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.
India Two-Wheeler Aftermarket Services Industry Market
Overview and Size
India two-wheeler aftermarket services
industry expanded with a CAGR of ~7.9% in between FY’17 and FY’22 on the basis
of revenue generated. While the sales of two-wheeler contracted at a CAGR of
~5.2% 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
6.9% expansion in between FY’17 and FY’22 on the basis of units of vehicle
serviced. 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, 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. 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.
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India Two-Wheeler Aftermarket Services Industry Market
Segmentation
By
Type of Vehicle (Motorcycles and Scooters): Revenue
generated from services of motorcycles contributed to the highest share 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.
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 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
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 in FY’22 as compared to OEM workshops. Post
warranty period of 3-5 years for two-wheelers, OEM loses most of its customer
base. Only a small portion of the revenue generated from aftermarket services
were through OEMs in FY’22 as compared to multi-brand outlets.
By Type of Multi-Brand Outlet (Unorganized
Outlet and Organized Outlet): Revenue generated from
two-wheeler aftermarket services through unorganized outlet and local garages
in FY’22 accounted for the highest share 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 Service
Split (Non-Crash Repair, Crash Repair and Body Care): Non-crash
repair accounted for the highest share on the basis of revenue generated from
aftermarket services of two-wheeler in FY’22.
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 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. Other categories
of brands in India include TVS, Suzuki, and Ampere etc.
By Electric Two-Wheeler Brand (Hero Electric, Okinawa, Ather, Ampere,
Pure EV and Others): Hero Electric accounted for the highest market share
among all the brands on the basis of revenue generated from aftermarket
services in FY’22. Hero Electric was followed by Okinawa and Ather in terms of
revenue generated from aftermarket services of all two-wheeler models sold by
these brands in FY’22. Revenue generated from aftermarket services of electric two-wheeler
models accounted for only a small portion of the overall aftermarket services
industry.
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 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 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 the largest share 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.
By Expenditure Category (Services,
Spare Parts and Consumables): Revenue generated from aftermarket services accounted for the highest
market share in the overall two-wheeler aftermarket industry in FY’22, compared
to revenue contribution through spare parts and consumables.
Overview of India Two-Wheeler
Spare Parts Aftermarket Industry
India
two-wheeler spare parts aftermarket industry expanded at a CAGR of 9.5% in
between FY’17 and FY’22. 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. Further, enforcement of strict regulatory
standards such as enforcement of BS-VI norms since FY’20 is positively
contributed to the growth of spare parts industry as there exist a need for
advanced two-wheeler parts necessary to abide by the emission standards.
Coupled with this, several government initiative 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. In coming
years, demand for two-wheeler spare parts in India to be driven by the
components required for electric two-wheeler vehicle as the growth of
two-wheeler EVs is estimated to expand at a CAGR of 84% in between FY’21 and
FY’26 on the basis of sales volume. With the integration of EVs, the
carburettor for two-wheelers will be replaced with more efficient fuel
injection system to improve productivity, which would positively impact the
spare parts industry in India. Major players in the ecosystem are Uno Minda,
Spark Minda, Exide Batteries and Apollo Tyres among others.
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Classification by Different Type of
Spare Parts (Engine Components, Suspension/Braking, Transmission, Electronics,
Body & Chassis and Others): Revenue generated through sale of engine components accounted for the highest
share in FY’22 followed by suspension/braking and transmission. This is
attributed to consumers availing two-wheelers for long distance travel which
requires constant servicing of engine parts as well as braking system as
compared to body/chassis or electronics.
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. It is estimated that 80% of two-wheelers are
serviced at local garages post the warranty period as of FY’22. These players
compete on the basis of service quality, service time, service fee, digital
presence and number of outlets. 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 average ticket size for
servicing a two-wheeler at OEM workshops post warranty period tend to be higher
compared to organized multi-brand workshop offering doorstep service facility.
India Two-Wheeler Aftermarket Services Industry Future
Outlook and Projections
The market size on the basis of revenue is
expected to grow at a five-year CAGR of ~7.7% in between FY’22 and FY’27E. The
market size on the basis of number of vehicles serviced is expected to grow at
a five-year CAGR of ~4.8% from FY’22 to FY’27. It is anticipated that surging
two-wheeler sales coupled with shifting consumer preference towards availing
private medium of transportation followed by the advent of COVID-19 will
contribute in the growth of two-wheeler aftermarket services industry. 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 from technologies used to service fuel operated
vehicles to electric vehicles along with enhancing the skill set of mechanics
to service electric two-wheelers.
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
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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