Due to the Covid-19 pandemic, people are trying to move away from public transportation. Many people have switched to personal mobility, which has led to an increase in the demand for two-wheelers. A two-wheeler is the most convenient and inexpensive form of personal mobility. And you can easily avail a 2 Wheeler Loan to fund the purchase of your vehicle.
The pandemic’s growing impact has made it essential for businesses and companies to relook at their plans for the future. This has led to various changes in customer habits and business models. The two-wheeler segment plays a crucial role in advancing the automobile sector post lockdown by offering affordable personal transportation choices.
Market Insight Of Two-Wheelers –
- The two-wheeler industry has witnessed notable growth over the last decade. Increased demand in cities and semi-urban areas and relatively inexpensive ownership are some of the principal factors impelling the growth in India’s market.
- Two-wheelers are considered to be the most popular alternative to public transport than four-wheelers. India’s two-wheeler market is forecasted to grow at a CAGR of 7.33% and reach a sales volume of 24.89 Mn units by 2024.
Market Segmentation Analysis:
- In India, the two-wheeler industry is segmented based on motorcycles, scooters, and mopeds. The motorcycle segment holds a two-third market share of India’s two-wheeler market and is followed by the scooters and mopeds segments.
- From the high points of the fiscal year 2016-17, auto exports have increased to 33%. However, domestic sales of automobiles have been at the same level as the fiscal year 2016-17. The exports of two-wheelers have increased drastically. The COVID-19 crisis has revealed chinks in the automobile market model, and it could initiate a significant move towards two-wheelers. That could help in the upliftment of the auto sector.
Factors Impacting The Growth Of Two-wheelers during Covid-19
- Social distancing and personal transport
The best way to control the impact of coronavirus is to maintain strict social distancing measures. This has pushed individuals to opt for personal mobility. Hence, the two-wheeler market has benefited a lot from this. Youngsters or office workers opt for two-wheelers as it is quite convenient and saves a lot of time.
- Low-budget transport vehicle
Buying high-value vehicles will come at a higher cost. Due to Covid-19, many people are facing a financial crisis. So, paying hefty EMIs for owning big cars is not the priority of individuals now. In that case, the two-wheeler is the most-affordable mode of commuting. A two-wheeler loan makes it convenient to own a bike as the monthly EMIs are quite convenient to pay, and the Twowheeler loan interest rate is affordable.
- Increase In Vehicle Financing
With the increase in uncertainty in the economy, individuals do not wish to spend all their savings in one go. Nowadays, individuals prefer to save their savings for later usage and avail bike finance. Paying monthly instalments is a much-preferred option in comparison to spending all your savings at once.
- Limited and lower commitments
Individuals prefer two-wheelers as the quickest and most reasonable mode of transport. There are several options available by which one may not have to pay a substantial down payment and higher EMIs. There are several two-wheelers loan schemes available with a preferable tenure. So, customers do not have to stress over disrupting their monthly budgets.
- Technology is the key
Due to the Covid-19 pandemic, most people avoid stepping out of their houses for unnecessary chores. You are not required to step out of the house or stand in queues for completing the application process to avail of bike finance. The entire process can be done from the comfort of your house. You just need to visit the lender’s website, fill the application form, submit the necessary documents, and you are good to go.
The significant impact of Covid-19 on the two-wheeler industry is the increase in demand for a two-wheeler loan. The two-wheeler loan offered by Bajaj Auto Finance is designed to fulfill the demand of loan requirements, be it for an entry-level or a high-end two-wheeler. With fast and easy loan processing, purchasing a bike with Bajaj Auto Finance assistance is a smooth and hassle-free experience.