that they have crossed 70,000 units in
the month of October 2015, recording an increase of 29 percent (Motor, 2015).
The Motor Industry represents the interest in the distribution of cars, trucks, and
motorbikes. These industries mainly considers the issues like vehicle safety, emissions,
economy of fuel, standards of customers and also codes of practice. The motor industry in India
is one of the largest automotive markets when compared to other countries in the world. When
compared to the previous year, the growth of market from 2009 is running in either flat or in
negative. However, in 2010 automotive vehicles of more than 3.7 million were produced. Then,
the growth rate had suddenly risen to 33.9%. From that year, India stood in 2nd place in
automobile market was China takes the first. In 2015, the annual sales had increased up to 4
million. There were nearly 3,695 factories which produce automotive parts all over India in
2011.
Basing on car companies, there are some companies that invest in India are US
automakers general motors' & Ford, German's BMW, France's Renault and Suzuki, Toyota&
Honda of Japan's.
Among all these companies, Yamaha is one of the main and best company which sells
large number of motor bikes in India.
Automotive industry plays a major role in the economic growth and also it plays a major
role in the economic growth and in the rapid economic development of industry in a country.
This automotive industry also contributes a lot in the GDP of the nation, provides business and
many employment opportunities.
The crucial area of Yamaha is to focus on the critical factors on the automobile industry
like meeting the competition by the competitors with its new technology, improved design,
training its employees and planning their strategies.
1.3 Overview of the Company
1.3.1 India Yamaha Motor Pvt. Ltd: There many others Yamaha Motor Group Companies in
India such as:
Yamaha Motor India Pvt. Ltd. (YMI)
Yamaha Motor India Sales Pvt. Ltd. (YMIS)
Yamaha Motor Research & Development India Pvt. Ltd. (YMRI)
This company is always committed to be the Exclusive and a well-known brandfor marketing
and manufacturing of YAMAHA products. They always focus on serving their customers where a
long term relationships can be built by raising their lifestyle by excellent performance in design
and by using innovative technology. All their innovative ideas will be depending upon the
changes required by their customers.
1.3.2 Core Competencies
Customers: Put customers first in everything they do. All the decisions will be taken by
keeping customers in mind.
Challenging Spirit: They always struggle for excellence in everything, mainly regarding
the quality of goods and the services providing to the customers. They work very hard to
achieve very efficient and faster results on what they commit and never give up.
Team-work: As a multicultural team they believe in working cohesively with their
colleagues which builds trust, respect, mutual understanding and cooperation. They
believe that everyone's contribution has equal importance for success.
Frank & Fair Organization: The Company is always honest, sincere, very open minded,
very fair and transparent in all the dealing. They actively listen to all level of employees
who participates in healthy and frank discussions conducted by the company in order to
achieve organizational goals.
1.3.4 Product Category
Motorcycles: knockdown parts for overseas and intermediate parts for products at
64.3% of its net sales.
Marine procucts: Outboard motors, personal watercraft, boats, FRP pools, fishing boats
and utility boats at 18.2% of its net sales.
Power products:All terrain vehicles, snow mobiles, golf cars, generators and other
multi-porpose engines at 9.3% of its net sales.
Industrial machinery and robots: Industrial robots, Surface counters and wheelchair
electric power units at 2.6% of net sales.
Others: Automobile engines, electrically power assisted bicycles, automobile
componentsand industrial used unmanned helicopters at 5.6% of net sales.
2.0 Analysis
2.1 Macro- Environmental Analysis
PESTLE analysis, which is sometimes referred as PEST analysis, is a concept in marketing
principles (Analysis). Moreover, this concept is used as a tool by companies to track the
environment they’re operating in or are planning to launch a new project/product/service etc.
The analysis was given the name in reference to the acronym formed by the initials of
the six categories of the six macroeconomic factors included in the model (Political, Economic,
Socio- cultural, Technological, Legal and Environment) (Marmol). Firstly, the model permits
supervisors to recognize the macroeconomic obstacles to think critically for the improvement
of the business (opportunities versus potential risk) for which recognition remains generally
imprecise. At the point the model can start conceptualization of diverse situations taking into
account these indefinite variables to better anticipate the future and settle on right choices
today for a better future.
In this report we have conducted a PESTLE analysis of two wheeler industry in India for India
Yamaha Motor Pvt. Ltd. Now we will discuss the impact of macroeconomic factors on India
Yamaha Motor.
