INDUSTRIES & MARKETS

Two and three wheelers

market in India
 Table of Contents

01 Automotive industry in India 04 Sport and superbikes

Indian automobile industry market share FY 2021, by segment 03 Number of KTM bikes sold in India FY 2013-2021 21
Total volume of motor vehicle production in India 2005-2021 04 Number of motorcycles sold by India Kawasaki Motors 2016-2021 22
Automotive sector employment India FY 2013-2018 05 Number of motorcycles sold by Triumph Motorcycles India 2016-2021 23
Auto components sector revenue in India FY 2008-2021 06 Number of Harley Davidson bikes sold in India FY 2015-2021 24
Sales of automobiles India FY 2011-2022, by type 07
05 Three-wheeler market
02 Trade Domestic three-wheeler market share India FY 2022, by company 26
Export volume of automobiles India FY 2011-2021, by type 09 Production volume of three wheelers India FY 2008-2022 27
Imports value of automobile components by India FY 2015-2021 10 Three-wheeler sales volume for Bajaj Auto Limited FY 2016-2021 28
Export value of automobile components from India FY 2015-2021 11 Domestic sales volume of three-wheelers for PVPL FY 2019-2022 29
Export volume of two-wheelers India FY 2015-2022 12
Three-wheeler export volume India FY 2015-2022 13 06 Major players
Hero MotoCorp's total income FY 2015-2021 31
03 Two-wheeler market Honda motorcycle revenue 2008 to 2022 32
Two-wheeler domestic sales in India FY 2011-2022 15 Total income of TVS Motor FY 2016-2021 33
Two-wheeler sales in India FY 2021, by type 16 Bajaj Auto total revenue FY 2011-2021 34
Sales volume of mopeds in India FY 2008-2020 17 Eicher Motors net revenue FY 2017-2021 35
Two-wheeler sales volume in India FY 2019-2021, by manufacturer 18
Market share of two-wheelers India FY 2022, by leading manufacturer 19

1
CHAPTER 01

Automotive industry in India

 Market share of automobile across India in financial year 2021, by segment
Indian automobile industry market share FY 2021, by segment

Three-wheelers 1.2% Commercial vehicles 3.1%

Passenger vehicles 14.6%

Two-wheelers 81.1%

3 Description: In fiscal year 2021, two-wheelers had the highest share in the automotive industry across India, at about 81 percent. That year, the south Asian country manufactured over 18.3 million two-wheelers, of which more than 3.2 million were exported.
Read more
Note(s): India; FY 2021
Source(s): India Brand Equity Foundation; SIAM India
 Total volume of motor vehicle production in India from 2005 to 2021 (in million units)
Total volume of motor vehicle production in India 2005-2021

6.0

5.18
5.0 4.79
Motor vehicles produced in million units

4.52 4.52
4.4
4.18 4.13
3.93 3.9 3.85
4.0
3.56
3.38

3.0 2.64
2.25 2.33
2.02
2.0 1.64
1.51
1.16
0.81 0.89
1.0

0.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

4 Description: The motor vehicle production volume in India in the year 2021 was approximately 4.4 million, lower from 4.5 million in 2021, but an increase from the previous year. There are over 210 million registered motor vehicles at present in India. The number
of motor vehicles manufactured in India has been on a positive trajectory with fluctuation. Read more
Note(s): India; 2005 to 2021
Source(s): OICA; SIAM India
 Employment in the automotive sector across India from financial year 2013 to 2018
(in 1,000s)
Automotive sector employment India FY 2013-2018

1,600

1,400 1,365.44
1,303.58
1,241.52
1,195.32
1,200
1,058.5 1,076.38
Employment in thousands

