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In May 2021, most regions were under an ensuing Covid-19 led lockdown. Inquiries were significantly lower than normal levels, except in tractors.
While a strong order book and ongoing preference for personal mobility would support passenger vehicles, strong demand for two-wheelers seems unlikely on high inventory in the system and severe impact of the second Covid wave on rural and semi-urban markets.
Wholesales are expected to decline month-on-month due to the impact of localised lockdowns by states and supply-side issues (including availability of industrial oxygen).
Our interactions with leading industry channel partners reflect optimism regarding a recovery once the lockdown is lifted.
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