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Market

Market
Size
Size
Diffusion Index Diffusion Index CMI Volumes Productio Producti
n6M
on 6 M
(Based on 6M R (Based on 6M
later
earlier
Squ. Adj)
R Squ.)
Apr-04
May-04
Jun-04

88.09

99.00

Jul-04

88.09

99.00

Aug-04

88.09

99.00

Sep-04

79.81

91.35

Oct-04

79.64

91.17

Nov-04

78.81

90.69

Dec-04

83.35

95.06

Jan-05

85.04

96.73

Feb-05

69.20

82.14

Mar-05

59.56

73.34

Apr-05

51.73

65.95

May-05

64.27

77.27

Jun-05

68.10

80.61

Jul-05

68.06

80.36

Aug-05

55.27

68.71

Sep-05

44.99

61.28

Oct-05

43.38

59.31

Nov-05

43.73

58.05

Dec-05

59.44

71.57

Jan-06

71.20

82.72

Feb-06

66.52

77.97

Mar-06

61.36

73.59

Apr-06

57.19

69.31

May-06

68.48

79.53

Jun-06

76.91

86.32

Jul-06

78.37

87.36

Aug-06

58.48

69.49

Sep-06

48.52

60.76

Oct-06

46.35

59.03

Nov-06

48.87

61.78

Dec-06

56.36

68.96

Jan-07

61.41

73.75

Feb-07

55.98

67.83

Mar-07

50.94

63.44

Apr-07

46.68

59.04

May-07

41.62

55.11

Jun-07

36.71

49.04

Jul-07

45.54

57.91

Aug-07

54.15

65.64

Sep-07

58.42

69.58

Oct-07

68.72

78.13

Nov-07

70.22

79.71

Dec-07

76.86

86.84

Jan-08

74.26

85.63

Feb-08

61.67

73.63

Mar-08

51.33

64.34

Apr-08

45.88

58.70

May-08

61.80

72.25

Jun-08

66.22

75.99

Jul-08

64.99

74.53

2,037

Aug-08

58.95

68.04

5,916

Sep-08

49.54

59.81

7,439

Oct-08

57.69

67.23

6,724

Nov-08

64.03

73.62

6,246

Dec-08

70.37

80.14

7,494

Jan-09

53.39

64.68

2,037

8,470

7,494

Feb-09

37.45

49.37

5,916

9,022

8,470

Mar-09

34.42

46.80

7,439

8,458

9,022

Apr-09

43.17

54.57

6,724

8,908

8,458

May-09

52.84

65.23

6,246

8,588

8,908

Jun-09

60.80

72.77

7,494

10,604

8,588

Jul-09

68.94

82.29

8,470

10,982

10,604

Aug-09

73.27

87.37

9,022

11,489

10,982

Sep-09

70.42

85.68

8,458

11,887

11,489

Oct-09

75.27

89.46

8,908

10,841

11,887

Nov-09

79.87

93.15

8,588

10,664

10,841

Dec-09

83.49

96.91

10,604

10,169

10,664

Jan-10

82.60

96.73

10,982

11,100

10,169

Feb-10

73.77

88.18

11,489

12,164

11,100

Mar-10

74.01

87.08

11,887

11,109

12,164

Apr-10

74.75

85.99

10,841

10,508

11,109

May-10

73.11

83.54

10,664

12,041

10,508

Jun-10

64.94

75.13

10,169

13,198

12,041

Jul-10

63.79

73.49

11,100

13,158

13,198

Aug-10

58.69

67.55

12,164

12,952

13,158

Sep-10

46.76

57.18

11,109

14,628

12,952

Oct-10

47.72

59.03

10,508

13,828

14,628

Nov-10

47.64

59.26

12,041

14,207

13,828

Dec-10

54.35

66.28

13,198

13,346

14,207

Jan-11

58.81

70.95

13,158

14,433

13,346

Feb-11

50.60

63.22

12,952

13,448

14,433

Mar-11

48.11

61.05

14,628

14,075

13,448

Apr-11

45.58

58.26

13,828

12,963

14,075

May-11

43.77

56.46

14,207

14,786

12,963

Jun-11

40.91

52.99

13,346

13,967

14,786

Jul-11

43.53

54.67

14,433

15,797

13,967

Aug-11

46.68

56.45

13,448

15,981

15,797

Sep-11

43.63

53.84

14,075

11,144

15,981

Oct-11

44.70

54.25

12,963

11,583

11,144

Nov-11

36.22

46.78

14,786

8,179

11,583

Dec-11

40.88
49.51
49.86
54.69

47.30
53.31
51.73
56.66

13,967
15,797
15,981
11,144

7,260
9,861
11,477
13,665

8,179
7,260
9,861
11,477

Jan-12
Feb-12
Mar-12

Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13

51.99
56.42
54.75
55.88
53.46
39.41
33.02
21.42
21.71
22.67
27.45
33.00
37.60
45.25
45.94
51.40
54.52
49.75