1,000

800

600

400

200

0
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

5 Description: The Indian automotive sector employed over 1.36 million people in fiscal year 2018. The employment figures were relatively small compared to the EU automotive industry that employed around 2.7 million personnel. In the United States, part dealers
and motor vehicle sector had around 2.8 million employees on their payrolls in 2021. Even then, India had one of the largest global automotive markets in 2019. The sector however, started facing the effects of a slowdown in terms of sales [...] Read more
Note(s): India; FY 2013 to FY 2018
Source(s): Ministry of Road Transport and Highways (India)
 Revenue of auto components sector in India from financial year 2009 to 2021 (in
billion U.S. dollars)
Auto components sector revenue in India FY 2008-2021

60
56.52

51.2
49.3
50
45.9
43.55
42.2
Revenue in billion U.S. dollars

41.3
39.7 39.05
40 38.5
35.1
30.8
30
26.5
24.1

20

10

0
FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

6 Description: The revenue of the auto components sector in India amounted to almost 46 billion U.S. dollars in fiscal year 2021, down from about 49.3 billion U.S. dollars in fiscal year 2020. This comprised of original equipment manufacturer supplies, exports, and
aftermarket sales. Read more
Note(s): India; FY 2008 to FY 2021
Source(s): Automotive Component Manufacturers Association of India
 Sales of automobiles in India from financial year 2011 to 2022, by type (in millions)
Sales of automobiles India FY 2011-2022, by type

Two wheelers Passenger vehicles Commercial vehicles Three wheelers

30

25
Domestic sales in millions

20

15

10

0
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

7 Description: Being one of the largest automotive sectors, India had over 295 million registered vehicles since 2019. It was the largest producer of two-wheelers across the globe in 2022. The market within the country was dominated by this segment also. In 2022,
over 13 million units of two-wheelers were sold domestically across the south Asian country. A drop in the sales volume of two-wheelers was witnessed in the past year. Read more
Note(s): India; FY 2011 to FY 2022
Source(s): SIAM India
CHAPTER 02

Trade
 Export volume of automobiles from India from financial year 2011 to 2021, by type (in
1,000s)
Export volume of automobiles India FY 2011-2021, by type

Two wheelers Passenger vehicles Three wheelers Commercial vehicles Quadricycles

5,000

4,500

4,000
Export volume in thousands

3,500

3,000

2,500

2,000

1,500

1,000

500

0
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

9 Description: At the end of the fiscal year 2021, more than three million two wheelers were exported from India. After a long period of two- digit growth figures, this is a minor increase compared to the previous year. Passenger vehicles, commercial vehicles,
quadricycles and three wheelers experienced a decline in exports. The major reason for a decline in exports appears to be the impact of the coronavirus pandemic especially on the automotive market. Read more
Note(s): India; FY 2011 to FY 2021
Source(s): SIAM India
 Value of automobile components imported into India between financial year 2015 and
2021 (in billion U.S. dollars)
Imports value of automobile components by India FY 2015-2021

20

17.7
18
15.9
16 15.4

13.6 13.8 13.5 13.8

14
Value in billion U.S. dollars

12

10

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

10 Description: In financial year 2021, the value of automobile components imported into India amounted to around 13.8 billion U.S. dollars . This was significant decrease from the the previous year. Imports during this time declined across the globe mainly due to
the impact of the coronavirus pandemic. Read more
Note(s): India; FY 2015 to FY 2021
Source(s): Automotive Component Manufacturers Association of India
 Value of automobile components exported from India from financial year 2015 to
2021 (in billion U.S. dollars)
Export value of automobile components from India FY 2015-2021

16 15.2
14.5
14 13.5 13.3

12 11.2 10.9 10.9

Value in billion U.S. dollars

10

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

11 Description: During financial year 2021, 13.3 billion U.S. dollars worth of automobile components was exported from India, which was a decrease from the previous year, mainly due to the impact of the coronavirus pandemic, especially the lockdowns in major
global markets. An overall growth trend could be observed in the exports value of the components during the presented period. Read more
Note(s): India; FY 2015 to FY 2021
Source(s): Automotive Component Manufacturers Association of India
 Export volume of two-wheelers from India between financial year 2015 and 2022 (in
1,000s)
Export volume of two-wheelers India FY 2015-2022

