Technology is changing how we buy and insure two-wheelers in India
We have heard enough and more about the sheer size of the Indian two-wheeler market, which is on a continuous growth trajectory. Two-wheeler sales in India grew from 2.02 crore units to 2.11 crore, recording a 4.9% growth from FY18 to FY19. Even a relatively niche two-wheeler maker like Royal Enfield has seen sales surge to well over one lakh units a year. Moreover, even in the midst of the current economic slowdown, a very interesting trend has started to emerge. The single-minded commute oriented focus on merely value and efficiency has started to dissolve, with other attributes like style, technology, performance, brand value, and lifestyle are becoming ever so important. A big driver of this change is digital media, through which consumers now have easy access to information, can engage with the brand and buy with ease. The entire customer journey can be completed online with ease and convenience.
How is the two-wheeler market changing?
The change in buyers' preferences is clearly visible in the market now. You see a massive push towards electric mobility, with the likes of exciting start-ups such as Ather Energy battle with legendary home-grown brands like Bajaj and TVS. Another big development in the two-wheeler space has been the growth in the premium segment. Further up the food chain, for buyers who want a distinct performance edge, you have players like KTM and Honda. Then there is Royal Enfield, which has achieved great success deploying a formula that places a major focus on retro styling.
Moreover, most global manufacturers now sell pretty much all of their headline-grabbing products here like the Suzuki Hayabusa and the BMW S1000RR. Take, for instance, the sales of Harley-Davidson bikes in India over the years. The iconic American brand made its debut in India in 2009, and has sold over 10,000 superbikes in India since then. Another indicator that the appetite for these superbikes in India is growing is that the US President Donald Trump in his recent India visit also talked about Harley as a brand and the various strategic measures that can help boost sales in the country.
What has led to these changes?
There are of course many reasons for this maturity of the Indian market. Some factors that are contributing to this change are the availability of relevant detailed information, rise in disposable incomes as well as the fact that younger, more confident and successful individuals are not afraid of taking loans to fulfil their ambitions. In fact, the World Economic Forum says that by 2030, 20 million Indians will move into the high-income bracket, and spend 15 to 20 per cent more on durables like personal vehicles.
The role of digital platforms
Buyers are now far more knowledgeable than before, thanks entirely to how information and services are easily available over the Internet. The prolific growth of digital-first segments has made the two-wheeler acquisition process easier, quicker and completely hassle-free. These buyers now find it easier than ever to compare different offerings and chose the one that is best for them. There's no running around or dealing with overzealous dealerships anymore. This simplicity even extends to the actual buying process; bookings and payments can be made online, with the owner only having to step into the showroom for the actual delivery of the two-wheeler.
Easier financing options too are playing a crucial role in this consumer journey, which was earlier riddled with paperwork. With quick online application processes and hassle-free disbursal of loans, fintech platforms like Finserv MARKETS have ensured that the erstwhile unpleasant process in the two-wheeler buying journey are now a relic of the past. There is no fear of missing a good deal or having to deal with unscrupulous brokers. Finserv MARKETS, a techno-analytics driven platform offers the latest and personalized fintech services to ensure that customers get the best possible deal and experience.
Beyond the acquisition of a two-wheeler, also comes the need to safeguard this purchase against the danger of inadvertent mishaps, theft or loss. Fintech platforms like Finserv MARKETS also help serve as a one-stop-shop for prospective two-wheeler insurance customers. Here owners can choose from a range of insurance options, including those for the compulsory third party insurance cover. They get personal guidance through each step of the insurance buying process and are assured of competitive rates. Customers get to learn about important insurance concepts like what is IDV, NCB, zero depreciation and add-on covers before they make a purchase decision.
Finserv MARKETS also makes renewals easy, ensuring owners never have to go without the insurance coverage they need. To make things even simpler, there is 24-hour guidance and support, and each buyer can avail consultations to choose the plan that best suits their requirement.
Finserv MARKETS' expertise in the fintech space enables the platform to utilise specialised software and algorithms to ensure that the buyer has the best experience possible, with the comfort and convenience that they have come to expect. After all, every incremental benefit is of utmost importance to the new-age buyers, who are looking for convenience and efficiency from their service-providers.
So isn't it the right time to take advantage of the market dynamics and the available financing options to fulfil your ambitions? Don't let anything stop you from riding the winds with your dream bike!