54.35
58.87
57.75
57.99
54.60
39.40
33.62
23.31
25.30
27.15
31.77
36.77
41.31
48.08
48.78
53.26
54.96
51.63

11,583
8,179
7,260
9,861
11,477
13,665
12,473
6,968
4,014
6,905
6,077
8,448
8,470
8,769
6,995
8,003
7,252
4,744
7,461
6,221
3,882

12,473
6,968
4,014
6,905
6,077
8,448
8,470
8,769
6,995
8,003
7,252
4,744
7,461
6,221
3,882

13,665
12,473
6,968
4,014
6,905
6,077
8,448
8,470
8,769
6,995
8,003
7,252
4,744
7,461
6,221
3,882
6,077
8,448
8,470
8,769
6,995
8,003
7,252
4,744
7,461
6,221
3,882

Market
Market
Size
Market Size
Size
Producti Production
Production
on 7M
8M later
9M later
later

200
180
160
140
120
100
80
60
40
20
0

Diffusion Index
(Based on 6M R Squ. Adj)

Diff
(Ba

18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-

Jan-09 Aug-09 Mar-10 Oct-10 May-11 D

Market Size Production 6 M earlier

18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
Jul-08

Oct-08

Jan-09

Apr-09

8,470

9,022

8,458

9,022

8,458

8,908

8,458

8,908

8,588

8,908

8,588

10,604

8,588

10,604

10,982

10,604

10,982

11,489

10,982

11,489

11,887

11,489

11,887

10,841

11,887

10,841

10,664

10,841

10,664

10,169

10,664

10,169

11,100

10,169

11,100

12,164

11,100

12,164

11,109

12,164

11,109

10,508

11,109

10,508

12,041

10,508

12,041

13,198

12,041

13,198

13,158

13,198

13,158

12,952

13,158

12,952

14,628

12,952

14,628

13,828

14,628

13,828

14,207

13,828

14,207

13,346

14,207

13,346

14,433

13,346

14,433

13,448

14,433

13,448

14,075

13,448

14,075

12,963

14,075

12,963

14,786

12,963

14,786

13,967

14,786

13,967

15,797

13,967

15,797

15,981

15,797

15,981

11,144

15,981

11,144

11,583

11,144

11,583

8,179

11,583

8,179

7,260

8,179

7,260

9,861

7,260
9,861
11,477
13,665

9,861
11,477
13,665
12,473

11,477
13,665
12,473
6,968

12,473
6,968
4,014
6,905
6,077
8,448
8,470
8,769
6,995
8,003
7,252
4,744
7,461
6,221
###

6,968
4,014
6,905
6,077
8,448
8,470
8,769
6,995
8,003
7,252
4,744
7,461
6,221
3,882

4,014
6,905
6,077
8,448
8,470
8,769
6,995
8,003
7,252
4,744
7,461
6,221
3,882

18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
Jul-08

n Index
on 6M R Squ. Adj)

Dec-08

May-09

Oct-0

Mar

Diffusion Index
(Based on 6M R Squ.)

18,000
16,000
90.00

14,000
12,000

80.00

10,000

70.00

8,000

60.00

6,000

50.00
40.00

4,000
2,000
-

30.00

Jul-08

Dec-08

May-09

Oct-0

Ma

20.00
10.00

9 Mar-10 Oct-10 May-11 Dec-11 Jul-12 Feb-13 Sep-13

18,000
16,000
14,000
12,000

Production 6 M earlier

Diffusion Index
(Based on 6M R Squ. Adj)

10,000
8,000
6,000
4,000
2,000
Jul-08

Feb-09 Sep-09 Apr-10


Market Size Production

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Market Size Production 6 M later

Apr-11

Jul-11

Oct-11

Jan-12

Diffusion Index
(Based on 6M R Squ. Adj)

Ap

110
100
90
India Onhighway
Volume Trend for last 10 years
80
70
60
50
40
Onhighway30
Vol (S eas onaly Adj)

