July 2017
India Automotive Fuel Injection Systems Market Outlook to 2022
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India Automotive Fuel Injection Systems Market Outlook to 2022
T ABLE OF C ONTENTS 1. Executive Summary Market Scenario Market Segmentation Competitive Landscape Future Outlook 2. Research Methodology 2.1. Market Definition and Size 2.2. Abbreviations 2.3. Market Size and Modeling Research Methodology Market Sizing Approach Variables Dependent And Independent Multifactor Based Sensitivity Model Regression Matrix Limitations Conclusion 3. India Automotive Fuel Injection Market Overview and Genesis 4. Value Chain Analysis of India Automotive Fuel Injection Systems Market 4.1. Major Entities Involved in Value Chain 4.2. Major Problem in Value Chain 5. India Automotive Fuel Injection Systems Market Size, FY’2012-FY’2017 6. India Automotive Fuel Injection Systems Market Segmentation 6.1. By Automotive Segment (Two-Wheeler, Four Wheeler, Light and Heavy Duty Commercial Vehicle and Others), FY’2017 6.2. By OEM and Aftermarket Sales, FY’2017 6.3. By Technology (Gasoline Port Injection, Gasoline Direct Injection and Diesel Direct Injection), FY’2017 6.4. By Component (Engine Control Unit, Fuel Injectors, Fuel Pressure Regulator and Fuel Pump), FY’2017 6.5. By Organized and Unorganized Sector, FY’2017 7. Snapshot on Comparison of Fuel Injection Systems with Carburetors 8. Pricing Scenario for Automotive Fuel Injection Systems 9. Trade Scenario for Automotive Fuel Injection Systems in India 9.1. By Exports (Value and Major Destinations), FY’2011-FY’2016 9.1.1. Fuel Injection Equipment (Spark Ignition Engine), FY’2011-FY’2016 9.1.2. Fuel Injection Equipment (Compression Engine), FY’2011-FY’2016 9.2. By Imports (Value and Major Destinations), FY’2011-FY’2016 9.2.1. Fuel Injection Equipment (Spark Ignition Engine), FY’2011-FY’2016 9.2.2. Fuel Injection Equipment (Compression Engine), FY’2011-FY’2016 10. Trends and Developments in India Automotive Fuel Injection Systems Market 11. Snapshot on Emission Norms in India 12. Issues and Challenges in India Automotive Fuel Injection Systems Market © Licensed product of Ken Research; should not be copied
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India Automotive Fuel Injection Systems Market Outlook to 2022
13. Porter Five Forces Analysis in India Automotive Fuel Injection Systems Market Low Threats of New Entrants Moderate Bargaining Power of Consumers High Rivalry Among Competitors Moderate Bargaining Power of Suppliers Low Threat of Substitutes 14. End User Analysis for Purchasing Fuel Injection Systems 14.1. Decision Making Parameters OEMs Consider Before Purchasing Fuel Injection Systems 14.2. Problems Which OEMs Generally Face From Manufacturers 15. Competitive Landscape of Major Players in India Automotive Fuel Injection Systems Market 15.1. Bosch Limited 15.2. Delphi-TVS 15.3. Cummins Technologies India Private Limited 15.4. Unorganized Manufacturers in India Automotive Fuel Injection System Market 16. Market Share of Major Organized Players in India Automotive Fuel Injection Systems Market 17. India Automotive Fuel Injection Systems Market Future Outlook and Projections, FY’2018-FY’2022 Replacement of Carburetors Stringent Emission Norms 17.1. By Automotive Segment, FY’2022 17.2. By OEM and Aftermarket, FY’2022 18. Analyst Recommendations 19. Macroeconomic Factors Affecting India Automotive Fuel Injection Systems Market 19.1. Two Wheeler Production, FY’2012-FY’2022 19.2. Three Wheeler Production, FY’2012-FY’2022 19.3. Passenger and Commercial Vehicles, FY’2012-FY’2022 19.4. India Used Car Sales, FY’2012-FY’2022 19.5. Aluminium Prices, FY’2012-FY’2022 Disclaimer Contact Us
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India Automotive Fuel Injection Systems Market Outlook to 2022
