インドの投資信託市場の評価：スキームタイプ・タイプ・販売チャネル・投資家タイプ・地域別の機会および予測 (2018-2032年)

インドの投資信託業界は、人口と富の増加により急成長を遂げています。投資信託に投資した資金は、働いていない個人にも収入をもたらすことができるため、投資信託に投資しようとする個人の数が増加しています。2024年4月現在の口座総数は1億8,150万インドルピー、株式、ハイブリッド、ソリューション型スキームのフォリオ数は約1億4,540万インドルピーで、リテール層からの投資が最大となっています。さらに、デジタルの浸透、スマートシティの開発、データ速度の向上が、より小規模な町や都市へと資産シェアをシフトさせる引き金となっています。システム投資プラン (SIP) を通じたリテール拠出の増加は、インドのデジタル化のレベルを示しています。

投資信託資産の増加：

投資信託資産の増加は、株式市場の好調なパフォーマンスと株式スキームへの純資金流入の増加によるものです。国内投資信託 (MF) の運用資産は2024年度中に34％増加しました。投資信託のSIP拠出額は過去数年間で3倍以上に増加しました。個人投資家も機関投資家も、投資信託が保有する資産の価値が上昇したと見ています。これは、投資信託市場の成長を促すと期待される楽観的な機会を意味します。投資信託投資の増加、デジタル化、政府支援、資産形成ツールとしての投資信託への好意の高まりなど、いくつかの要因が投資信託資産市場の成長を後押ししています。上記の要因に加え、流動性、市場の多様化、即応性、透明性などが、今後数年間の市場拡大を後押しすると予想さていれます。不安定な金融市場環境、高い経費率、販売手数料にもかかわらず、投資信託業界は発展を続け、投資家に資産形成の機会を提供しています。

市場成長の原動力となる市場の流動性：

流動性とは、資産価格に大きな影響を与えることなく、迅速かつ効率的に資産を売買する容易さを指します。投資信託は、その構成と取引量から、流動性の高い金融市場の理想的な例です。投資信託では通常、さまざまな規模の企業に投資しますが、規模の大きい企業ほど流動性が高いです。これらのファンドは、株式や債券など、流動性の高い幅広い資産を投資家に提供しています。投資信託の流動性には、ファンドの入れ替えが容易であることや、市場の変動に柔軟に対応できることなど、いくつかのメリットがあります。高い流動性とそれに伴うメリットから、市場の成長が期待されています。

当レポートでは、インドの投資信託の市場を調査し、市場の定義と概要、市場規模の推移・予測、各種区分・地域別の詳細分析、産業構造、市場成長への影響因子の分析、ケーススタディ、競合情勢、主要企業のプロファイルなどをまとめています。

目次

第1章 調査手法

第2章 プロジェクトの範囲と定義

第3章 エグゼクティブサマリー

第4章 顧客の声

• 人口統計
• 市場認知度と製品情報
• ブランド認知度とロイヤルティ
• 購入決定時に考慮される要素
• 投資の根拠
• 投資の頻度
• 投資の媒体

第5章 インドの投資信託市場の展望

• 市場規模・予測
• スキームタイプ別
  • デッドオリエンテッド
  • エクイティオリエンテッド
  • 金融市場
  • ETF
  • その他
• タイプ別
  • オープンエンド
  • クローズドエンド
• 流通チャネル別
  • 銀行
  • ファイナンシャルアドバイザー
  • 直接販売業者
  • その他
• 投資家タイプ別
  • 個人
  • 機関
• 地域別
  • 北部
  • 南部
  • 東部
  • 西部・中央部
• 市場シェア：企業別、2024年

第6章 市場マッピング、2024年

• スキームタイプ別
• タイプ別
• 流通チャネル別
• 投資家タイプ別
• 地域別

第7章 マクロ環境と産業構造

• 需給分析
• 規制の枠組みとコンプライアンス
• バリューチェーン分析
• PESTEL分析
• ポーターのファイブフォース分析

第8章 市場力学

• 成長促進因子
• 成長阻害因子 (課題・制約)