20
10
0

On Highway India

90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
Dec-08

May-09

Oct-09

Mar-10

Aug-10

Jan-11

Market Size Production 7M later

Jun-11

Nov-11

Apr-12

Sep-12

Feb-13

Diffusion Index
(Based on 6M R Squ. Adj)

90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
Dec-08

May-09

Oct-09

Mar-10

Aug-10

Jan-11

Market Size Production 8M later

Jun-11

Nov-11

Diffusion Index
(Based on 6M R Squ. Adj)

90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
Feb-09 Sep-09 Apr-10 Nov-10
Market Size Production 9M later

Jun-11

Jan-12

Apr-12

Aug-12 Mar-13

Diffusion Index
(Based on 6M R Squ. Adj)

Sep-12

Feb-13

Jul-11

90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
Oct-11

Jan-12

n Index
on 6M R Squ. Adj)

Apr-12

Jul-12

Oct-12

Jan-13

Apr-13

rs

Highway India

12

-12

90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
Feb-13

90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
Feb-13

Diffusion Index Diffusion Index


(Based on 6M R (Based on 6M
Squ. Adj)
R Squ.)

Market Size
Production

Market
Market
Size
Size
Productio Producti
n6M
on 6 M
later
earlier

Apr-04

14,664

16,341

May-04

16,228

17,878

Jun-04

88.09

99.00

15,685

23,579

Jul-04

88.09

99.00

16,901

19,742

Aug-04

88.09

99.00

15,259

19,107

Sep-04

79.81

91.35

17,142

22,301

Oct-04

79.64

91.17

16,341

12,590

14,664

Nov-04

78.81

90.69

17,878

16,129

16,228

Dec-04

83.35

95.06

23,579

16,468

15,685

Jan-05

85.04

96.73

19,742

18,268

16,901

Feb-05

69.20

82.14

19,107

18,421

15,259

Mar-05

59.56

73.34

22,301

18,672

17,142

Apr-05

51.73

65.95

12,590

20,189

16,341

May-05

64.27

77.27

16,129

18,183

17,878

Jun-05

68.10

80.61

16,468

13,187

23,579

Jul-05

68.06

80.36

18,268

20,757

19,742

Aug-05

55.27

40,000
68.71

18,421

21,237

19,107

Sep-05

44.99

61.28

18,672

25,238

22,301

Oct-05

43.38

59.31

20,189

19,676

12,590

Nov-05

43.73

58.05

18,183

21,051

16,129

Dec-05

59.44

71.57

13,187

22,031

16,468

Jan-06

71.20

82.72

20,757

24,077

18,268

35,000
30,000
25,000
20,000
15,000
10,000
5,000

20,000
15,000
10,000
Feb-06

66.52

77.97

21,237

22,932

18,421

25,238

24,567

18,672

5,000
Mar-06

61.36

73.59

Apr-06

57.19

69.31

19,676

23,307

20,189

May-06

68.48

79.53

21,051

26,533

18,183

Jun-06

76.91

86.32

22,031

25,652

13,187

Jul-06

78.37

87.36

24,077

29,036

20,757

Aug-06

58.48

69.49

22,932

27,066

21,237

Sep-06

48.52

60.76

24,567

28,971

25,238

Oct-06

46.35

59.03

23,307

21,075

19,676

Nov-06

48.87

61.78

26,533

23,289

21,051

Dec-06

56.36

68.96

25,652

18,755

22,031

Jan-07

61.41

73.75

29,036

20,693

24,077

Feb-07

55.98

67.83

27,066

22,439

22,932

Mar-07

50.94

63.44

28,971

23,631

24,567

Apr-07

46.68

59.04

21,075

24,743

23,307

May-07

41.62

55.11

23,289

25,411

26,533

Jun-07

36.71

49.04

18,755

25,315

25,652

Jul-07

45.54

57.91

20,693

26,483

29,036

Aug-07

54.15

65.64

22,439

29,138

27,066

Sep-07

58.42

69.58

23,631

33,432

28,971

Oct-07

68.72

78.13

24,743

23,502

21,075

Nov-07

70.22

79.71

25,411

25,714

23,289

Dec-07

76.86

86.84

25,315

21,424

18,755

Jan-08

74.26

85.63

26,483

20,383

20,693

Feb-08

61.67

73.63

29,138

21,493

22,439

Mar-08

51.33

64.34

33,432

16,487

23,631

