According to the Society of Indian Automobile Manufacturers (SIAM), Indian auto sales for December 2013 came in at 232,918 units, a decline of 12.9% y-o-y. Looking at recent trends, our full FY2013/14 (April-March) sales growth forecasts may be a tad optimistic and we are therefore downgrading them slightly. We now forecast auto sales for the full fiscal year to contract 6.7%, to 3.2mn units, from a 4.6% contraction previously.

BMI Industry View 7

SWOT 9

Political 11

Economic 13

Business Environment 15

Industry Forecast 17

Production And Sales 17

      Table: India Autos Sector - Sales And Production, 2012-2019 17

Trade 19

      Table: India Autos - Trade, 2011-2018 19

Passenger Vehicles 23

Forecast 23

      Table: India - December Sales Of Select Carmakers (Units) 25

      Table: India Autos Sector - Passenger Vehicles, 2012-2019 26

Company Developments 26

Commercial Vehicles 32

Industry Forecast 32

      Table: India Autos Sector - Commercial Vehicles, 2012-2019 32

Company Developments 33

Motorcycles 35

Sales 35

      Table: Motorbike And Scooter Sector, 2012-2019 36

Suppliers 37

Industry Developments 37

Macroeconomic Forecast 46

Economic Analysis 46

      Table: INDIA - ECONOMIC ACTIVITY 51

Industry Risk Reward Ratings 52

Asia Pacific - Risk/Reward Ratings 52

      Table: Asia Pacific Autos Risk/Reward Ratings 55

Company Profile 56

Company Monitor 56

Hyundai Motor India 59

Maruti Suzuki 60

Tata Motors 61

Mahindra & Mahindra 62

Bajaj Auto 63

Regional Overview 65

      Table: Vehicle Sales 2013 (CBUS) 65

Global Industry Overview 70

      Table: Passenger Car Sales November 2013 (CBUs) 70

Europe On Road To Recovery 70

Tax Hike Skews Japan's Outlook; US Hits Sweet 16 72

China Is BRIC Bright Spot 74

Demographic Forecast 77

Demographic Outlook 77

      Table: India's Population By Age Group, 1990-2020 ('000) 78

      Table: India's Population By Age Group, 1990-2020 (% of total) 79

      Table: India's Key Population Ratios, 1990-2020 80

      Table: India's Rural And Urban Population, 1990-2020 80

Methodology 81

Industry Forecasts 81

Sector-Specific Methodology 82

Sources 82

Risk/Reward Ratings Methodology 83

      Table: Automotive Risk/Reward Ratings Indicators And Weighting Of Indicators 84

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