L IST OF F IGURES Figure 3-1: Evolution of Fuel Injection Systems Figure 4-1: Value Chain Analysis of India Automotive Fuel Injection Systems Market Figure 5-1: India Automotive Fuel Injection Systems Market on the Basis of Revenue in INR Billion and Growth Rate in Percentage (%), FY’2012-FY’2017 Figure 6-1: India Automotive Fuel Injection Systems Market Segmentation by Automotive Segment on the Basis of Revenue in Percentage (%), FY’2017 Figure 6-2: Proportionate Share of Existing Vehicles in India on the Basis of by Volume in Percentage (%), FY’2016 Figure 6-3: India Automotive Fuel Injection Systems Market Segmentation by OEM and Aftermarket on the Basis of Revenue in Percentage (%), FY’2017 Figure 6-4: India Automotive Fuel Injection Systems Market Segmentation by Technology on the Basis of Revenue in Percentage (%), FY’2017 Figure 6-5: India Automotive Fuel Injection Systems Market Segmentation by Component on the Basis of Revenue in Percentage (%), FY’2017 Figure 6-6: India Automotive Fuel Injection Systems Market Segmentation by Organized and Unorganized Sectors on the Basis of Revenue in Percentage (%), FY’2017 Figure 9-1: India Automotive Fuel Injection Systems Market Exports for Spark Ignition Engine by Value in INR Million and Growth Rate in Percentage (%), FY’2011-FY’2016 Figure 9-2: India Automotive Fuel Injection Systems Market Exports for Spark Ignition Engine on the Basis of Major Destination by Value in Percentage (%), FY’2016 Figure 9-3: India Automotive Fuel Injection Systems Market Exports for Compression Engine by Value in INR Million and Growth Rate in Percentage (%), FY’2011-FY’2016 Figure 9-4: India Automotive Fuel Injection Systems Market Exports for Compression Engine on the Basis of Major Destination by Value in Percentage (%), FY’2016 Figure 9-5: India Automotive Fuel Injection Systems Market Imports for Spark Ignition Engine by Value in INR Million and Growth Rate in Percentage (%), FY’2011-FY’2016 Figure 9-6: India Automotive Fuel Injection Systems Market Imports for Spark Ignition Engine on the Basis of Major Destination by Value in Percentage (%), FY’2016 Figure 9-7: India Automotive Fuel Injection Systems Market Imports for Compression Engine by Value in INR Million and Growth Rate in Percentage (%), FY’2011-FY’2016 Figure 9-8: India Automotive Fuel Injection Systems Market Imports for Compression Engine on the Basis of Major Destination by Value in Percentage (%), FY’2016 Figure 11-1: Timeline of Emission Standards Implementation in India, China and Europe Figure 13-1: Effect of Porter’s Five Forces on India Automotive Fuel Injection Systems Market Figure 15-1: Financial Performance of Bosch on the Basis of Revenue Generated from Sale of Fuel Injection Systems in INR Billion, FY’2014-FY’2016 Figure 15-2: Financial Performance of Bosch by Business Segments on the Basis of Revenue in Percentage (%), FY’2016 Figure 15-3: Location Wise Capital Expenditure of Bosch in Percentage (%), FY’2016 Figure 15-4: Financial Performance of Delphi-TVS on the Basis of Revenue Generated from Sale of Fuel Injection Systems in INR Billion, FY’2011-FY’2016 © Licensed product of Ken Research; should not be copied
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India Automotive Fuel Injection Systems Market Outlook to 2022
Figure 15-5: Financial Performance of Delphi-TVS by Product Type on the Basis of Revenue in Percentage (%), FY’2016 Figure 16-1: Market Share of Major Organized Players in India Automotive Fuel Injection Systems Market on the Basis of Revenue in Percentage (%), FY’2016 Figure 17-1: India Automotive Fuel Injection Systems Market Future Outlook on the Basis of Revenues in INR Billion and Growth Rate in Percentage (%), FY’2018-FY’2022 Figure 17-2: India Automotive Fuel Injection Systems Market Future Outlook Segmentation by Automotive Segment on the Basis of Revenue in Percentage (%), FY’2022 Figure 17-3: India Automotive Fuel Injection Systems Market Future Outlook Segmentation by OEM and Aftermarket on the Basis of Revenue in Percentage (%), FY’2022 Figure 19-1: Two Wheeler Production in terms of Million Units, FY’2012-FY’2022 Figure 19-2: Three Wheeler Production in terms of Units, FY’2012-FY’2022 Figure 19-3: Passenger and Commercial Vehicles’ Production in terms of Million Units, FY’2012-FY’2022 Figure 19-4: India Used Car Sales in terms of Million Units, FY’2012-FY’2022 Figure 19-5: Aluminium Prices in terms of INR/Ton, FY’2012-FY’2022
