The deep economic impact of the Covid-19 disruption has brought about a role reversal in our immediate and medium term expectations for the auto sector. Earlier, the PV segment was seen outperforming on the back of rising premiumisation content and an expanding UV portfolio. However, with income levels and ensuing propensity to spend under pressure now in the wake of the pandemic, we feel the 2-W space would now be the frontrunner in coming quarters. Within 2-W, rural-heavy motorcycle sub-segment is expected to lead the charge owing to (i) relatively lower Covid-19 outbreak...