第9章 主要企業の情勢

• 市場リーダー上位5社の競合マトリックス
• 市場リーダー上位5社の市場収益分析
• M&A・ジョイントベンチャー (該当する場合)
• SWOT分析 (参入5社)
• 特許分析 (該当する場合)

第10章 過去3年間のNAV分析

第11章 ケーススタディ

第12章 主要企業の展望

• SBI Fund Management Limited
• ICICI Prudential Asset Management Company Limited
• HDFC Asset Management Company Limited
• Nippon Life India Asset Management Limited
• Kotak Mahindra Mutual Fund Asset Management Company Limited
• Aditya Birla Sun Life AMC Limited (ABSLAMC)
• UTI Asset Management Company Limited
• Axis Asset Management Company Limited
• DSP Asset Managers Private Limited
• Bandhan Asset Management Company Limited

第13章 戦略的提言

第14章 当社について・免責事項

List of Tables

• Table 1. Pricing Analysis of Products from Key Players
• Table 2. Competition Matrix of Top 5 Market Leaders
• Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1.India Mutual Fund Market, By Value, In USD Billion, FY2018-FY2032F
• Figure 2.India Mutual Fund Market Share (%), By Scheme Type, FY2018-FY2032F
• Figure 3.India Mutual Fund Market Share (%), By Type, FY2018-FY2032F
• Figure 4.India Mutual Fund Market Share (%), By Distribution Channel, FY2018-FY2032F
• Figure 5.India Mutual Fund Market Share (%), By Investor Type, FY2018-FY2032F
• Figure 6.India Mutual Fund Market Share (%), By Region, FY2018-FY2032F
• Figure 7.By Scheme Type Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 8.By Type Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 9.By Distribution Channel Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 10.By Investor Type Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 11.By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2024

A mutual fund is a consortium of money managed by an expert fund manager. It is a trust that collects money from many investors who share a common investment objective and invests the same in equities, bonds, money market instruments, and/or other securities. The NAV is the combined market value of the shares, bonds, and securities held by a fund on any day, after the deduction of permitted expenses and charges.

The mutual fund industry in India has experienced a surge in growth due to the increasing population and wealth of the nation. Funds invested in mutual funds can provide income for non-working individuals which has led to an increase in the number of individuals willing to invest in mutual funds. The total number of accounts as of April 2024, stood at INR 181.5 million, while the number of folios under equity, hybrid, and solution-oriented schemes, wherein the maximum investment is from the retail segment stood at about INR 145.4 million. Furthermore, the growing digital intrusion, the development of smart cities, and the improvement in data speeds have triggered the shift of asset shares towards more miniatured towns and cities. The increase in retail contribution through Systematic Investment Plans (SIPs) signifies the level of digitalization in India.

Hike in Mutual Fund Assets

The hike in mutual fund assets can be credited to the strong performance of equity markets and boosted net inflows to equity schemes. The assets managed by domestic mutual funds (MFs) rose by 34 percent during FY2024. Mutual fund SIP contributions have increased more than three-fold over the past years. Both individual and institutional investors viewed a rise in the value of their assets held by mutual funds. This implies an optimistic opportunity that is expected to stimulate the growth of the mutual fund market. Several factors, including the increase in mutual fund investments, digitalization, government assistance, and increasing favoritism for mutual funds as a wealth-generation tool impel the growth of the mutual fund assets market. The above factors, liquidity, diversification, readiness, and transparency are expected to boost market expansion in the coming years. Despite a volatile financial market environment, high expense ratios, and sales charges, the mutual fund industry continues to thrive, offering investors opportunities for wealth creation.

Market Liquidity to Drive Market Growth

Liquidity refers to the ease of buying and selling an asset quickly and efficiently without significantly impacting its price. Mutual funds are an ideal example of a highly liquid financial market due to their composition and trading volume. Mutual funds usually invest in companies of various sizes, with larger companies offering higher liquidity. Moreover, these funds provide investors with a huge range of highly liquid assets, including stocks and fixed-income securities. The liquidity of mutual funds offers several merits, such as easy fund swapping and flexibility during market volatility. As a result, the market is expected to experience growth due to its high liquidity and associated benefits.