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India Automotive Fuel Injection Systems Market Outlook to 2022
L IST OF T ABLES Table 2-1: Correlation Matrix of India Automotive Fuel Injection Systems Market Table 2-2: Regression Coefficients Output of India Automotive Fuel Injection Systems Market Table 4-1: Value Chain Challenges in India Automotive Fuel Injection Systems Market Table 5-1: Rationale and Description for India Automotive Fuel Injection Systems Market Size by Revenues, FY’2012-FY’2017 Table 5-2: Proportionate Vehicle Sales in India on the Basis of Volume in Units and Growth Rate in Percentage (%), FY’2012-FY’2017 Table 6-1: Rationale and Description for India Automotive Fuel Injection Systems Market Segmentation by Automotive Segment on the Basis of Revenues in INR Billion, FY’2017 Table 6-2: Rationale and Description for India Automotive Fuel Injection Systems Market Segmentation by OEM and Aftermarket Sales on the Basis of Revenues in INR Billion, FY’2017 Table 6-3: Rationale and Description for India Automotive Fuel Injection Systems Market Segmentation by Technology on the Basis of Revenues in INR Billion, FY’2017 Table 6-4: Rationale and Description for India Automotive Fuel Injection Systems Market Segmentation by Component on the Basis of Revenues in INR Billion, FY’2017 Table 6-5: Rationale and Description for India Automotive Fuel Injection Systems Market Segmentation by Organized and Unorganized Sector on the Basis of Revenues in INR Billion, FY’2017 Table 7-1: Comparison of Carburetor and Fuel Injection System Table 8-1: Pricing Scenario of Gasoline Fuel Injection Systems Table 8-2: Pricing Scenario of Diesel Fuel Injection Systems Table 10-1: Trends and Developments in India Automotive Fuel Injection Systems Market Table 11-1: Proposed Emission Standards by Vehicle Category Table 12-1: Issues and Challenges in India Automotive Fuel Injection Systems Market Table 14-1: Decision Making Parameters that OEMs Consider Before Purchasing Fuel Injection System in India Automotive Fuel Injection Systems Market Table 14-2: Problem Which OEMs Generally Face from Manufacturers Table 15-1: Bosch Company Profile Including Company Overview, Manufacturing Facilities, Distribution Network, and Number of Employees, Business Strategies and other KPIs Table 15-2: Delphi-TVS Company Profile Including Company Overview, Manufacturing Facilities, Distribution Network, and Number of Employees, Business Strategies and other KPIs Table 15-3: Company Profile of Cummins India including Company Overview, Manufacturing Facilities, Distribution Network, and Number of Employees, Business Strategies and other KPIs Table 15-4: List of Major Unorganized Automotive Fuel injection System Manufacturers in India Table 16-1: Competitive Framework of Major Organized Players in India Automotive Fuel Injection Systems Market
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India Automotive Fuel Injection Systems Market Outlook to 2022
Table 16-2: Market Share of Major Organized Players in India Automotive Fuel Injection Systems Market on the Basis of Revenue in INR Billion, FY’2016 Table 17-1: India Automotive Fuel Injection Systems Market Future Outlook and Rationale, FY’2018-FY’2022 Table 17-2: India Automotive Fuel Injection Systems Market Future Outlook Segmentation by Automotive Segment, FY’2022 Table 17-3: India Automotive Fuel Injection Systems Market Future Outlook Segmentation by OEM and Aftermarket, FY’2022 Table 18-1: Analyst Recommendations for India Automotive Fuel Injection Systems Market Table 19-1: Rationale and Description for Two Wheeler Production in terms of Million Units, FY’2012-FY’2022 Table 19-2: Rationale and Description for Three Wheeler Production in terms of Units, FY’2012-FY’2022 Table 19-3: Rationale and Description for Passenger and Commercial Vehicles’ Production in terms of Million Units, FY’2012-FY’2022 Table 19-4: Rationale and Description for India Used Car Sales in terms of Million Units, FY’2012-FY’2022 Table 19-5: Rationale and Description for Aluminium Prices in terms of INR/Ton, FY’2012FY’2022
