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ICICI Securities Report
Passenger vehicle original equipment manufacturers’ attempt to catch up to the demand for popular models was impacted by production cuts, while two-wheeler OEMs have likely been able to pare down high channel inventories post festive season (~8-10 weeks).
Entry-level demand trends across two-wheelers and passenger vehicles have remained weak. OEMs are hoping to stoke consumer sentiment with new launches (e.g. M&M XUV700, Tata Punch, MG Astor, TVS Raider) even as availability of popular models remain elusive; however, increasing price hikes (~8-10% across segments since January 2021) and rising fuel costs could limit consumer wallet spends at the entry level even as Covid-19 cases surge throughout the country.
Faster vaccination leading to opening up of workplaces and educational institutes could aid revival of transportation segments (e.g. three-wheeler/buses/scooters) in CY22.
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