Honda and TVS most preferred two-wheeler brands among buyers: OTO – Times of India

Releasing its first annual two-wheeler trends data, two-wheeler buying and financing platform OTO has announced details like top-performing brands, categories driving demand and the status of two-wheeler financing in India. The data highlights that the most preferred brands of two-wheelers bought through OTO are TVS and Honda. And also that there has been a substantial increase in the number of consumers shifting to EVs, of which 2/3rd cite rising fuel prices as a reason.
Bengaluru emerged as the top tier-I city witnessing demand for two-wheelers and their financing, followed by Hyderabad. Amongst the tier-II cities, Indore emerged as the top driver for two-wheelers and their financing. While most of the customers (median) were in the 24-35 years group, two-wheelers and financing emerged as the preferred option amongst the middle-income range working professionals.
The data finds 76% sales of scooters, compared to 24% of bikes in the last financial year, amongst which, 34% were EVs and 42% were ICEs. The most preferred brands selling through OTO remain Honda and TVS both on online and offline channels.

Other highlights from the report include:
– 23% of consumers opted for the resale of their two-wheelers through the convenient options available at OTO when tenure ends and 60% expect to extend the tenure to pay and own the two-wheeler
– 33% of two-wheelers sold were premium bikes with an average range of Rs 1.5 lakh
-82% of consumers opted for the financing option available at OTO, while 18% preferred to buy two-wheelers via OTO without the financing option.
-2/3rd of consumers switched to EV owing to increasing fuel prices and 1/4th due to low cost of maintenance.
“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 said.
OTO provides two-wheeler purchase 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.

Source link

Leave a Reply

Your email address will not be published.