Political Factors:
India is one of the largest democratic countries in the world. The political parties have a
great control over the formation and amendments of the policies.
(Majumdar, 2014) Said “prevailing ruling party has set the foundation for a stable central
government for the next five years. Political stability has significantly reduced downside risks to
the economy.”
The government has taken following initiatives for the automobile industry:
(Foundation, 2015) Stated, the government plans to encourage eco- friendly vehicles in the
nation- CNG based vehicle, hybrid vehicles, and electric vehicles, furthermore made compulsory
5 percent ethanol mixing in petrol.
Further it said, the government has made a scheme for Faster Adoption and
Manufacturing of Electric and hybrid Vehicles in India, under the National Electric Mobility
Mission 2020 to empower dynamic initiation of consistent, reasonable and effective electric
and hybrid vehicles in the country. Also, it encourages 100 per cent Foreign Direct investment
in automobile sector under the automatic route.
Government of India has introduced a new national plan called “Make in India” which
invites manufactures to manufacture in India and export their products to other countries. It
focuses on 25 sectors and automobile sector is one of those(Equity, 2015).
Economic factors
Published, it is estimated that Indian economy will develop at 7.8 percent in FY 2015-
2016 and 8.2 per cent in FY 2016-17 according to the estimates by Asian Development Bank
(ADB)(Equity, Indian Economic Review , 2015).
Also states, “In second quarter of calendar year 2015, India’s consumer confidence
continues to be the highest globally riding on a positive economic environment and low
inflation.” It is anticipated that spending power of consumers will double by 2025(Equity,
Indian Consumer Market, 2015).
If we talk about the sales of motorbikes in India, it has raised 2.50 per cent and two
wheelers exports recorded a rise of 4.42 percent in FY 2014-2015 (Manufacturers)
So we can say that economic stability and low inflation will raise incomes of consumers
in India and which in turn will raise the purchase of automobiles in India.
Social Factors
The growth in young and middle class population provides an opportunity to two
wheeler segment of automobile sector to grow (Industry.com, 2015). Now, the companies have
started discovering rural markets as well which adds to the growth of this industry in India. The
education level has also risen in country and people now have better knowledge for making
choices.
Technological factors
Published, a few bike companies have pointed out that access in urban territories for
motorcycles, which include major piece of sales, has been high in the most recent couple of
years(Mint, 2015). The buyer profile in urban territories has experienced a movement towards
premium, powerful bikes, as reflected in growth rates of Royal Enfield at a reliable 40-50
percent consistently. Purchasers appear to lean toward entry level cars rather than low-end
bikes.
Another technological factor that affects motorbike segments is government promoting
manufacturing and development of electric and hybrid vehicle in India.
Companies like Bajaj and TVS are going for global tie ups with KTM and BMW
respectively to obtain their technical expertise (Partners, 2014)
Environmental Factors
Increase in number of vehicles is leading to increase in the pollution in India. Companies
need to come out with eco- friendly vehicles (Ali, 2014). The increase in numbers of vehicles has
overcrowded the roads due to poor infrastructure.
Legal Factors
The labor pool and labor regulations are weak in India. There are strict work regulations
and rigid frameworks pose difficulties (Market). Now government is making efforts to make it
easy for set up and operate business in India such as “Make in India” program.
Key Drivers for change
As discussed in the analysis above the key drivers which are influencing change in
automobile industry as a whole and motorbike industry in India are “Make in India” program of
government, FDI policy has made it easy to set up and operate business in country ,government
support to promote hybrid and electric vehicles. Also, the domestic manufactures like Bajaj are
investing in global companies to get their expertise in technology. All such factors are making it
a highly competitive industry. Whereas the shift in demand to premium segment of bikes and
increasing youth population and export friendly policies of government gives a scope to
expand. Company should come out with strategies to meet the consumer demand in premium
segment and it should also exploit the rural segment of consumer market for motorbikes. It
should work on the technology to come out with more efficient and eco friendly vehicles.
2.2 SWOT Analysis
STRENGTHS
Established and a well-know brand.
Knowledgeable research and
development departments.
Quality management is very high.
Best and quality technology used.
WEAKNESSES
Standard of production capacity is
below the industry.
Channel of distribution is very poor.
Issues of HR take place internally.
