1.Extension of Warranty Period and Free Service is a major growth driver of After Sale service in two-wheeler market.
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.
Extending the warranty period and offering free services for two-wheelers can certainly create growth for the after-service market. Here are a few reasons why:
Increased Customer Loyalty: Offering extended warranty and free services can help in building trust and loyalty among customers.
Higher Repeat Business: Offering free services and extended warranty can encourage customers to bring their vehicles for servicing to authorized dealerships, which can lead to repeat business.
Improved Brand Image: By offering extended warranty and free services, two-wheeler manufacturers can differentiate themselves from their competitors and build a positive brand image. This can help in attracting new customers and increasing sales.
Increased Revenue for Dealerships: Authorized dealerships can benefit from extended warranty and free services as it can lead to increased footfall and higher revenue from servicing and repairs.
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- National Electric Mobility Mission Plan 2020 has enabled multi workshops to provide services to electric vehicles by including more technologies
- NEMMP was formulated to bring the transformational paradigm shift in transportation and automotive industry in India by promoting hybrid and electrical mobility in the country.
- It is a composite plan that involves demand-side incentives to encourage the sale and use of hybrid/electric vehicles including two-wheelers, as well as provision of supply-side incentives.
- The push by the government to integrate EVs in the Indian market serve as an opportunity for the OEM and multi-brand workshops to expand their customer base by imbibing advanced technologies required for servicing electric two-wheeler vehicles.
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- Preference for Availing Private Transportation
- Increased awareness on health and hygiene brought about by the advent of COVID-19 is a major determinant for the shift in consumers preference in availing private transportation medium rather than utilizing public transport.
- People are more inclined in using two wheelers to get to where they want rather than using a Bus or take a train. This led to more requirement of proper service of two wheelers, thereby more demand of after sale services.
- The shifting preference and integration of electric two-wheeler vehicles in the industry coupled with surging per capita disposable income, , serve as major catalysts for the growth in two-wheeler aftermarket services industry in coming years.
- Total domestic two- wheeler sales climbed 16.88 percent to 20,53,814 units in October 2020, compared to 17,57,180 units in the same month previous year.