5,000
4,443.02
4,500

4,000
3,519.41
3,500 3,280.84 3,282.79
Exports in thousand units

3,000 2,815
2,457.47 2,482.88
2,500 2,340.28

2,000

1,500

1,000

500

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

12 Description: Over 4.4 million units of two-wheelers were exported from India in fiscal year 2022. The south Asian country was the largest manufacturer of two-wheelers across the globe. The export volume saw decrease for two consecutive years in financial year
2020 and 2021, mostly due to the impact of coronavirus pandemic. Read more
Note(s): India; FY 2015 to FY 2022
Source(s): SIAM India
 Export volume of three-wheelers from India between financial year 2015 to 2022 (in
1,000s)
Three-wheeler export volume India FY 2015-2022

600 567.68

502.65 499.73
500

407.6 404.44
Export volume in thousands

392.94
400 381

300 271.89

200

100

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

13 Description: Around 500 thousand three-wheelers were exported from India at the end of fiscal year 2022. India`s automotive market was dominated by two-wheelers and passenger vehicles. Two-wheeler sales on the other hand had a share of over 81 percent.
The export volume saw decrease for two consecutive years, mostly due to the impact of coronavirus pandemic. Read more
Note(s): India; FY 2015 to FY 2022
Source(s): SIAM India
CHAPTER 03

Two-wheeler market
 Two-wheeler domestic sales in India from from financial year 2011 to 2022 (in million
units)
Two-wheeler domestic sales in India FY 2011-2022

25

21.18
20.2
20
17.59 17.42
Vehicle sales in million units

15.98 16.46
14.81 15.12
15 13.8
13.41 13.47
11.77

10

0
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

15 Description: In financial year 2022, two-wheeler sales in India saw a decrease from the previous years to 13.47 million units. The sales reached an all-time high as of 2019, when India's auto industry sold some 21 million units. This figure is almost double the 2011
sales, when just 11.77 million two-wheeler units were sold in India. Read more
Note(s): India; FY 2011 to FY 2022
Source(s): SIAM India
 Two-wheeler sales in India in financial year 2021, by type (in millions)
Two-wheeler sales in India FY 2021, by type

12

10.02
10
Vehicle sales in millions

4.48
4

0.62

0
Mopeds Scooters Motorcycles

16 Description: In financial year 2021, motorcycles formed the major chunk of the two-wheeler industry in India. In that year, over 10 million motorcycles were sold in the country. Scooters and Mopeds were the two other categories. Major manufacturers include
Hero MotoCorp, Honda, and Bajaj. In that year there the total sales volumes of two-wheelers in India dropped by over 13 percent. Read more
Note(s): India; FY 2021
Source(s): SIAM India
 Sales volume of mopeds across India from financial year 2008 to 2020 (in 1,000)
Sales volume of mopeds in India FY 2008-2020

1,000
910.67
900 880.23
859.52
785.94 792.07
800 765.18
730.17 738.55
703.71
700
Sales volume in thousands

636.94
600 571.49

500
431.98 438.51
400

300

200

100

0
FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

17 Description: Moped sales volume amounted to around 637 thousand across India at the end of fiscal year 2020. The south Asian country ranked first in terms of motorcycle and moped strength between 192 countries reported in the World Road Statistics in 2018.
Read more
Note(s): India; FY 2008 to FY 2020; data includes exports.
Source(s): Ministry of Road Transport and Highways (India); SIAM India
 Two-wheelers sales volume in India from financial year 2019 to 2021, by manufacturer
(in 1,000s)
Two-wheeler sales volume in India FY 2019-2021, by manufacturer

Hero MotoCorp Honda Motocycle & Scooter India TVS Motor Co Baja Auto
Royal Enfield Yamaha Suzuki Motor India Piaggio
Kawazaki Triumph Harley Davidson Mahindra