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WHAT IS THE SCENARIO OF AUTOMOTIVE FUEL INJECTION SYSTEMS MARKET IN INDIA? Automotive fuel injection systems market in India is almost entirely domestically produced owing to easy availability of raw material in the country. The fuel injection systems market size in India grew from INR ~ billion in FY’2012 to INR ~ billion in FY’2014. The market witnesses a growth of ~ in FY’2013 followed by a mere growth of ~% in FY’2014. The slump in market growth in FY’2014 was due to decline in sales of light and heavy commercial vehicles coupled with decline in sales of passenger cars in the country. The market witnessed a sharp decline by ~% in FY’2015 and further erosion of ~% in FY’2016 to register revenues worth INR ~ billion in FY’2015 and INR ~ billion in FY’2016, respectively. This decline in market revenues was primarily owed to slump in exports of fuel injection systems coupled with decline in demand from commercial vehicles segment. In FY’2016, the market for fuel injection systems returned to positive growth by registering an incline of ~% from
previous year to record revenues worth INR ~ billion in FY’2017. This was driven by 4.2% growth in sales of automobiles in the country including two wheelers, three wheelers, passenger cars and commercial vehicles. The automotive fuel injection systems market value chain involves the presence of both domestic as well as international manufacturers’ fulfilling the demands of organized and unorganized sector in the country. The market is very organized with manufacturers supplying the systems to OEMs and Aftermarket as per their needs and preferences. The process of manufacturing of fuel injection system is labor intensive and companies employ cheap labor for the same. Apart from state-of-the-art machines used in manufacturing fuel injection parts with precision, skilled manual labor is extensively required to assemble the parts and test it under various environmental conditions. The industry faces shortage of skilled labor currently.
Figure: India Automotive Fuel Injection Systems Market Size by Revenues in INR Billion, FY’2012-FY’2017 80.00 75.00 70.00
INR Billion
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India Automotive Fuel Injection Systems Market Outlook to 2022
65.00 60.00 FY'2012
FY'2013
FY'2014
FY'2015
FY'2016
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FY'2017
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India Automotive Fuel Injection Systems Market Outlook to 2022
WHICH SEGMENTS ARE DOING WELL IN INDIA AUTOMOTIVE FUEL INJECTION SYSTEMS MARKET IN INDIA? Light and heavy duty commercial vehicles accounted for the largest market share in terms of revenue in FY’2017. Comparatively higher cost and shorter service life resulted in the high sales of fuel injection systems in this segment. Large number of commercial vehicles operating in the country coupled with high replacement demand resulted in high sales of fuel injection systems for light and heavy commercial vehicles in FY’2017. Moreover, sales of commercial vehicles also grew by 4.2% in FY’2017. All four wheelers today are equipped with port or direct fuel injection systems. Owing to high sales of four wheeler passenger cars in the country, fuel injection systems meant for four wheelers accounted for a considerable market share in terms of revenue in FY’2017. Table: India Automotive Fuel Injection Systems Market Segmentation by Automotive Segment and Rationale for Revenues, FY’2017 Automotive Segment
Revenues in INR Billion, FY’2017
Light and Heavy Commercial Vehicle Four Wheeler Two Wheeler Others Total
Fuel injection systems for two wheelers and other vehicles including three wheelers and off-road vehicles comprised for the rest of the market share as of FY’2017.