Operational ineffectiveness.
Good back up support from the parent
company.
Problems in storage.
Lesser fuel efficiency.
OPPURTUNITIES
Increase in urbanization can lead to
growing premium bike segments.
Chance to take an advantage in sports
bikes department.
Doubling the two wheeler industry.
Exporting opportunities.
THREATS
Rise in raw materials prices.
Increasing interest rates on finance.
Good cars available at the same price.
Increased competitors in the market
within India and overseas.
Better public transport will effect two
wheeler market.
Low reselling vale of Honda.
2.3 Porter’s Five Force Model
This device is a basic and capable instrument for understanding where power lies in a business
circumstance. This is valuable, in light of the fact that it offers assistance with understanding
both the quality of current aggressive position and the position company considering to move
in. Here we will discuss the power of India Yamaha Motor in India and upcoming trends in the
industry.
Threat of new entrant
Easy entry of new manufactures due to government initiatives like Make in India and
FDI.
Higher bikes such as Kawasaki Ninja (Price at Rs 2.7 lacs, Ninjas a 250cc 4-stroke bike)
BMW bikes (Price at Rs 18 lacs upwards and models like R 1200 GS,S 1000 RR and bigger
K series bikes with 4-cylinder engines), Ducati (Priced up to Rs 10-45lacs, with 15
different models including, Hyper Motard, Monster, Street Fighter, Desmosedic RR, SBK
and Sport Classic, which are powered by 696- 1,198cc engines) have also entered into
India as they have global presence and strong brand recognition worldwide, Yamaha
R15, R1 can face competition from these players, but the customer base in high end
market is not very important.
Industry growth rate (CAGR) in past decade is almost 10% which is definitely not so
much lucrative after liberalization and India’s GDP growth up to 8%.
Capital investment in setting up the production plant, the costs incurred, supply chain
management will be high.
Distribution channels would be hard and capital intensive incase the competitor does
not tie up with an existing player (e.g. Kawasaki has tie up with Bajaj Motor Limited).
Threat of Substitutes
They face direct competition from the automobile sector such as the E bikes such as Yo
bike BSA, Electric bikes; E-bike bike India, with the increasing prices of crude oil and gas,
the demand for such types of bikes is increasing slowly but in accurate fashion.
TATA’s launch of 1 Lac car has obviously raised concerns for two wheeler automobile
industry, as customer might want to buy a four-wheeler which is available to them
almost at comparable price. Although the theory was there that after the launch of
TATA NANO there might be a drop of 20% in growth of two wheelers, the decrease is
definitely there but not at such high extent.
The price of substitutes like E-bikes and Kinetic would be lower in comparison to NANO
but relative quality such as engine, features bikes like FZ, Karizma, R15 would have an
good mark.
Reasons for choosing substitutes may relative quality of substitutes is higher.
Switching costs is lower.
Threat of substitute is high.
Rivalry among competitors
Competitors like Bajaj Auto, Hero Honda, KMC, Royal Enfield, TVS, LML and the size of
competitors is large and they have enough operational excellence and financial support.
Product differentiation is low as the product is being matched in a few months by
competitor and the Industry growth rate(CAGR) in past decade is almost 10% which is
definitely not so much deal and India’s GDP has grown up to 8%.
The switching costs are low as each company has its own portfolio of products and it can
provide to each and every segment.
Price and Quality of the products plays an important role for rivalry among competitors.
Methods adopted to attract customers -Discount and availability of loans, low rate of
interest and long term guarantees to attract customers.
Every company in industry changes the mode ongoing basis to show differentiation in
their competitors.
Rivalry among sellers is high.
Bargaining power of suppliers
They change their model on continuous basis by creating good contact between their
suppliers.
Some of the components in two wheeler industry sellers have the bargaining power i.e
steel, batteries, tires and tubes etc.
The automobile supply business is quite small part.
Bargaining power of suppliers is low.
Bargaining power of buyers
The high income which makes the buyers less price sensitive and decreasing the
bargaining power.
The expectations are high regarding the styling of the bikes and its power.
Due to drastic increase in the various models of bikes coming up, the buyers are
empowered to large extent.
Increasing level of education of buyers.
Bargaining power of buyers is high.