25,000
Sales volume in thousand units

20,000

15,000

10,000

5,000

0
FY 2019 FY 2020 FY 2021

18 Description: Hero MotoCorp sold the most two wheelers in financial year 2021, amounting to around 5600 thousand in India. Honda ranked second in the same time period, with TVS Motor Co in third place. Despite these figures, all segments of the automotive
sector, including the most affordable, namely the two-wheeler saw declining figures. Read more
Note(s): India; FY 2019 to FY 2021
Source(s): Auto Punditz
 Market share of two-wheelers across India in financial year 2022, by leading
manufacturer
Market share of two-wheelers India FY 2022, by leading manufacturer

Market share
0% 5% 10% 15% 20% 25% 30% 35% 40%

Hero MotoCorp 34.51%

Honda Motorcycles & Scooters 24.83%

TVS 15.07%

Bajaj Auto 11.7%

Suzuki Motorcycle 4.04%

Royal Enfield 3.79%

India Yamaha Motor 3.58%

Hero Electric Vehicles 0.55%

Okinawa Autotech 0.39%

Piaggio 0.33%

19 Description: In the financial year 2022, Hero MotoCorp was the leading two-wheeler manufacturer in India, with a market share of 34 percent. The volume of two-wheelers sold across India during the same period reached 12 million units, which was a decrease
from the previous year`s 17.42 million units. Read more
Note(s): India; FY 2022
Source(s): Auto Punditz; Website (team-bhp.com)
CHAPTER 04

Sport and superbikes

 Number of KTM bikes sold in India from financial year 2013 to 2021
Number of KTM bikes sold in India FY 2013-2021

70,000
64,058 63,187

60,000

50,705
50,000 46,321
Number of bikes sold

40,000
34,970
30,627
30,000
22,627
20,000

11,050
10,000 7,399

0
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

21 Description: In fiscal year 2020, over 64 thousand KTM bikes were sold in India. It was a decrease in comparison to the previous year, mainly due to the impact of the coronavirus pandemic. The company overhauled its product portfolio in 2020. It added two new
bikes to its fleet and revamped its existing fleet as well. The selling price of KTM bikes was over 105 thousand Indian rupees. Read more
Note(s): India; FY 2013 to FY 2021
Source(s): Bajaj Auto
 Number of motorcycles sold by India Kawasaki Motors (IKM) Private Limited from
2016 to 2021
Number of motorcycles sold by India Kawasaki Motors 2016-2021

1,800 1,704 1,683

1,631
1,600

1,400

1,185
1,200
Number of units sold

1,000 942

800 762

600

400

200

0
2016 2017 2018 2019 2020 2021

22 Description: In 2021, India Kawasaki Motors Private Limited sold 1,683 motorcycles across the country. Year-over-year there was a huge drop in the sales from 2018. However, Kawasaki was still the leader in its segment with almost 46 percent of the market share.
Kawasaki launched its operations in India in 2009. As of end of financial year 2021, it had 5 models in its product portfolio, with around 30 dealerships across the country. Read more
Note(s): India; 2016 to 2021
Source(s): Auto Punditz
 Number of motorcycles sold by Triumph Motorcycles (India) Private Limited from 2016
to 2021
Number of motorcycles sold by Triumph Motorcycles India 2016-2021

1,200
1,132 1,112
1,057

1,000
881
Number of two-wheeler units sold

800

651
614
600

400

200

0
2016 2017 2018 2019 2020 2021

23 Description: In 2021, Triumph Motorcycles India Private Limited sold 1,112 motorcycles across the country. There was an increase in sales volume. It had a market share of 30 percent in its segment, just behind Kawasaki. The company was expected to have 20
dealerships by the end of 2020. Its Indian arm was one among its 15 subsidiaries across the world. Read more
Note(s): India; 2016 to 2021
Source(s): Auto Punditz
 Number of Harley Davidson bikes sold in India from financial year 2015 to 2021
Number of Harley Davidson bikes sold in India FY 2015-2021

