Nirmal Bang Re-Initiates Coverage On Two-Wheelers
Motorcyclists travel past pedestrians near the Chhatrapati Shivaji Terminus railway station in Mumbai, India. (Photographer Dhiraj Singh/Bloomberg)

Nirmal Bang Re-Initiates Coverage On Two-Wheelers

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Nirmal Bang Report

India’s two-wheeler industry entered slow lane in late 2018 due to rising cost of ownership (regulation-led price hikes of approximately 15-20%), tepid economic growth and weak consumer sentiment.

We believe that the recent uptrend in wholesale volume post some relief from Covid-19 is largely led by inventory build-up (low base at the start of FY21 due to BS-VI transition), which masks the continued stress on retails.

Our proprietary and deep dive analysis of state-wise registration trends indicates decelerating growth across key states (~47% of registrations as of FY20) due to high penetration levels.

Click on the attachment to read the full report:

Nirmal Bang Two wheeler sector- Re-initiating Coverage .pdf


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