Overview of India Two-Wheeler Aftermarket Services industry and Market Size
India two-wheeler aftermarket services industry was valued at INR ~XX Crore in FY’22, expanding at a CAGR of XX% in between FY’17 and FY’22 on the basis of revenue generated. While the sales of two-wheeler contracted at a CAGR of XX% in between FY’17 and FY’22 due to hike in fuel prices and negative impact of COVID imposed lockdown, aftermarket industry on the other hand recorded a XX% expansion in between FY’17 and FY’22 on the basis of volume. The expansion is attributed to the online multi-brand players such as Hoopy and GarageWorks extending doorstep aftermarket services even during nationwide lockdown.
Increased awareness on health and hygiene brought about by the advent of COVID-19 is a major determinant for the shift in consumer’s preference in availing private transportation medium rather than utilizing public transport. The shifting preference and integration of electric two-wheeler vehicles in the industry coupled with surging per capita disposable income, which expanded with a CAGR of XX% in between FY’17 and FY’22, served as major catalysts for the growth in two-wheeler aftermarket services industry. Enhancement of digital presence has become one of the major determinant for expanding the customer base of organized multi-brand and OEM players followed by the aftermath of COVID-19. Doorstep services model offered by organized multi-brand dealers such as Hoopy and Garage Works gained traction among consumers during this period. Two-wheeler manufacturers such as Hero, Honda and Yamaha announced the extension of warranty period and free service by two months during FY’21 due to the health crisis faced by consumers followed by the advent of COVID-19. Such extension of free aftermarket services and warranty period ensures customer loyalty to their brand and also contributes in extending support to the consumer so that these facilities provided are not lapsed due to unforeseen circumstances.
On the other hand, local garages were negatively impacted due to COVID-19 as capital of these players were wiped off permanently attributed to the closure of business during pandemic. As a result of which various daily wage workers from local garages have migrated back to their natives thereby, reducing the accessibility of local garages in comparison to the pre-pandemic time period. This has positively affected the scope for organized multi-brand players looking to enter the space.
India Two-Wheeler Aftermarket Serviced Industry Market Segmentation, FY’22
By Type of Vehicle (Motorcycles and Scooters)
Revenue generated from services of motorcycles contributed to the highest share of XX% to the aftermarket services industry in FY’22, as motorcycles are preferred medium for consumers travelling long distance for its lower fuel consumption capability as compared to scooters.
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By Region (North, South, East and West)
The southern region accounted for the highest share of XX% in FY’22 on the basis of revenue generated from aftermarket services of two-wheelers as most of the OEMs and organized multi-brand workshops are clustered around this region due to the high demand of two-wheelers. Northern and southern region cumulatively contributed to majority of the market share of XX% of the overall revenue generated from aftermarket services in FY’22.
By Age of Two-Wheeler (0-2 years, 2-4 years, 4-6 years, 6-8 years and 8 years & above)
Revenue generated from aftermarket service of two-wheelers aged between 2-4 years accounted for the highest share of XX% in FY’22. The highest share is attributed to the free services offered to the customers by the OEMs during the warranty period post buying of a new two-wheeler, wherein consumers are more prone to get their vehicle serviced as 70% of the service fee is covered.
By Service Split (Non-Crash Repair, Crash Repair and Body Care)
Non-crash repair accounted for the highest share of XX% on the basis of revenue generated from aftermarket services of two-wheeler in FY’22. Crash repair and body care cumulatively contributed to only XX% of the market share in FY’22.
By Type of Workshop (Organized & Unorganized Multi-Brand Workshop and OEM)
Revenue generated from aftermarket services of two-wheelers through organized & multi-brand workshops accounted for the highest share of XX% in FY’22 as compared to OEM workshops. Post warranty period of 3-5 years for two-wheelers wherein 70% of the service cost is covered, OEM loses most of its customer base.
By Type of Multi-Brand Outlet (Organized Outlet and Unorganized Outlet)
XX% of revenue generated from two-wheeler aftermarket services were through unorganized outlet and local garages in FY’22 as compared to organized multi-brand outlet. Consumers prefer servicing their two-wheeler from local garages due to its ease of access and general availability coupled with lower service fee they charge.
By Brand (Hero, Honda, Bajaj Auto, TVS, Suzuki and Others)
Revenue generated from aftermarket services of all two-wheeler models of Hero MotoCorp brand accounted for the highest share of XX% in FY’22. Hero was followed by Honda and Bajaj in terms of revenue generated from aftermarket services of all two-wheeler models from these brands in FY’22; cumulatively capturing XX% of the market.
By Electric Two-Wheeler Brand (Hero Electric, Okinawa, Ampere, Ather, Pure EV and Others)
Revenue generated from aftermarket services of electric two-wheeler models accounted for only XX% of the overall aftermarket services industry. Hero Electric accounted for the highest market share of XX% among all the brands on the basis of revenue generated from aftermarket services in FY’22.
By Type of Split for Aftermarket Spare Parts and Consumables (Spare Parts and Consumables)
Revenue generated from spare parts required for aftermarket two-wheeler services accounted for the highest share of XX% in FY’22. Spare parts’ consist of engine parts, clutch and suspension among others which are heavily demanded by the consumers during periodic or general maintenance of vehicle due to possible cause of wear and tear.
