Automotive
Auto components, vehicles, and automotive manufacturing.
Industries
Key Insights
Key Principles
EV transition readiness and portfolio balance
With electric 2W penetration crossing 6.3% in CY2025 and e-scooter penetration at 16%, incumbents like TVS, Bajaj, and H...Distribution network as competitive moat
India's 2W market is deeply distribution-dependent with over 10,000 touchpoints needed for national coverage. Hero MotoC...Rural-urban demand mix drives product strategy
Rural India accounts for 50-55% of 2W demand, driven by commuter motorcycles (100-125cc), while urban demand increasingl...Current Trends
Premiumisation toward 125cc+ and performance segments
The India 2W market is shifting from entry-level commuters to 125cc+ scooters and premium motorcycles (250cc+). Royal En...Connected and smart features becoming standard
Bluetooth connectivity, turn-by-turn navigation, ride analytics, and OTA updates are becoming standard on mid-premium 2W...Battery-as-a-Service and innovative financing models
Ather Energy's Battery-as-a-Service (BaaS) model separates battery cost from vehicle purchase, reducing upfront EV cost ...Catalysts & Inflection Points
PM e-Drive scheme with Rs 10,900 crore outlay
The transition from FAME-II to PM e-Drive with a combined government commitment exceeding Rs 42,000 crore toward EVs pro...Vehicle scrappage policy driving replacement demand
India's scrappage policy mandates fitness testing for 15-year-old 2Ws with incentives for scrapping old vehicles. With a...Declining lithium-ion battery costs approaching ICE parity
Battery pack costs have declined from $150/kWh to under $100/kWh and are projected to reach $70-80/kWh by 2027. For a ty...Key Metrics
Electric vehicle penetration rate by segment
Tracks the percentage of electric vehicles in total segment sales. E-2W penetration stood at 6.3% in CY2025, e-scooter p...Average selling price (ASP) trend and product mix
Measures the blended revenue per vehicle sold, reflecting premiumisation and EV mix. Rising ASP (currently Rs 75,000-85,...Export revenue as percentage of total sales
Measures geographic revenue diversification. Bajaj leads at 45-50% export share, TVS at 25-30%, Hero at 15-18%. Higher e...Top Companies
Maruti Suzuki
Passenger Cars & Utility Vehicles · BSE:532500Passenger Cars & Utility Vehicles
BSE:532500
M & M
Passenger Cars & Utility Vehicles · BSE:500520Passenger Cars & Utility Vehicles
BSE:500520
Bajaj Auto
2/3 Wheelers · BSE:5329772/3 Wheelers
BSE:532977
Eicher Motors
2/3 Wheelers · BSE:5052002/3 Wheelers
BSE:505200
Hyundai Motor I
Passenger Cars & Utility Vehicles · BSE:544274Passenger Cars & Utility Vehicles
BSE:544274
TVS Motor Co.
2/3 Wheelers · BSE:5323432/3 Wheelers
BSE:532343
Tata Motors
Commercial Vehicles · BSE:544569Commercial Vehicles
BSE:544569
Tata Motors PVeh
Passenger Cars & Utility Vehicles · BSE:500570Passenger Cars & Utility Vehicles
BSE:500570
Samvardh. Mothe.
Auto Components & Equipments · BSE:517334Auto Components & Equipments
BSE:517334
Ashok Leyland
Commercial Vehicles · BSE:500477Commercial Vehicles
BSE:500477
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