The OEM (Original Equipment Manufacturer) market is entirely organized with car manufacturing companies procuring fuel injection systems from their developers or manufacturing it themselves. Therefore, OEMs had a strong market share in both gasoline and diesel based injection systems. Bosch was by far the largest player operating in both OEM and aftermarket segment. OEM comprised for a market share of ~% as compared to ~% by aftermarket sales as of FY’2017. Profit margin for fuel injection systems manufacturers is usually around ~% in the OEM segment. Table: India Automotive Fuel Injection Systems Market Segmentation by OEM and Aftermarket Sales and Rationale for Revenues, FY’2017 Segment
Revenues in INR Billion, FY’2017
OEM Aftermarket Total
Replacement demand for defective common rail diesel injection systems, especially from light and heavy commercial vehicles, coupled with steady replacement of carburetors in two wheelers has resulted in ~% market share of aftermarket sales, as of FY’2017. Profit margin for fuel injection systems manufacturers is usually around ~% in the aftermarket segment. It is estimated that auto & auto parts industry in India will have to invest over USD 10 billion to be able to manufacture BS-VI compliant cars. Investments have to be made progressively over the next three years in line with the market demand.
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India Automotive Fuel Injection Systems Market Outlook to 2022
WHAT ARE THE KEY TRENDS IN INDIA AUTOMOTIVE FUEL INJECTION SYSTEMS MARKET? Delphi developing next-generation modular fuel injection systems: In September 2016, Delphi revealed that it has built a new F3 system on proven Euro VI common rail technology with advanced features that delivers substantial improvement in emissions, fuel economy and refinement while maintaining exceptional reliability. The new common rail system consists of a ground-breaking injector that provides the control unit with real-time information on the operation of the injector. The system has no additional wires and requires no extra interfaces or packaging space. Delphi believes the system will allow injector performance to be maintained at peak condition for at least 1.6 million km. Its proprietary DFI 21 injector allows up to nine injection events per cycle compared with just two-three for a typical Euro VI system. F3 is the first Delphi common rail system to cover both heavy duty and medium duty engines. The company anticipates fuel economy of up to 1.5% from combustion improvements and expects further reductions in emissions and fuel consumption form hydraulic efficiency improvements. Delphi anticipates the first application of the system to enter production by 2021. Stanadyne intends to launch new fuel efficient injection systems for off-road applications: Stanadyne plans to introduce a new diesel injection system, EcoForce, for off road engines under 50 hp, which is claimed to decrease particulate emissions by 50% and increase fuel economy by up to 8% that could translate into INR 15,000 annual savings.
The company intends to introduce these systems by 2017 and manufacture the systems at its Chennai plant. It also announced investing about INR 10 billion for developing and manufacturing the same in the next few years. The new product is being developed by the company’s engineering team in India with 90% localization. Electronically controlled fuel injection systems for two-wheelers have proven to be more fuel efficient: Bosch has developed engine management system (EMS) tailored to the requirements of emerging markets, especially to Asian countries like India. The EMS includes a control unit, a fuel injector, and software that make it unnecessary to use individual sensors in the vehicle. By implementing new manufacturing processes and intelligent software algorithms, Bosch claims that it has been successful in keeping the development cost effective. Compared with the traditional carburetor offering, and depending on the situation, the electronically controlled fuel-injection system can reduce fuel consumption by up to 16%. Moreover, riders can benefit from better coldstart performance as well as a more spontaneous engine response. Bosch has developed an entire platform of twowheelers in India, which enables vehicles to cost less but emit cleaner air. Hero and Magneti Marelli to develop cost effective electronic fuel injection units: In 2015, Hero and Magneti Marelli entered into a joint venture to research and develop cost effective electronic fuel injection (EFI) units that can fit into any bike, keeping the overall cost of the vehicle down.
