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Motilal Oswal Report
The Navratras starting from October 07 to 15 marked the start of the festival season and important season for automobile retail sales.
We interacted with leading industry channel partners to understand the demand trends for the passenger vehicles and two-wheelers are panning out.
Passenger vehicle demand continues to remain strong but remains affected due to supply side constraints. Two-wheeler retails remains tepid due to high total ownership cost and cash crunch in the prime customer segment of the society.
Registration data form Vahan for Navratras (excluding Dusshera) confirm the above trend.
While two-wheeler retails in Navratras-21 have declined by 18% compound annual growth rate (versus Navratras-19 versus 18% decline YoY); passenger vehicle retails recovered to FY19 levels while declined by 24% YoY. The decline is mostly to semiconductor shortage.
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