North India to Dominate the Market Share

North is estimated for maximum growth in India mutual fund market during the forecast period. The rise is attributed to phenomenal trading activities in the region and the large presence of the equity market. As most of the investors on the stock exchange are cost-aware, they look for low-cost brokerage options that make more buyers invest in mutual funds to eliminate the brokerage commission costs. With mutual funds, buyers can individually manage and sell stocks on the stock exchange. It will increase transparency in trading activities and allow steady communication between traders. Tax efficiency, transparency, and the ability to gain access to a centralized stock exchange platform make it a profitable security option for investors.

Equity Funds to Dominate India Mutual Fund Market Share

The market share growth in the equity funds segment will be significant during the forecast period. Equity mutual funds provide investors with exposure to corporate equities. There are various types of stock funds, each with its investment strategy. For instance, growth funds focus on stocks that have the potential for significant financial gains but may not pay regular dividends. Income funds, on the other hand, invest in stocks that offer regular dividends. Index funds track specific market indices, such as the Nifty50 Index and sector funds concentrate on a specific industry sector.

Equity funds are further categorized based on the portion of investment in the mutual fund. For instance, large-cap funds invest at least 80% of their assets in equity shares of large-cap companies, which are the top 100 companies in market capitalization. These funds provide stability and the capability for respectable returns. Mid-cap funds allocate a minimum of 65% of their holdings to equity shares of mid-cap companies, offering higher volatility and the potential for better returns than large-cap funds.

Bank Dominates the Share in India Mutual Fund Market

The bank segment has the biggest market share in India mutual fund market. In an array of market conditions, banking funds are preferably viewed as a suitable long-term investment solution. Over the past years, these funds have conveyed average annualized returns of over 17%. Furthermore, by providing specialized, value-added financial services to investors and increasing their customer base, mutual fund, and insurance subsidiaries aid banks in grasping their full potential. Banks may form their subsidiaries or partner with an MF arm. Any investment account, such as an IRA, which may be opened through various financial institutions, including banks, can be used to acquire mutual funds. During the predicted time, all these elements will contribute to India Mutual Fund Market growth.

Future Market Scenario (FY2025 - FY2032)

Stream of flows, rise in retail investors' participation, and bullish market conditions have improved the assets for the small-cap mutual fund category to INR 2.43 lakh crore mark at the end of March 2024, marking an 83 percent rise compared to the previous year.

The surge in assets was complemented by a rise in the number of investors, with the number of folios adding an investor base of INR 8.1 million. These trends show that the future scenario of India mutual fund market is on the rise and will reach new boundaries.

Key Players Landscape and Outlook

India mutual fund market is highly competitive with key players such as SBI Funds Management Ltd., ICICI Prudential Asset Management Company Ltd., HDFC Asset Management Company Ltd., Nippon Life India Asset Management Limited, and many others. The market presents opportunities for growth during the forecast period, which makes the market competitive.

The growing digital intrusion, development of smart cities, and improvement in data speeds have led to an increase in retail Investors which in turn is poised to the growing mutual fund market. Investors and distributors are partnering with fintech startups to offer personalized services to investors dominating their technologies.

