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ICICI Securities Report
In continuation to our monthly series, we are monitoring mobility and retail demand trends as we believe both these data sets have a lead-lag effect. Key takeaways from December 2021:
India mobility data witnessed month-on-month improvement as transit mobility improved while workplace mobility dropped amid rise in Covid-19 cases (e.g. Maharashtra, Kerala); global mobility data plunged across regions as Covid-19 third wave cases surge (e.g. Europe, U.S., Korea);
in domestic retail, passenger vehicle sales witnessed marginal improvement (up 2% month-on-month) as lack of inventory for popular models (due to semiconductor shortage) hurt sales; two-wheeler witnessed ~10% drop due to unseasonal rainfall and depressed consumer sentiment;
on commercial side, three wheeler rose at ~9% month-on-month with commercial vehicles up marginally (4.2%). Share of electric passenger vehicles/two-wheelers stood at 1.04%/2%, respectively.
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