Indian Two-Wheeler Industry - Rise In Ownership Cost Dampens Demand, Recovery Likely Beyond FY22: ICRA
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ICRA Research Report
Our survey of two-wheelers dealers, undertaken in September 2021, indicates a subdued demand expectation for H2 FY22, with sustainable demand returning only beyond FY22.
Demand continues to be sluggish, impacted by sharp increase in the cost of ownership and lower disposable incomes.
Monsoon precipitation has been subpar and uneven till now; healthy precipitation in September thus remains key for improving rural sentiments, post the second wave.
Offtake in Q2 FY22 has largely been due to the pent-up demand from the lockdown period (after the second wave of pandemic in May-June 2021) and is unlikely to sustain going forward.
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