Preference for Availing Private Transportation
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 increasing per capita disposable income, which expanded with a CAGR of 3.7% in between FY’17 and FY’22, served as major catalysts for the growth in two-wheeler aftermarket services industry.
Impact of COVID-19
Lockdowns imposed around the country during the years FY’21 and FY’22 severely hampered the production and distribution capabilities of the major OEMs for two-wheelers in the country. Additionally, with work-from-home mandate in place for majority of the working professionals, the sale of two-wheelers was negatively impacted as there was no need for mobility, showcasing a 10.4% contraction in sales Y-o-Y in between FY’21 and FY’22.
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Positive Impact of Reverse Migration
Due to the COVID-19 pandemic, the capital of a lot of the local garage/unorganized outlet owners were wiped off permanently due to closure of business. 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 impacted the scope for organized multi-brand players such as Hoopy and Garage Works looking to enter the space and expand its customer base.
Transition from BS-IV to BS-VI Emission Standards
Two-wheeler aftermarket servicing companies especially OEM and multi-brand players have initiated imbibing technologies to ensure that a vehicle complies with the BS-VI emission standards as mandated by the central government since April 2020, followed by an aftersales service. However, advanced technological integration by local garages remains a pain point as they do not possess the necessary financial stability to invest in these technologies which would ensure servicing a two-wheeler complying with necessary emission standards.
Growth Drivers for Two-Wheeler Spare Parts Aftermarket Industry
The rise in duty on specific items such as engine and transmission parts amongst others from 7.5-10% to 15% since FY’19 contributed in boosting business potential for domestic manufacturing units. Coupled with this, several government initiatives such as NATRIP acted as a catalyst for the growth of two-wheeler spare parts industry in India, which aims to generate core global competencies, providing low-cost product development solutions to manufacturers, and enables seamless integration of automobile component industry in India to be at par with global standards.
Competitive Landscape in India Two-Wheeler Aftermarket Services Industry
India’s two-wheeler aftermarket services industry is highly fragmented with presence of large number of OEMs, organized and unorganized multi-brand dealers across the country. OEM workshops enjoy moderate to high power in the initial years as 70% of service fee for newer two-wheelers are covered under warranty. However, post the warranty period of two-wheelers OEMs and organized multi-brand workshops face stiff completion from local garages due to the ease of access coupled with lower service fee charged. Followed by the advent of COVID-19, players in the ecosystem mainly organized multi-brand dealers such as Hoopy and Garage Works are enhancing their digital presence across platforms to expand their customer base as consumers are prone to avail online medium for booking and choosing a platform that best suits their interest.
The publication titled ‘India Two-Wheeler Aftermarket Services Industry Outlook to 2027: Driven by growing sales of two-wheelers and shifting consumer preference towards availing private transportation medium” provides a comprehensive analysis of the aftermarket services industry by analyzing historical statistics and corresponding developments in the aftermarket industry. The report covers various aspects including aftermarket services industry market size on the basis of revenue and number of vehicles serviced, overview and genesis, ecosystem, two-wheeler sales, two-wheeler parc, analysis of different workshops (organized multi-brand, unorganized multi-brand/local garages and OEMs), growth trends and developments, key decision making parameters for two-wheeler servicing, Porter 5 Forces Analysis, government initiatives, impact of COVID-19, and risk factors governing the future outlook of industry. Insights on competitive landscape of aftermarket services industry and cross comparison between major players operating in the ecosystem namely, OEMs, organized multi-brand and spare parts’ manufacturers is also covered in the report on the basis of operational and financial parameters such as company profile, operational model, USP, business model, business strategy, services offered, sourcing of spare parts, pricing packages, pain points, market share, recent developments, sales volume, total income, net profit margin, inventory turnover ratio, total expenses, net profit and sale of spare parts. Further, the report covers overview of the spare parts industry on the basis of market size (revenue generated), classification of spare parts type (engine components, suspension/braking, transmission, electronics, body & chassis, cooling systems and others) and cross comparison of spare parts’ manufacturers on the basis of operational and financial parameters (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).
The report also focuses on the India Two-Wheeler Aftermarket Services Industry Segmentation by Type of Vehicle (Motorcycles and Scooters); By Age of Two-Wheeler (0-2 years, 2-4 years, 4-6 years, 6-8 years and 8 years & above); By Region (North, South, East and West); By Service Split (Non-Crash Repair, Crash Repair and Body Care); By Type of Workshop (Organized & Unorganized Multi-Brand and OEM); By Type of Multi-Brand Outlet (Organized Outlet and Unorganized Outlet); By Brand (Hero MotoCorp, Honda, TVS, Bajaj Auto, Suzuki and Others), By Electric Two-Wheeler Brand (Hero Electric, Okinawa, Ather, Ampere, Pure EV and Others); By Type of Split for Aftermarket Spare Parts and Consumables (Spare Parts and Consumables); By Expenditure Category (Services, Spare Parts and Consumables) and By Booking Mode (Online and Offline). India Two-Wheeler Aftermarket Services Industry report concludes with projections for the future of the industry including revenue and number of vehicles serviced by 2027, industry speaks and analysts’ take on the future highlighting the major opportunities.
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
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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
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
Related Reports:-
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