Guess what! Experts predict one of the fastest recoveries for the two-wheeler industry even as the coronavirus pandemic continues to unleash its wrath upon India. One of the primary reasons behind this prediction is the fear of virus contraction in public transportation. Instead of opting for shared mobility, commuters are now turning to private vehicle ownership, which is both safe and affordable.
Increase in two-wheelers in FY21: a closer look
The Indian two-wheeler market witnessed a whopping 21.19 million sales in 2019. However, with the onset of the pandemic, they experienced a temporary dip in 2020. But this slump did not last long! Today, this industry is already growing at a CAGR of 7.33%, which will translate to a sale of 24.89 million units annually by 2024.
Indian two-wheeler giants such as TVS Motor and Hero MotoCorp are already witnessing a substantial upswing in sales. The former recorded a stunning 34% hike in sales in January 2021, when it sold 294,596 units. The same figure for January 2020 was 220,439.
Hero MotoCorp, on the other hand, experienced a 72% jump in its March 2021 sales, where it sold a total of 5,76,957 units.
When need and affordability come together
Other than the inevitable need for safe transportation, the rise in two-wheelers in 2021 is also made possible due to easy finance availability. Given the anticipated demand for private vehicle ownership, many financial institutions are extending two-wheeler loans at specialinterest rates and flexible repayment terms with speedy fund disbursal. These features are enabling seamless bike and scooter purchase for many.
Further, as quick two-wheeler finance is readily available these days, bike aspirants don’t need to dent their hard-earned savings. No wonder the Indian bike loan market is expected to grow more than 11% over the next five years!
Moreover, the expected high demand for two-wheelers in the country has paved the way for new product launches. The two-wheeler market in India is also witnessing a technological shift from combustion to powerful electric engine technologies.
Consequently, India’s two-wheeler industry is experiencing a healthy boom post-pandemic!
To sum up
It is clear as day that two-wheeler ownership is empowering citizens to stay safe while keeping their mobility intact.
Are you looking to avail of two-wheeler finance for a bike purchase? If so, then choose Tata Capital – one of India’s most trusted lending institutions. We offer collateral-free bike finance at competitive two-wheeler loan interest rates with comfortable repayment terms.
We understand that you may not feel safe visiting us physically, given the coronavirus cases are on the rise again. But don’t fret! You can apply for two-wheeler finance online. We also provides all essential information about our eligibility criteria, documentation requirement, etc.
If you want to calculate your EMIs before applying with us, use our online bike loan EMI calculator available on our website. So, what are you waiting for? Get your own sweet ride by availing of two-wheeler finance from Tata Capital today!