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. Overview of India Two-Wheeler Spare Parts Aftermarket Industryįurther, 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.Ĭoupled 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. India Two-Wheeler Aftermarket Services Industry is driven by growing sales of two-wheelers and shifting consumer preference towards availing private transportation medium. 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. India two-wheeler spare parts aftermarket industry expanded at a CAGR of 9.5% in between FY'17 and FY'22. DUBLIN-( BUSINESS WIRE)-The "India Two-Wheeler Aftermarket Services Industry Outlook to 2027" report has been added to 's offering.
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