By Expenditure Category (Services, Spare Parts and Consumables)
Revenue generated from aftermarket services accounted for the highest market share of XX% in the overall two-wheeler aftermarket industry in FY’22, compared to revenue contribution through spare parts and consumables.
By Booking Mode (Offline and Online)
Offline medium remained the preferred choice of consumers in India for booking slots for two-wheeler servicing and maintenance; accounting for XX% of the overall bookings compared to online medium in FY’22. Due to the large presence of small and unorganized players in India, offline booking mode remains the preferred choice as they conduct workshops only through offline booking.
Key Segments Covered in India Two-Wheeler Aftermarket Services Industry:-
By Type of Vehicle
Motorcycles
Scooters
By Age of Two-Wheeler
0-2 years
2-4 years
4-6 years
6-8 years
More than 8 years
By Region
North
South
East
West
By Service Split
Non-Crash Repair
Crash Repair
Body Care
By Type of Workshop
Organized & Unorganized Multi-Brand
OEM
By Type of Multi-Brand
Organized Outlet
Unorganized Outlet
By Brand
Hero MotoCorp
Honda
TVS
Bajaj Auto
Suzuki
Others
By Electric Two-Wheeler Brand
Hero Electric
Okinawa
Ather
Ampere
Pure EV
Others
By Type of Split for Aftermarket Spare Parts and Consumables
Spare Parts
Consumables
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By Expenditure Category
Services
Spare Parts
Consumables
By Booking Mode
Online
Offline
Consumables
Classification by Spare Parts Type:-
Engine Components
Suspension/Braking
Transmission
Electronics
Body and Chassis
Cooling System
Others
Key Target Audience:-
Two-Wheeler Organized Multi-Brand Aftermarket Servicing Companies
Two-Wheeler OEMs
Spare Parts’ Manufacturers
Industry Associations
Government Bodies
Time Period Captured in the Report:-
Historical Period: FY’17-FY’22
Forecast Period: FY’22-FY’27F
India Two-Wheeler Aftermarket Servicing Players
OEMs
Hero MotoCorp
Bajaj Auto
Suzuki
TVS Motor Company
Royal Enfield
Yamaha
Piaggio
Kawasaki
Ampere
Pure EV
Ather
Okinawa
Revolt
Hero Electric
Organized Multi-Brand Aftermarket Servicing Companies
Hoopy
Garage Works
Mechido
RazorCat
Gobumpr
Garage Uncle
Garage 2 Ghar
Bike Fixup
Spot Mech
Garage On Call
Ready Assist
Bike Mechanic
Protto
Groomauto
Spare Parts’ Manufacturers
Uno Minda
Spark Minda
Gabriel
Bosch India
Amtek
Sundaram Fastners
Exide
Nifco
Apollo Tyres
Ceat
Bharat Forge
Amara Raja
Motherson Sumi Systems
Key Topics Covered in the Report:-
Overview and Genesis of India Two-Wheeler Aftermarket Services Industry
Two-Wheeler Sales Volume and Two-Wheeler Parc in India
Ecosystem of India Two-Wheeler Aftermarket Services Industry
Market Size of India Two-Wheeler Aftermarket Services Industry (Revenue and Number of Vehicles Serviced)
Average Ticket Size of Two-Wheeler Service
India Two-Wheeler Aftermarket Services Industry segmentation (By Type of Vehicle, By Age of Two-Wheeler, By Region, By Service Split, By Type of Workshop, By Type of Multi-Brand Outlet, By Brand, By Electric Two-Wheeler Brand, By Type of Split for Aftermarket Spare Parts and Consumables, By Expenditure Category and By Booking Mode)
Cross Comparison of OEMs and Organized Multi-Brand Workshops on the basis of Financial Parameters (Sales Volume, Total Income, Net Profit Margin, Inventory Turnover Ratio, Total Expenses, Net Profit and Sale of Spare Parts)
Company Profile of OEMs and Organized Multi Brand Players (Company Profile, Operational Model, USP, Business Model, Business Strategy, Services Offered, Sourcing of Spare Parts, Pricing Packages, Pain Points, Market Share and Recent Developments)
Growth Drivers and Challenges to India Two-Wheeler Aftermarket Services Industry
Industry trends and developments
Government Initiatives to support India Two-Wheeler Aftermarket Services Industry
Impact of COVID-19 and Future Outlook of Industry
Porter 5 Forces Analysis of India Two-Wheeler Aftermarket Services Industry
Key Decision Making Parameters for Two-Wheeler Servicing: OEM and Multi Brand Two-Wheeler Servicing Companies
Analysis of Organized Multi-Brand, Unorganized Multi-Brand/Local Garages and OEM Workshops in India
Overview of Spare Parts Aftermarket Industry in India, FY’17-FY’27E
Classification by Spare Parts Type (Engine Components, Suspension/Braking, Transmission, Electronics, Body and Chassis, Cooling Systems and Others), FY’22
Cross Comparison of Spare Parts’ Manufacturers on the basis of Operational and Financial Parameters (Company Overview, USP, Key Customers, Products, Location of Major Manufacturing Plants, Total Income, Profit After Tax, Net Profit Margin, Inventory Turnover Ratio and Debtors Turnover Ratio)
Analyst Recommendations
Industry Speaks
For More Information on the research report, refer to below link:-
India Two-Wheeler Aftermarket Services Industry
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