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India Automotive Fuel Injection Systems Market Outlook to 2022
HOW HAS MAJOR COMPANIES PERFROMED IN RECENT TIMES? As of FY’2016, Bosch was by far the market leader in India automotive fuel injection system market. The company supplied fuel injection systems to almost all the leading auto manufacturer in the country. Bosch occupied a market share of ~% in FY’2016 by registering revenues of INR ~ billion. Delphi-TVS comprised for a market share of ~% with revenues worth INR ~ billion in FY’2016. Cummins accounted for a market share of ~% and sold fuel injection systems worth INR ~ billion in FY’2016. All other companies including the likes of Stanadyne, Dellorto India Pvt. Ltd., UCAL Fuel System Limited and several more comprised for the remaining ~% market share in FY’2016. Table: Market Share of Major Players in India Automotive Fuel Injection Systems Market on the Basis of Revenue in INR Billion and Percentage (%), FY’2016 Market Share in Company Revenue in INR Billion, FY’2016 Percentage (%) Bosch ~ ~ Delphi-TVS ~ ~ Cummins Technologies ~ ~ Others ~ ~ Total ~ ~
Competitive Landscape of Major Players including detailed company profiles for each of the companies in the space. Table: Company Profile Including Company Overview, Manufacturing Facilities, Distribution Network, Number of Employees, Business Strategies and other KPIs Parameters Remarks Company Overview Manufacturing Facilities R&D Center Production Capacity Major Clientele USP Distribution Network Number of Employees Business Strategies
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India Automotive Fuel Injection Systems Market Outlook to 2022
WHAT ARE THE GROWTH PROSPECTS OF THE AUTOMOBILE FUEL INJECTION SYSTEMS MARKET IN INDIA? Auto OEMs in the country would have preferred a more phased shift to BS-VI norms over a period of 6-7 years. OEMs will have to work with the suppliers to customize the solution for the Indian market. There is a tremendous opportunity for domestic suppliers engaged in fuel injection systems to continuously innovate and develop proprietary technologies suitable for complying with BS-VI norms. The real challenge will be in providing BS-VI compliant vehicles to the end consumers at affordable prices. Rising vehicle sales and replacement of old injection systems once BS-VI is implemented will further aid in the market growth of fuel injection systems in the country. In the short term, increasing sales of twowheelers coupled with high replacement demand of carburetors is expected to augment the growth of fuel injection systems market in the country. Automotive fuel injection systems market in India is expected to grow from INR ~ billion in FY’2017 to INR ~ billion in FY’2022. Overall, the market is anticipated to grow at a healthy CAGR of ~% during the period FY’2017-FY’2022. Figure: India Automotive Fuel Injection Systems Market Future Outlook on the Basis of Revenue in INR Billion, FY’2018-FY’2022 82.00 80.00 78.00 76.00 74.00 72.00 70.00 68.00 66.00
INR Billion
The market for fuel injection systems in India is expected to be driven majorly by the rise in production and sale of automobiles including two wheelers, four wheelers, light and heavy commercial vehicles coupled with replacement demand of carburetors and fuel injection systems to comply with stricter regulatory norms in the next five years. Replacement of Carburetors: Till now major mass segment bikes were working with the conventional carburetor system. However, now days with the introduction of electronic fuel injection system, which is one of the most favorable and promising technologies, has attracted the attention of many. Electronic fuel injection (EFI) systems have been proven to be 15-20% more fuel-efficient than carburetors and companies such as Bosch claims to have developed them at a similar price range of that of carburetors. As a result, EFI systems are deemed to gain popularity amongst motorcycle enthusiasts and are likely to witness rapid adoption going forward. Stringent Emission Norms: The recent ambitious move by the central government of India to by BS-V and straightaway leap into BS-VI emission norms by 1st April, 2020 has presented a huge market opportunity for fuel injection system manufacturers. Since automakers are destined to comply by the emission norms, manufacturers are required to step up their investments and quickly develop fuel injection systems for the Indian market that meet the emission standards. Although this will most probably result in incline in prices of fuel injection systems, this move by the government has opened up huge market opportunities for the organized manufacturers.
FY'18
FY'19
FY'20
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FY'21
FY'22
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India Automotive Fuel Injection Systems Market Outlook to 2022
COMPANIES CITED IN THE REPORT Competitive Landscape Categories Particulars Bosch Limited Delphi-TVs Cummins Technologies Denso Companies Stanadyne Mentioned Denso Dellorto India Pvt. Ltd UCAL Fuel System Limited Synerject Products Mentioned
Gasoline Port Injection System Gasoline Direct Injection System Diesel Direct Injection System
KEY FACTORS CONSIDERED IN THE REPORT
Comprehensive analysis of the fuel injection systems market and its segments Industry is presented by automotive segment; by OEM and Aftermarket, by Technology and by Organized and Unorganized sector Listed major players and their positioning in the market Identified major industry developments in last few years and assess the future growth of the industry
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India Automotive Fuel Injection Systems Market Outlook to 2022
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