Companies
India’s Pre-Owned Car Market Trend: Small cars losing share to UVs; electrification on rise – Details
Published
3 months agoon
India’s Pre-Owned Car Market: The Indian pre-owned car industry, which stayed strong despite challenges in FY22, witnessed a significant 14-16 per cent growth in FY23. This is set to grow further and the OLX Mobility report predicts that it will expand to Rs 5 trillion by FY28.
Pre-Owned Car Industry: Small Cars Losing Share To UVs
According to the report, small cars continued to dominate the preowned car market even in FY23 but they are now losing share to utility vehicles (UVs) in the pre-owned car market.
The report suggested that the share expansion is expected to continue going forward as the recently launched compact UVs come into the pre-owned market.
Siddharth Agrawal, Country Head – Marketing, OLX India, said that the shift aligns with the broader trend observed in the new car market, where UVs have been steadily gaining popularity.
“On a base which is growing by 2x, the UVS will grow 2x within that growing base. This means UVS will grow by almost 4X in the next five years,” Agrawal told Zee Business’ Raghwendra Shukla.
Pre-Owned Car Market Trend: Electrification Is On The Rise
Also, the electrification trend is on the rise – both in the new car market and the used car market. The report said that the sales of new electric vehicles reached 59K units in FY23, and 42K in
the first half of FY24. In the new car segment of EVs, Tata Motors is the clear winner. It is followed by MG and Mahindra.
There are no specific numbers for EVs in the pre-owned segment as they are still coming in the used car market.
“EVs are still coming into the pre-owned market as it takes a bit for new cars to come to this market. So that is the reason there is no segmentation as of now. We are tracking some trends but it will be a little premature to comment as the number of EVs in the pre-owned market is very small,” Agrawal said.
Pre-Owned Car Market Trend: Key points
– Reduction in Vehicle Age: The influx of UVs into the pre-owned market is contributing to a decrease in the average age of available cars. This is partly due to the faster replacement cycles observed among UV owners, who tend to upgrade their vehicles more frequently. The demand for UVs in the 5-7 years age bracket is the highest at 35 per cent, followed by those in the 0-4 years at 26 per cent.
– Increase in Average Buying Price: As more UVs enter the pre-owned market, the average buying price is expected to rise. This is due to the generally higher price bracket of UVs compared to other vehicle types like small cars or sedans.
– Dominance of Younger Vehicles: By FY28, it is anticipated that a significant portion of the pre-owned car market will comprise relatively newer vehicles. Cars within the 0 to 7-year age range are expected to form a major part of the market inventory, making the segment more attractive to buyers looking for newer, more modern vehicles.
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Companies
myTVS launches‘Mobility-as-a-Service’platform for EV fleets
Published
2 months agoon
September 23, 2024
myTVS, India’s digital automotive aftermarket platform and part of the $3 billion TVS Mobility Group, has officially launched its pan-India ‘Mobility-as-a-Service’ (MaaS) platform aimed at last-mile EV fleet operators. This comprehensive platform integrates a range of services for the entire electric vehicle (EV) fleet lifecycle, including leasing, real-time fleet management, servicing, spare parts management, charging solutions, telematics, roadside assistance, insurance, and tyre management.
The MaaS platform boasts a digital catalogue of over 180,000 SKUs and offers vehicle refurbishment services to enhance fleet longevity and efficiency. myTVS aims to become the go-to brand for last-mile fleet operators, enabling them to scale operations effectively through strategic partnerships with all stakeholders in the EV ecosystem.
As part of this initiative, myTVS has formed a strategic alliance with MoEVing, a leading EV-based logistics company in India. This partnership is expected to drive growth in the quickly evolving quick commerce sector, which is increasingly looking to electrify its operations to meet sustainability goals.
“This launch marks a pivotal transition for myTVS from personal mobility to fleet mobility solutions,” said G Srinivasa Raghavan, Managing Director of myTVS. “Our platform is tailored to meet the evolving demands of both personal and fleet mobility customers, ensuring efficiency and sustainability. With over 1,000 service outlets across India, we are uniquely positioned to support fleet operators with 24/7 telematics, a Network Operations Centre, and diagnostic services that maximise vehicle uptime.”
Vikash Mishra, CEO of MoEVing, emphasised the importance of ecosystem partnerships for accelerating EV adoption in India. “The launch of the MaaS platform by myTVS addresses a critical market need, offering a holistic solution that aligns with our mission to enhance service delivery and expand our national footprint.”
A recent BCG report forecasts significant growth in the organised last-mile delivery market, particularly in food, grocery, and e-commerce sectors, with EV adoption projected to reach 20-30% in organised fleets by 2025.
Raghavan concluded, “With over 1 million customers, myTVS is one of the fastest-growing aftermarket service providers in India. We plan to add another 2,500 outlets in the next two years, aiming for a market share of 10-12%.”
The myTVS MaaS platform offers flexibility and is designed to integrate seamlessly with OEM manufacturers, insurance providers, financial services, and leasing companies, ensuring comprehensive support for all stakeholders in the electric mobility landscape.
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Companies
One Point One Solutions wins two international orders – check details
Published
2 months agoon
September 23, 2024
One Point One Solutions Limited, a leading provider of technology-enabled business process management (BPM) services, has won two international orders. According to the information shared with the exchanges, the company has won a prominent telehealth company headquartered in Atlanta, USA.
The telehealth company provides a comprehensive platform designed to streamline the entire telemedicine cycle, offering innovative services that connect healthcare providers with patients globally.
Under this contract, One Point One Solutions will partner with the telehealth company to provide contact centre solutions and data verification services.
The company has also won a contract with a publicly listed Swedish company. As part of the contract, it will make a robust platform to streamline ticket management across departments, enabling seamless communication and creating a comprehensive knowledge repository.
It will also prepare a comprehensive solution for payroll data management that ensures secure user access and efficient processing of payroll information.
Earlier, ITCube Solutions Pvt. Ltd. – a One Point One Solutions Limited subsidiary – entered into a deal that will allow the company to use its AI-powered platform for automated detection, enforcement, and removal of infringing content across digital platforms.
“ITCube Solutions has secured a new client-win in the European region a renowned global player specialising in providing solutions against brand threats utilizing advanced AI-driven tools to combat online piracy, counterfeiting, and intellectual property infringement,” the company said in an exchange filing.
With a global presence including NewYork, Barcelona, Beijing & Salt Lake City and providing scalable, cost-effective SaaS solutions, the newly acquired client is changing the industry landscape.
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Companies
RBI restricts withdrawals from Jalna-based Mantha Urban Coop Bank for 6 months
Published
3 months agoon
September 22, 2024
Reserve Bank of India on Tuesday imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months.
The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020.
As per the directions, the bank will not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment, among others.
“In particular, no deposit of the total balance across all savings bank or current account or any other account of a depositor may be allowed to be withdrawn” subject to conditions stated in the directions, the central bank said.
The directions will remain in force for a period of six months from the close of business of November 17, 2020 and are subject to review, it added.
It further said the issue of the directions by the RBI should not per se be construed as cancellation of banking license by RBI.
The bank will continue to undertake banking business with restrictions till its financial position improves, the central bank said, and added it may consider modifications of the directions depending upon circumstances.
In a separate release, RBI said it has imposed monetary penalty of Rs 20 lakh on Bengaluru-based Shushruati Souharda Sahakara Bank Niyamita for deficiencies in regulatory compliance.
The central bank also imposed a penalty of Rs 1 lakh on The Deccan Urban Co-operative Bank, Vijayapura, Karnataka, for contravention of the directions issued by it on prohibition of loans and advances to directors.
The story has been taken from a news agency