Retail Auto Demand Trends Remain Mixed In February: 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 February 2021 -
1. globally mobility data trends remain on the mend with some regions being more effected than others (e.g. UK, Japan); similarly, India also witnessed a broad improvement in mobility trends in most regions with Northern and Eastern states closest to pre-Covid-19 levels, while Western states still down 12-15% (e.g. Maharashtra, Gujarat); and
2. on domestic retail demand trends, passenger vehicle demand remains on growth path (aided by low base due to BS-VI transition), while two-wheelers remained weak (down ~18%) possibly due to weak mass market demand, delay in marriage demand.
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