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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 March 2022 include:
India's mobility data witnessed month-on-month improvement as transit mobility resumed even as workplace mobility was higher month-on-month; global mobility data, which plunged across regions, is yet to witness complete recovery (e.g. Europe, U.S.);
in domestic retail, passenger vehicle sales grew ~12% month-on-month (down 5.6% YoY) as production gradually normalises; two-wheeler sales too grew at a higher pace of 17.6% due to resumption of office and schools;
on the commercial side, three-wheeler sales were up ~24% month-on-month with commercial vehicle sales gaining steam at 22% month-on-month growth on a higher base.
Electric passenger vehicles/two-wheelers reached their all-time high shares at 2.1%/7.1% respectively.
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