Sales Of Electric Two-wheelers Increased By 19X In The Last Fiscal Year: OTO
OTO, a buying and financing platform has released its first annual report on two-wheeler trends data such as top-performing brands, demand in cities and categories which are driving the demand for financing in India. The report also highlights the change in consumer behaviour seen through the pandemic with digital penetration in the market.
As per the report, most customers opting for two-wheeler finance are 24 to 35 years middle-class working professionals. Financing has emerged as the most preferred option for buying two-wheelers.
The report also states that out of 76% of scooter sales 34% were EVs and 42% were conventional fuel vehicles. The most preferred brands according to OTO are Honda and TVS both online and offline mediums. Of all the tier 2 cities, Indore has emerged as the top buyer of two-wheelers along with digital financing.
Bangalore emerged as the top tire-1 city in terms of demand for two-wheelers and their financing followed by Hyderabad. Around 23% of customers opted for resale of their two-wheelers through channels available on OTO. Premium bikes with an average price of 1.5 lakh were purchased by 33% of people.
Around 82% of OTO customers opted for the financing service meanwhile 18% preferred to buy two-wheelers without financing.
Above mentioned data highlights that Indian millennials are shifting towards digital finance options such as OTO for two-wheelers.
Commenting on the report, Sumit Chhazed, Co-founder of OTO said, “the emergence and acceptance of digitisation have accelerated the growth of the auto sector. We have seen 4x growth in application with the dealer base which is almost double when compared to last six months.”