Nirmal Bang Re-Initiates Coverage On Two-Wheelers
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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.
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