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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