Apr-08

45.88

58.70

23,502

16,072

24,743

May-08

61.80

72.25

25,714

7,701

25,411

Jun-08

66.22

75.99

21,424

4,986

25,315

Jul-08

64.99

74.53

20,383

5,800

26,483

Aug-08

58.95

68.04

21,493

12,313

29,138

Sep-08

49.54

59.81

16,487

17,053

33,432

Oct-08

57.69

67.23

16,072

12,999

23,502

Nov-08

64.03

73.62

7,701

13,021

25,714

Dec-08

70.37

80.14

4,986

14,336

21,424

Jan-09

53.39

64.68

5,800

16,999

20,383

Feb-09

37.45

49.37

12,313

17,804

21,493

Mar-09

34.42

46.80

17,053

20,362

16,487

Apr-09

43.17

54.57

12,999

20,626

16,072

May-09

52.84

65.23

13,021

21,422

7,701

Jun-09

60.80

72.77

14,336

23,384

4,986

Jul-09

68.94

82.29

16,999

25,973

5,800

Aug-09

73.27

87.37

17,804

27,372

12,313

Sep-09

70.42

85.68

20,362

34,835

17,053

Oct-09

75.27

89.46

20,626

24,657

12,999

Nov-09

79.87

93.15

21,422

25,885

13,021

Dec-09

83.49

96.91

23,384

26,769

14,336

Jan-10

82.60

96.73

25,973

28,135

16,999

Feb-10

73.77

88.18

27,372

26,684

17,804

Mar-10

74.01

87.08

34,835

31,645

20,362

Apr-10

74.75

85.99

24,657

20,762

20,626

May-10

73.11

83.54

25,885

26,942

21,422

Jun-10

64.94

75.13

26,769

31,867

23,384

Jul-10

63.79

73.49

28,135

31,589

25,973

Aug-10

58.69

67.55

26,684

31,550

27,372

Sep-10

46.76

57.18

31,645

37,919

34,835

Oct-10

47.72

59.03

20,762

29,269

24,657

Nov-10

47.64

59.26

26,942

28,910

25,885

Dec-10

54.35

66.28

31,867

29,189

26,769

Jan-11

58.81

70.95

31,589

29,493

28,135

Feb-11

50.60

63.22

31,550

31,592

26,684

Mar-11

48.11

61.05

37,919

31,400

31,645

Apr-11

45.58

58.26

29,269

27,208

20,762

May-11

43.77

56.46

28,910

32,834

26,942

Jun-11

40.91

52.99

29,189

31,137

31,867

Jul-11

43.53

54.67

29,493

33,954

31,589

Aug-11

46.68

56.45

31,592

36,302

31,550

Sep-11

43.63

53.84

31,400

36,529

37,919

Oct-11

44.70

54.25

27,208

24,533

29,269

Nov-11

36.22

46.78

32,834

24,637

28,910

Dec-11

40.88
49.51
49.86
54.69

47.30
53.31
51.73
56.66

31,137
33,954
36,302
36,529

20,750
23,096
26,176
29,250

29,189
29,493
31,592
31,400

Jan-12
Feb-12
Mar-12

Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13

51.99
56.42
54.75
55.88
53.46
39.41
33.02
21.42
21.71
22.67
27.45
33.00
37.60
45.25
45.94
51.40
54.52
49.75

54.35
58.87
57.75
57.99
54.60
39.40
33.62
23.31
25.30
27.15
31.77
36.77
41.31
48.08
48.78
53.26
54.96
51.63

24,533
24,637
20,750
23,096
26,176
29,250
27,632
19,136
16,325
20,716
18,987
27,327
24,331
24,358
16,940
19,482
19,425
13,518
16,254
13,450
11,454

27,632
19,136
16,325
20,716
18,987
27,327
24,331
24,358
16,940
19,482
19,425
13,518
16,254
13,450
11,454

27,208
32,834
31,137
33,954
36,302
36,529
24,533
24,637
20,750
23,096
26,176
29,250
27,632
19,136
16,325
20,716
18,987
27,327
24,331
24,358
16,940
19,482
19,425
13,518
16,254
13,450
11,454

Market
Market
Size
Market Size
Size
Producti Production
Production
on 7M
8M later
9M later
later

17,878

23,579

19,742

23,579

19,742

19,107

19,742

19,107

22,301

19,107

22,301

12,590

22,301

12,590

16,129

12,590

16,129

16,468

16,129

16,468

18,268

16,468

18,268

18,421

18,268

18,421

18,672

18,421

18,672

20,189

18,672

20,189

18,183

200
180
160
140
120
100
80
60
40
20
0

Diffusion Index
(Based on 6M R Squ. Adj)

