Auto Retails Slip In January As Mobility Data Weakens: ICICI Securities
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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 points have a lead-lag effect.
Key takeaways for January 2021 -
1. Mobility data improvement trends are moderating globally with some regions being more effected than others (e.g. Europe); India too witnessed deterioration in mobility trends in most regions with Eastern states dropping fastest (e.g. West Bengal, Odisha) while Southern states was the only region which had an improvement (e.g. Andhra Pradesh, Tamil Nadu); and
2. on domestic retail demand trends, demand for both passenger vehicles (down ~6% YoY) and two-wheelers was weak (down ~10%) owing to weakness in consumer sentiment in the mass market segments.
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