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 companys 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, Porters 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

Intro

duction ----------------------------------------------------------------------------------------1
1.1
Overview of Industry
------------------------------------------------------------------- 2
1.2

Over

view 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

Anal

ysis ---------------------------------------------------------------------------------------------- 6
2.1
Macr
o environmental analysis ------------------------------------------------------ 6
2.2
SWO
T analysis --------------------------------------------------------------------------- 9
2.3
Porte
rs Five Force Model ------------------------------------------------------------ 10
2.4
Comp
3.0

arison with competitors ------------------------------------------------------- 12

Conc

lusions 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 2stroke motorcycles RX 100. Subsequently it introduced a full range of both 2stroke 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-weakmonsoon-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 theyre 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, Indias
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 20142015 (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

know brand.
Knowledgeable
and

and

WEAKNESSES
a

well-

capacity is below the

research

development

departments.
Quality management is very

high.
Best and quality technology

used.
Good back up support from
the parent company.

Standard of production

industry.
Channel of distribution is

very poor.
Issues of HR take place

internally.
Operational

ineffectiveness.
Problems in storage.
Lesser fuel efficiency.

OPPURTUNITIES

THREATS

Rise in raw materials

prices.
Increasing interest rates on

advantage in sports bikes

finance.
Good cars available at the

department.
Doubling the two wheeler

same price.
Increased competitors in

industry.
Exporting opportunities.

Increase
can

in

lead

urbanization
to

growing

premium bike segments.

Chance
to
take
an

the market within India and

overseas.
Better public transport will

effect two wheeler market.

Low reselling vale of
Honda.

2.3 Porters 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 4cylinder 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 Indias 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.

TATAs launch of 1 Lac car has obviously raised concerns for two
wheeler automobile industry, as customer might want to buy a fourwheeler 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 Indias

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

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

Yamahas 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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