5,000
4,641 4,708

4,500

4,000
3,690
3,500 3,413
Number of units sold

3,000
2,676
2,495
2,500

2,000

1,500

1,000
680
500

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

24 Description: In fiscal year 2021, around 680 Harley Davidson bikes were sold across India. Since fiscal year 2017, there was a continuous decline in this sales volume. Since it entered the Indian market, it had sold approximately 28,000 motorbikes. Read more
Note(s): India; FY 2015 to FY 2020
Source(s): Auto Punditz
CHAPTER 05

Three-wheeler market
 Market share in the three-wheeler sector across India in financial year 2022, by
company
Domestic three-wheeler market share India FY 2022, by company

Market share
0% 5% 10% 15% 20% 25% 30% 35% 40%

Bajaj Auto 34.97%

Piaggio 11.23%

YC Electric Vehicle 4.39%

Mahindra and Mahindra 3.79%

Atul Auto 3.42%

Saera Auto Electric Auto 2.18%

Mahindra Reva Electric Vehicles 2.07%

TVS Motor 2.01%

26 Description: Bajaj Auto had the leading market share of about 33 percent in the three-wheeler segment across India in fiscal year 2022. The sector was also affected by the onslaught of the coronavirus (COVID-19) and witnessed a drop in growth during the
measured time period. Read more
Note(s): India; FY 2022
Source(s): Auto Punditz; Website (team-bhp.com)
 Production volume of three wheelers across India from financial year 2008 to 2022 (in
1,000s)
Production volume of three wheelers India FY 2008-2022

1,400
1,268.83

1,200 1,132.98

1,022.18
Production volume in thousands

1,000 949.02 934.1

879.29
839.74 830.11
799.55 783.72
800 758.09

619.19 614.62
600
500.66 497.02

400

200

0
FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

27 Description: Three-wheeler production volume stood at over 758 thousand units across India at the end of the fiscal year 2022. The transport sector across the south Asian country was ranked third in 2017 in terms of employment opportunities, after textiles and
apparel and food processing industries. Read more
Note(s): India; FY 2008 to FY 2022
Source(s): SIAM India
 Total three-wheeler sales volume for Bajaj Auto Limited from financial year 2016 to
2021 (in 1,000s)
Three-wheeler sales volume for Bajaj Auto Limited FY 2016-2021

900

800 777.6

700 661.52
635.85
Sales volume in thousands

600
535
500
444.46

400 363.5

300

200

100

0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

28 Description: In the financial year 2021, Bajaj Auto Limited sold around 364 thousand three-wheeler vehicles across the globe. There was a drop in the sales volume in that year. One of the reasons was the economic impact by the coronavirus pandemic. The major
chunk of the sales volume came from domestic sales. Total sales volume was composed of the passenger carrier and goods carriers. Read more
Note(s): India; FY 2016 to FY 2021; includes domestic sales and exports, along with passenger vehicles and goods carriers.
Source(s): Bajaj Auto
 Domestic sales volume of three-wheelers for Piaggio Vehicles Private Limited (PVPL)
from financial year 2019 to 2022
Domestic sales volume of three-wheelers for PVPL FY 2019-2022

180

160
Number of three-wheeler units sold

140

120

100

169.97
80
152.37

60

40
62.73
20 43.59

0
FY 2019 FY 2020 FY 2021 FY 2022

29 Description: In fiscal year 2022, Piaggio Vehicles Private Limited sold over 43 thousand three-wheelers in the domestic market in India. Year-over-year, there was a drop in this sales volume from fiscal year 2019. Read more
Note(s): India; FY 2019 to FY 2022
Source(s): Auto Punditz; Website (team-bhp.com)
CHAPTER 06

Major players
 Total income of Hero MotoCorp Limited from financial year 2015 to 2021 (in billion
Indian rupees)
Hero MotoCorp's total income FY 2015-2021

