Indian two and three wheelers sales in October have been 2.12 million (+16.9%9 with year to date figures at 11.88 million (-28.9%), projecting the entire calendar year at 15 million units, down 22.3%
Data reported for India regards wholesales and not – as for almost all the other countries – registrations. The perimeter of data covered includes motorcycles, moped, scooter, both on ICE and electric engines. In addition data includes the commercial three wheeler, very popular in the country.
Indian Economic Outlook
The downturn continued to moderate in recent months, after a record GDP contraction in Q2 (Q1 FY 2020) due to the pandemic. In August, industrial production fell at a softer pace than in July, while the services sector PMI jumped notably in September.
Moreover, September’s manufacturing PMI hit the highest mark since January 2012, while exports increased in the same month for the first time since February of this year, hinting at improving external sector conditions. Furthermore, household spending should have gained traction in Q3 as some restrictions were loosened, although elevated inflation may have stunted the pace of recovery.
On the fiscal front, in mid-October the government unveiled a modest USD 10 billion stimulus package to combat the fallout from Covid-19, which, although expected to provide a temporary boost to sentiment, should have a marginal impact on the overall recovery.
Motorcycles Market Data in October 2020
The two and three wheeler is foreseen the widest contraction ever, following the 13.2% sales lost in the 2019 and the huge fall related to shutdown measures reported in Q1 (–24.5%) and in Q2 (-72.2%) of this year.
In the third quarter market improved with sales declined only 3.9%, with September already up year-on-year and finally October reported a double digit growth, which partially mitigate the cumulative lost from the previous year.
In October sales have been 2.12 million (+16.9%9 with year to date figures at 11.88 million (-28.9%), projecting the entire calendar year at 15 million units, down 22.3%.