Even as lockdown restrictions ease countrywide and vehicles hit the roads again, social distancing norms remain paramount. Given the circumstance, a change in our mobility was inevitable.
Moreover, in the wake of COVID-19, many industries were thrown into disarray due to economic slowdown. But surprisingly, the automobile industry saw a steady increase in the demand for two-wheelers, which is expected to increase further.
Here are the five reasons why the trend is expected to continue in a post-pandemic world.
1. Fear of contraction in public transits
The fear of contracting the virus has kept many commuters away from public transits. Especially those who rely on the bus and metro for their daily commute. Not to mention, public transits are yet to reopen fully. Even then, social distancing measures will be undertaken for optimal safety, so the capacity for commuters will be less.
Consequently, many commuters have now shifted to personal vehicles to meet their mobility needs. The shift from public transit has significantly contributed to the increased demand for two-wheelers, especially since two-wheeler loan eligibility has become easier.
2. Shift to personal mobility
Now, not all businesses can operate via work from home, especially if frequent fieldwork is involved. As business re-commence physical operations, many are likely to shift to personal mobility options for office commutes. Nonetheless, since the shift to personal mobility is mainly a precautionary measure; customers will focus more on convenience rather than a luxury.
Moreover, since the demand for private vehicles is circumstantial, buyers will settle for affordable two-wheeler commute options to avoid pocket strains. This is bound to increase the demand for two-wheelers and bike loans.
Additional Read: All you need to know about electric two-wheeler industry in India
3. Budget constraints
The uncertainty of the times has forced many to cut back on vehicle purchase. Buyers who were initially ready for a car purchase are now considering two-wheelers to save money. Now, a vast section of the commuters who shifted to personal mobility in the wake of COVID-19, want an affordable vehicle option like a bike for office commutes. Moreover, the fear of contraction – as well as pay cuts/layoffs – has made two-wheelers the contingent personal mobility choice for many.
4. Two-wheelers are cheaper
If commuters shift to personal mobility, they are more likely to buy bikes over cars to avoid straining their already reduced disposable incomes. Mainly because a two-wheeler is a more affordable option in the present circumstance. Even EMI payments for a bike loanare easier to service than a car loan.
Easy to own, two-wheelers also perform better on the Indian roads which makes them the perfect mobility choice.
5. Easy financing options
As the demand for two-wheelers rises, the lending sector has started to loosen its pockets to meet the demand. Buyers can secure an online two wheeler loan to finance a two-wheeler without a hefty EMI sum. Moreover, since the two-wheeler loan eligibility, interested buyers can secure a loan without much hassle.
Additional Read: Top Indian Bike Companies That Are Still Making A Mark In The World
Considering a bike loan? Head to Tata Capital
Tata Capital offers easy loans at attractive two wheeler loan interest rate with convenient loan tenure and hassle-free documentation process. Interested buyers with a lack of sufficient funds can also benefit from our zero down payment bike loan.
For more details, contact us today!