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ICICI Securities Report
Original equipment manufacturer’s pre-festive channel filling has been adequate across categories (our estimate: four to six weeks) except high growth segments (e.g. sports utility vehicles) in anticipation of strong retail demand uptick in festive season.
OEMs are stocking consumer sentiment with new launches (e.g. XUV700, Punch), however, increasing price hikes (~7-10% across segments since January 2021), rising fuel costs and possible implementation of new bumper-to-bumper insurance regulation could limit consumer wallet spends.
Faster vaccination could help improve consumer sentiment revival across both urban and rural markets in H2 FY22.
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