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ICICI Securities Report
In continuation to our monthly series, we are monitoring mobility and retail demand trends as we believe both these data sets have a lead-lag effect. Key takeaways from February 2022 include:
India's mobility data witnessed month-on-month improvement as Covid-19 cases recede, and transit mobility again resumed even as workplace mobility saw a lower drop; global mobility data, which plunged across regions, is yet to witness complete recovery (e.g. Europe, U.S.);
in domestic retail, passenger vehicle sales continued to be challenging (down 7.4% month-on-month) as production normalises gradually; two-wheelers sales too declined – albeit the pace of decline was relatively slow at ~3% – due to depressed consumer sentiment and price hikes;
on commercial side, three-wheelers sales were down ~4% month-on-month with commercial vehicle sales declining 5.55% on a higher base. Share of electric PVs/two-wheelers stood at 1%/3.3%, respectively.
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