2.4 Comparison with Competitors
Yamaha has many competitors like Bajaj, Hero and Honda. As Yamaha is known for
producing racing engines like speed boats, jet skis etc., it has essentially concentrated on
building bikes with more cubic capacity power with stylish appearance. All Yamaha bikes are
particularly made with cutting edge technology featuring aerodynamic design. These bikes
largely attract youngsters and bikers as they are the fastest racing bikes. When compared to the
other company bikes with different cubic capacity Yamaha offers bikes with a higher range of
price and very limited power engines. However on the other hand, its competitors like Honda
and Bajaj have given a wide range of options to the people with different cubic capacity power
and at affordable rates.In India, majority of the population prefer commuter bikes which give
more miles on fuel and are also affordable. For example, in the below pie chat we can see the
volume of market share covered by Yamaha which is less when compared to its competitors.
Bajaj motorcycles are used by a majority of the population as they offer wide range of options
in motorcycles in the form of cubic capacity, appearance, and comfort and also at affordable
prices which is drawing nearly 40 percent of the population. However, there is slight growth of
1.46 percent for Yamaha in the market share when compared to 2013(Marketshare Shifts in the
Two-Wheeler Market, 2015). We see an increasing trend of the usage of Yamaha bikes by
youngsters who are more attracted to it because of the appearance, speed and engine
performance.
Fig 4: Comparison of market share of different motorcycle companies in the year 2013 and 2014.
(Source: http://indiaautoreport.com/marketshare-shifts-two-wheeler-market/)
Below are the links of the advertisements of Yamaha and its competitor Bajaj. We can
see that Yamaha is advertising and attracting only a particular age group which is 20-30 years.
And the look of the model is stylish with a compact body made for racing and for people who
prefer riding at a higher speed. On the other hand we have Bajaj discover which is also stylish,
however less when compared to Yamaha. Nevertheless it is attracting a major age group in the
population as it is comfortable, with DTS-I engine, and providing higher mileage which is the
major area of interest for most of the population and at more affordable range.
Link - Yamaha R15 150 cc - https://www.youtube.com/watch?v=HSEzjBFI1PE
Link - Bajaj Discover 150 cc - https://www.youtube.com/watch?v=DoU32Wd2kP0
3.0 Conclusions and Recommendations
Yamaha is a well-established company however to meet the competition in the
automobile industry it has begun to focus on premium segment bikes. The usage of premium
segment bikes has equally increased in both urban and rural areas in India, due to the
increasing interest in technology, education and also higher household incomes potential
customers. There is a huge scope for Yamaha to meet the competition with its rivals like Bajaj,
Hero, HMSI and TVS. In the recent sales report of September we see that there is a tremendous
increase in sales of 15 percent. Concentrating on premium segment bikes, Yamaha should
simultaneously focus on the low segment bikes as well like commuter bikes, which are
affordable by middle class people who prefer mileage over style and speed. Yamaha should also
watch for its competitors in future who are inclined towards producing e-bikes and who are
merging with foreign companies like BMW for its technology and brand.
Below are few recommendations for Yamaha to improve:
Yamaha should increase their production capacity
Yamaha India has a wide market of premium bikes like sports bikes, racing
bikes etc., in urban areas and entry segment bikes in the rural areas to focus on. Hence,
it should plan and increase its capacity of annual production in comparison with its
competitors.
Primary focus on metro cities
Yamaha should start focusing majorly on metro cites for their premium bike
segments as there is a huge scope of earning capacity by youth when compared to two
tier cities. The focus should be less on the two tier cities because of the condition of the
roads which do not allow speeding, in these cases there is a chance of rejection by the
population and an impression of spending more money for the bikes.
Introduction of new models
Yamaha’s competitors like Bajaj and Hero have bikes with a wide range of
options in their cubic capacity like 120cc, 180cc, 200cc and 250cc. However, Yamaha has
bikes only with a limited range of 113cc, 149cc 153cc and has too high cubic capacity
bikes like 998cc and 1679cc which are very high in price. So it should concentrate on
providing customers with a wide range where they have an option to choose.
Promotion after sales
Yamaha should also focus on giving out promotions for their new releases like
discount on first 100 bikes etc., so that they can attract customers where, customer will
have a chance to thoroughly look and feel the quality of the bike.
Focus on advertisements
Yamaha can concentrate on their advertisements by creating ads which attract
all types of customers in age. They should concentrate on youth majorly, however they
should also focus on attracting the other age groups as well by their ad campaigns.
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