400

343.42
350 333.98
311.23 313.94 313.8
296.14
300 280.78
Value in billion Indian rupees

250

200

150

100

50

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

31 Description: Total income of Hero MotoCorp Limited across the global was around 314 billion Indian rupees during fiscal year 2021. Hero MotoCorp is the largest two-wheeler manufacturer in the world since 19 consecutive years as of 2021. Read more
Note(s): India; FY 2015 to FY 2021
Source(s): Hero MotoCorp
 Honda Group's motorcycle revenue from FY 2008 to FY 2022 (in billion Japanese yen)
Honda motorcycle revenue 2008 to 2022

2,500

2,185.2
2,100.1 2,059.3
2,038.7
2,000
1,846.6 1,805.4 1,787.2
Revenue in billion Japanese yen

1,716.1
1,663.6
1,558.6
1,500 1,411.5
1,348.8 1,339.5
1,288.1
1,140.2

1,000

500

0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

32 Description: In the 2022 financial year, Honda generated around 2.2 trillion Japanese yen in revenue from its motorcycle segment. This is a rise of around 16.9 percent year-over-year compared to its 2021 results. 2022 surpassed 2019 as the year where the
Japanese automobile and motorcycle manufacturer recorded its highest motorcycle sales revenue. Read more
Note(s): Worldwide; FY 2008 to FY 2022; fiscal year ends March 31.
Source(s): Honda
 Total income of TVS Motor Company Limited from financial year 2016 to 2021 (in
billion Indian rupees)
Total income of TVS Motor FY 2016-2021

200
182.17
180
164.55 167.84
160 156.18
Net worth in billion Indian rupees

140 133.63
121.95
120

100

80

60

40

20

0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

33 Description: The total income of TVS Motor Company Limited was around 168 billion Indian rupees in fiscal year 2021. It was a slight increase in comparison with the previous year. In 2020, the total income of the company saw great decrease due to the impact of
the coronavirus pandemic. The company manufactured automotive vehicles and parts, and it is one of the biggest two wheeler manufacturers in India. Read more
Note(s): India; FY 2016 to FY 2021
Source(s): TVS Motor Company
 Revenue of Bajaj Auto from financial year 2011 to 2021 (in billion Indian rupees)
Bajaj Auto total revenue FY 2011-2021

350
317.96 316.52

300 290.18
269.11
Revenue in billion Indian Rupees

250 238.83 243.1

221.94
202.01 207.93 208.56
200
170.08

150

100

50

0
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

34 Description: The statistic shows Bajaj Auto's total revenue between fiscal year 2011 and 2021. During the fiscal year of 2021, the India-based company reported total revenue around 290 billion Indian rupees. It was a decrease in comparison with the previous year,
mainly due to the impact of the coronavirus pandemic. Read more
Note(s): Worldwide
Source(s): Bajaj Auto
 Net revenue of Eicher Motors Limited form financial year 2017 to 2021 (in billion
Indian rupees)
Eicher Motors net revenue FY 2017-2021

120

97.97
100
89.64 91.53
87.2
Value in billion Indian rupees

80
70.33

60

40

20

0
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

35 Description: Eicher Motors Limited reported a net revenue of over 87 billion Indian rupees in financial year 2021. This was a decrease compared to the previous year, mostly due to the impact of the coronavirus pandemic. The Indian two-wheeler and commercial
vehicle manufacturer was the parent company of Royal Enfield, and had a joint venture with Swedish automotive player Volvo under VE Commercial Vehicles. Read more
Note(s): India; FY 2017 to FY 2021; from operations
Source(s): Eicher Motors
 Sources

Auto Punditz
Automotive Component Manufacturers Association of India
Bajaj Auto
Eicher Motors
Hero MotoCorp
Honda
India Brand Equity Foundation
Ministry of Road Transport and Highways (India)
OICA
SIAM India
TVS Motor Company
Website (team-bhp.com)

36