Bengaluru emerged as the highest tier-I metropolis witnessing demand for 2-wheelers and their financing, adopted by Hyderabad. Amongst the tier-II cities, Indore emerged as the highest driver for 2-wheelers and their financing. While most of the purchasers (median) had been within the 24-35 years group, two-wheelers and financing emerged because the preferred possibility amongst the center-revenue vary working professionals.
The knowledge finds 76% gross sales of scooters, in comparison with 24% of bikes within the final monetary 12 months, amongst which, 34% had been EVs and 42% had been ICEs. The most preferred brands promoting by way of OTO stay Honda and TVS each on on-line and offline channels.
Other highlights from the report embrace:
– 23% of shoppers opted for the resale of their two-wheelers by way of the handy choices out there at OTO when tenure ends and 60% anticipate to increase the tenure to pay and personal the two-wheeler
– 33% of two-wheelers offered had been premium bikes with a mean vary of Rs 1.5 lakh
-82% of shoppers opted for the financing possibility out there at OTO, whereas 18% preferred to purchase two-wheelers through OTO with out the financing possibility.
-2/third of shoppers switched to EV owing to rising gasoline costs and 1/4th as a consequence of low price of upkeep.
“The data highlights that today’s savvy millennial consumers are increasing to digitally-enabled financing options for their two-wheelers. In fact, we have seen a 4X growth in applications with the dealer base doubling over the last six months. We are also adding the largest dealers in the space, who want to enable affordability for their customers. We further expect to grow by 10X in the coming year too,” Sumit Chhazed, Co-founder, OTO mentioned.
OTO gives two-wheeler buy and financing for brands like Hero MotoCorp, Honda, Bajaj, Ather, Royal Enfield, TVS, Suzuki, Yamaha, Vespa, Suzuki, KTM, Hero Electric, Okinawa, Pure EV, Ampere, and Aprilla.