Diff
(Ba

40000.0000
35000.0000
30000.0000
25000.0000
20000.0000
15000.0000
10000.0000

20,189

18,183

13,187

18,183

13,187

20,757

13,187

20,757

21,237

20,757

21,237

25,238

21,237

25,238

19,676

25,238

19,676

21,051

19,676

21,051

22,031

21,051

22,031

24,077

22,031

24,077

22,932

24,077

22,932

24,567

22,932

24,567

23,307

5000.0000
0.0000

Market Size Pr

Diffusion Index
(Based on 6M

24,567

23,307

26,533

23,307

26,533

25,652

26,533

25,652

29,036

25,652

Market Size Production 6 M later


29,036
27,066

29,036

27,066

28,971

27,066

28,971

21,075

28,971

21,075

23,289

21,075

23,289

18,755

23,289

18,755

20,693

18,755

20,693

22,439

20,693

22,439

23,631

22,439

23,631

24,743

23,631

24,743

25,411

24,743

25,411

25,315

25,411

25,315

26,483

25,315

26,483

29,138

26,483

29,138

33,432

29,138

33,432

23,502

33,432

23,502

25,714

23,502

25,714

21,424

25,714

21,424

20,383

21,424

20,383

21,493

20,383

21,493

16,487

21,493

16,487

16,072

Diffusion Index
(Based on 6M R Squ. Adj)

16,487

16,072

7,701

16,072

7,701

4,986

7,701

4,986

5,800

4,986

5,800

12,313

5,800

12,313

17,053

12,313

17,053

12,999

17,053

12,999

13,021

12,999

13,021

14,336

13,021

14,336

16,999

14,336

16,999

17,804

16,999

17,804

20,362

17,804

20,362

20,626

20,362

20,626

21,422

20,626

21,422

23,384

21,422

23,384

25,973

23,384

25,973

27,372

25,973

27,372

34,835

27,372

34,835

24,657

34,835

24,657

25,885

24,657

25,885

26,769

25,885

26,769

28,135

26,769

28,135

26,684

28,135

26,684

31,645

26,684

31,645

20,762

31,645

20,762

26,942

20,762

26,942

31,867

26,942

31,867

31,589

31,867

31,589

31,550

31,589

31,550

37,919

31,550

37,919

29,269

37,919

29,269

28,910

29,269

28,910

29,189

28,910

29,189

29,493

29,189

29,493

31,592

29,493

31,592

31,400

31,592

31,400

27,208

31,400

27,208

32,834

27,208

32,834

31,137

32,834

31,137

33,954

31,137

33,954

36,302

33,954

36,302

36,529

36,302

36,529

24,533

36,529

24,533

24,637

24,533

24,637

20,750

24,637

20,750

23,096

20,750

23,096

26,176

23,096
26,176
29,250
27,632

26,176
29,250
27,632
19,136

29,250
27,632
19,136
16,325

19,136
16,325
20,716
18,987
27,327
24,331
24,358
16,940
19,482
19,425
13,518
16,254
13,450
###

16,325
20,716
18,987
27,327
24,331
24,358
16,940
19,482
19,425
13,518
16,254
13,450
11,454

20,716
18,987
27,327
24,331
24,358
16,940
19,482
19,425
13,518
16,254
13,450
11,454

40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
-

n Index
on 6M R Squ. Adj)

Mar

Diffusion Index
(Based on 6M R Squ.)

40,000
35,000

100.00

30,000

90.00

25,000

80.00

20,000

70.00

60.00

50.00

40.00
30.00

15,000
10,000
5,000
-

20.00

10.00

Market Size Production 6 M earlier

Market Size Production

40,000

Diffusion Index
(Based on 6M R Squ. Adj)

35,000
30,000
25,000
100.00
90.00
80.00
70.00

20,000
15,000
10,000
5,000
-

60.00
50.00
40.00
30.00
20.00
10.00

Market Size Production

50.00
40.00
30.00
20.00
10.00
-

110
100
90
India Onhighway
Volume Trend for last 10 years
80
70
60
50
40
Onhighway30
Vol (S eas onaly Adj)

20
10
0

On Highway India

100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
-

Market Size Production 7M later

Diffusion Index
(Based on 6M R Squ. Adj)

100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
-

Market Size Production 8M later

Diffusion Index
(Based on 6M R Squ. Adj)

100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
-

Market Size Production 9M later

Diffusion Index
(Based on 6M R Squ. Adj)

rs

Highway India

100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
-

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