- Two-wheeler sales likely to go down by 13 per cent
- Forecast report revealed by ICRA
- COVID-19 crisis has hit the industry hard
The overall sales and growth of India’s two-wheeler business is likely to go down by 13 per cent in the current financial year according to ICRA credit agency.
The 13 per cent drop in sales put the overall sales figure to approximately 18 million units. This drastic drop is a result of COVID-19 and the activities around this global pandemic. According to ICRA report, the lockdown has affected the business quite badly. Plus, the Indian economy might see some discretionary spending post lockdown that is going to affect the overall growth.
Prior to COVID-19 outbreak, ICRA had expected the demand for two-wheelers to remain flat in the current financial year due to the price rise under BS6 emission norms. But things have taken a drastic turn due to COVID-19 crisis.
It is still not clear if the lockdown would extended post its expiry on 14 April. If it does, even in certain cities, the two-wheeler industry is bound to feel the negative impact.
