Bengaluru emerged as the top Tier-I city with demand for two-wheelers and their financing, followed by Hyderabad. Among tier II cities, Indore emerged as the top driver for two-wheelers and their financing. While most of the customers (median) were in the group of 24-35 years, two-wheelers and financing emerged as the preferred option among middle-income working professionals.
The data traces 76% of sales to scooters, of which 34% were electric vehicles and 42% were ICEs, compared to 24% of bikes in the last fiscal. The most preferred brands sold through OTO are Honda and TVS, both online and offline.
Other highlights of the report include:
– 23% consumers opted for resale of their two wheelers through convenient options available in OTOs at the end of the tenure and 60% expected extension of tenure for paying and owning two wheelers
– 33% of the two-wheelers sold were premium bikes, with an average range of Rs 1.5 lakh
-82% of consumers opted for financing option available in OTO, while 18% preferred to buy two wheeler through OTO without financing option.
-2/3 consumers switched to EVs due to rising fuel prices and 1/4th due to lower maintenance costs.
“The data highlights that today’s discerning millennial consumers are moving towards digitally enabled financing options for their two-wheelers. In fact, we have seen a 4X growth in applications with the dealer base doubling in the last six months. We are also adding the largest dealers in the region who want to enable affordability for their customers. Sumit Chhajed, Co-Founder, OTO, said, “We expect to grow 10x in the coming year as well.
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 Aprila.