Table of Contents

1.Research Methodology

2.Project Scope & Definitions

3.Executive Summary

4.Voice of Customer

• 4.1.Demographics (Age/Cohort Analysis - Baby Boomers and GenX, Millennials, Gen Z; Gender; Income - Low, Mid and High; Geography; Nationality; etc.)
• 4.2.Market Awareness and Product Information
• 4.3.Brand Awareness and Loyalty
• 4.4.Factors Considered in Purchase Decision
  • 4.4.1.Mutual Fund Name
  • 4.4.2.Scheme Type
  • 4.4.3.Tenure
  • 4.4.4.Minimum Amount
  • 4.4.5.Return on Investment
  • 4.4.6.Liquidity
  • 4.4.7.Features and Reliability
• 4.5.Investment Rationale
• 4.6.Frequency of Investing
• 4.7.Medium of Investing

5.India Mutual Fund Market Outlook, FY2018-FY2032

• 5.1.Market Size & Forecast
  • 5.1.1.By Value
• 5.2.By Scheme Type
  • 5.2.1.Debt-Oriented
  • 5.2.2.Equity-Oriented
  • 5.2.3.Money Market
  • 5.2.4.ETFs
  • 5.2.5.Others
• 5.3.By Type
  • 5.3.1.Open-Ended
  • 5.3.2.Close-Ended
• 5.4.By Distribution Channel
  • 5.4.1.Banks
  • 5.4.2.Financial Advisors
  • 5.4.3.Direct Sellers
  • 5.4.4.Others
• 5.5.By Investor Type
  • 5.5.1.Individual
  • 5.5.2.Institutional
• 5.6.By Region
  • 5.6.1.North
  • 5.6.2.South
  • 5.6.3.East
  • 5.6.4.West and Central
• 5.7.By Company Market Share (%), FY2024

6.Market Mapping, FY2024

• 6.1.By Scheme Type
• 6.2.By Type
• 6.3.By Distribution Channel
• 6.4.By Investor Type
• 6.5.By Region

7.Macro Environment and Industry Structure

• 7.1.Supply Demand Analysis
• 7.2.Regulatory Framework and Compliance
  • 7.2.1.Securities & Exchange Board of India (SEBI) Guidelines and Policies
  • 7.2.2.RBI Guidelines and Policies
  • 7.2.3.Monetary and Fiscal Policies
  • 7.2.4.Taxation Policies
• 7.3.Value Chain Analysis
• 7.4.PESTEL Analysis
  • 7.4.1.Political Factors
  • 7.4.2.Economic System
  • 7.4.3.Social Implications
  • 7.4.4.Technological Advancements
  • 7.4.5.Environmental Impacts
  • 7.4.6.Legal Compliances and Regulatory Policies (Statutory Bodies Included)
• 7.5.Porter's Five Forces Analysis
  • 7.5.1.Supplier Power
  • 7.5.2.Buyer Power
  • 7.5.3.Substitution Threat
  • 7.5.4.Threat from New Entrant
  • 7.5.5.Competitive Rivalry

8.Market Dynamics

• 8.1.Growth Drivers
• 8.2.Growth Inhibitors (Challenges and Restraints)

9.Key Players Landscape

• 9.1.Competition Matrix of Top Five Market Leaders
• 9.2.Market Revenue Analysis of Top Five Market Leaders (in %, FY2024)
• 9.3.Mergers and Acquisitions/Joint Ventures (If Applicable)
• 9.4.SWOT Analysis (For Five Market Players)
• 9.5.Patent Analysis (If Applicable)

10.Past 3-year NAV Analysis

11.Case Studies

12.Key Players Outlook

• 12.1.SBI Fund Management Limited
  • 12.1.1.Company Details
  • 12.1.2.Key Management Personnel
  • 12.1.3.Products & Services
  • 12.1.4.Financials (As reported)
  • 12.1.5.Key Market Focus & Geographical Presence
  • 12.1.6.Recent Developments
• 12.2.ICICI Prudential Asset Management Company Limited
• 12.3.HDFC Asset Management Company Limited
• 12.4.Nippon Life India Asset Management Limited
• 12.5.Kotak Mahindra Mutual Fund Asset Management Company Limited
• 12.6.Aditya Birla Sun Life AMC Limited (ABSLAMC)
• 12.7.UTI Asset Management Company Limited
• 12.8.Axis Asset Management Company Limited
• 12.9.DSP Asset Managers Private Limited
• 12.10.Bandhan Asset Management Company Limited

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work

13.Strategic Recommendations

14.About Us & Disclaimer