· Doorstep aftermarket services model offered by organized multi-brand players will gain traction among consumers post COVID-19 era.
·
Two-wheeler
aftermarket services industry would also witness strategic shift from
technologies used to service fuel operated vehicles to electric vehicles along
with enhancing the skill set of mechanics to service electric two-wheelers.
Digital is the Future
Entities
operating in India two-wheeler aftermarket services industry are enhancing
their digital presence to increase their online visibility among consumers. The
era of COVID-19 witnessed consumer’s shifting preference in utilizing online
platforms for availing information. Thereby, OEMs and organized multi-brand
players are leveraging the opportunity to extend information to customers
through their social media platform and collaboration with other digital
platforms. Multi-Brand players such as Hoopy and Garage Works among others have
initiated the process of online booking and extending doorstep two-wheeler
services to enhance customer’s convenience.
Shift in Consumer Preference towards availing Private
Transportation Medium
Due to the increased awareness on health and
hygiene followed by the advent of COVID-19, consumers are preferring availing
private transportation compared to public transport medium. Two-wheeler sales
in India is expected to expand at a CAGR of ~12.1% in between FY’22 and FY’27. Rapid
urbanization in major cities in Northern region such as Delhi, and Bangalore in
Southern India for better employment opportunity and surging per capita
disposable income will lead to better financial stability of consumers to
purchase two-wheelers, positively impacting the two-wheeler aftermarket
services industry in India.
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Doorstep Aftermarket Services Model
Various
organized multi-brand dealers such as Hoopy and Garage Works have initiated the
process of extending doorstep two-wheeler services to enhance customer
convenience and reduce the waiting time. However, lack of customer knowledge
remains a pain point for these players. With the advent of COVID-19, consumers
are choosing alternatives to avoid physical presence at facilities, thereby
doorstep aftermarket services model is anticipated to be a major determinant
for the growth in aftermarket services industry in coming years.
Integration of Electric Two-Wheelers
The future of two-wheeler industry is going to be driven by the
integration of electric vehicles in the market. Increased awareness on
environmental degradation coupled with government’s initiative to reduce carbon
footprint by 1 billion tonnes by 2030 to tackle climate change will contribute
in the acceptance of electric two-wheelers in coming years as compared to fuel
operated vehicles. As of FY’22, few start-ups and incumbent brands such as
Ampere, Pure, Hero among others have already initiated the process of
manufacturing electric two-wheelers. The advent of EVs will cause disruptions
for incumbent companies in coming years, as it is creating big opportunities
for smaller players, and foreign brands to integrate the ecosystem. Two-wheeler
aftermarket services industry would also witness strategic shift in terms of
technologies used to service fuel operated vehicles to electric vehicles along
with enhancing the skill set of mechanics to service electric two-wheelers.
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).
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
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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
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
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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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