Latest News | ICRA Expects Sustainability of Domestic Demand in 2-wheeler to Remain Contingent
Get latest articles and stories on Latest News at LatestLY. Ratings agency ICRA on Monday said it expects that the sustainability of domestic demand in two-wheeler would remain contingent upon the COVID-19 scenario following the festive season.
Mumbai, Nov 2 (PTI) Ratings agency ICRA on Monday said it expects that the sustainability of domestic demand in two-wheeler would remain contingent upon the COVID-19 scenario following the festive season.
October marked the beginning of the auspicious festive season in India and the pace of inventory restocking by original equipment manufacturers (OEMs) reached its peak, ICRA Vice-President Shamsher Dewan said in a statement.
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Even as dealers remain cautiously optimistic about retail sales going into the festive season, the listed OEMs reported a 24 per cent year-on-year increase in their domestic sales volumes in October 2020, he said.
"This indicates optimism regarding consumer sentiments, especially those in rural and semi-urban markets and continued preference for 2-wheelers as a personal mobility solution in urban areas," Dewan said.
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On the export front, the listed OEMs reported a 32 per cent year-on-year improvement in dispatches in the previous month, he said adding that it indicates that the key export markets are also shaking-off the pandemic blues.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)