India Two-Wheeler Aftermarket Services Industry is expected to expand at a CAGR of ~7.7% in Revenue in between FY’22 and FY’27: Ken Research
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. Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTQzMTMz 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