India: Demand for personal vehicles may go up
Major automakers in India like Maruti Suzuki, Honda, Toyota, and Tata Motors are expecting that demand for private vehicles to increase within the country as social distancing and fear integrated with COVID-19 keep people away from public transport.
The carmaker Maruti Suzuki India (MSI) expects demand to move towards lower-priced cars in the after lockdown scenario, with people opting for personal vehicle over public transport. Though slowing down of economic activity would influence consumers to move towards lower-priced or smaller vehicles in personal mobility space. Going by trends during crisis, it is observed that consumers incline towards established brands during stress periods.
Similar views were echoed by leading automakers in India, that personal mobility will gain much more important than shared mobility or public transport, and hence can give rise to sales. It is also expected that customers may go for certified used car in near term.