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 Region (North, South, East and West): The southern region accounted for the highest share 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 on the basis of
revenue from aftermarket services in FY’22 attributed to rapid urbanization in
these regions for better employment opportunity which lead to improved
financial stability of consumers purchasing two-wheelers.
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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