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Analysis of Four Wheelers & Two Wheelers despatches between Jan to Oct over the years -
The Indian automotive sector is witnessing a K-shaped growth path. The passenger vehicle market has had a V-shaped recovery since it bottomed out in 2020 due to the COVID-19-induced pandemic, and in recent times it has touched all-new heights due to growth momentum generated by pent-up demand. However, the 2W market has been stuck with a poor growth rate ever since the COVID-19 pandemic.
This also reflects the economic inequality effect that the Indian economy has, thus separating growth drivers for the 4W and 2W markets. Electric 2W growth is merely substituting for existing ICE (internal-combustion-engine) 2W demand in a small percentage, without altering the market size perimeter.