Sales of two-wheelers could take about five years to return to the peak levels of 20218-19 even as the rural markets continue to struggle from the impact of Covid19, said Atsushi Ogata, managing director and CEO of Honda Motorcycle and Scooter India (HMSI).
He was speaking on the sidelines of SIAM's 62nd annual session in Delhi. Ogata said that while the rural incomes have not witnessed any growth , there has been a substantial increase in acquisition cost of two wheelers over the past few years, leading to decline in its sales.
The domestic two-wheeler wholesale volume was 24,442,366 units in fiscal 2018–19, according to SIAM figures, and it was 134,66,412 units in FY 2021–22. Regarding the impending festive season sales, he stated, "This year would be better than the prior three years." He noted that the rising popularity of electric two-wheelers is also having an effect on their sales.
Ogata went on to say that although the company had intentions to introduce an electric scooter shortly, it was delayed due to recent rules regarding battery safety difficulties. In addition to introducing electric two-wheelers, HMSI recently described its ambitions to start a battery-sharing programme for electric three-wheelers. Additionally, the business intends to introduce flex fuel bikes by 2023.
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