India Chromatography Instruments Market Assessment, By Product Type [Gas Chromatography, Liquid Chromatography, Supercritical Fluid Chromatography, Thin-Layer Chromatography, Ion Exchange Chromatography], By Component [Columns, Detectors, Autosamplers, Pr

India Chromatography Instruments Market Assessment, By Product Type [Gas Chromatography, Liquid Chromatography, Supercritical Fluid Chromatography, Thin-Layer Chromatography, Ion Exchange Chromatography], By Component [Columns, Detectors, Autosamplers, Pressure Regulators, Solvents and Reagents, Others], By End-user [Pharmaceutical and Biotechnology Industries, Academic and Research Institutes, Environmental Agencies, Food and Beverage Industry, Others], By Region, Opportunities and Forecast, FY2018-FY2032F

India two-wheeler market is projected to witness a CAGR of 7.19% during the forecast period FY2025-FY2032, growing from USD 6.25 billion in FY2024 to USD 10.89 billion in FY2032. The market is expected to grow due to significant economic development, a rise in disposable income, increasing consumer awareness regarding the importance of vehicle maintenance and repairs for optimal efficiency, surging trends for vehicle design and customization, and growing demand for local commutes. The two-wheeler market witnessed an upsurge owing to a rise in the middle-class population, increasing demand for vehicles for cost-effective transportation, and a surge in the disposable income of consumers. India is a hub for economical and scalable engineering. Therefore, India grew to become an expert in automobiles and auto parts, which helped increase the demand for automobiles and auto parts. The auto component industry of India is an important sector driving macroeconomic growth and employment by exporting the auto components to other countries as well. For instance, the Government of India announced that in FY2023-FY2024, the estimated value of exports of two-wheeler auto components/parts would amount to USD 21.20 billion. North America accounted for 32% of total exports with a 5% increase, Europe for 33% with an increase of 12%, and other countries of Asia for 24% with a flat growth rate. Key export items included drive transmission and steering, engine components, chassis, suspension, braking, and others.

The sales of two-wheeler components and consumables are expected to surge as most consumers prefer to travel by personal vehicles instead of availing public transport facilities coupled with cost efficiency. This is increasing sales for the aftermarket parts and consumables of the two-wheelers.

Government Incentives to Boost Market Growth

The government of India plays a significant role by promoting the automotive industry and offering incentives and schemes for the purchase and sale of Make in India products that lead to the growth of the two-wheeler component market. Indian automobile component industry has a well-evolved manufacturing ecosystem, which the government highly promotes to produce a wide array of engine parts, drivetrains, steering parts, bodies, chassis, suspension, braking parts, equipment, electrical parts, and other components for catering to the dynamic two-wheeler component market. Also, the Component Champion Incentive Scheme is a sales value-linked scheme applicable on pre-approved Advanced Automotive Technology components of all vehicles, CKD/SKD kits, vehicle aggregates of two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and tractors, including automobile meant for military use and any other Advanced Automotive Technology components prescribed by the Ministry of Heavy Industries (MHI). In addition, the Government of India benefits manufacturers of automotive components by providing incentives and subsidies for manufacturing auto components in India.

For instance, in January 2024, the Ministry of Heavy Industries recently extended the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year, with incentives applicable for five consecutive financial years starting from FY2023-FY2024. The amendment to the scheme includes changes to the table indicating the incentive outlay, with the total indicative incentive amounting to USD 3.09 billion.

Consumer Awareness About Wear and Tear to Drive Market Growth

Many riders and bike enthusiasts are eager to upgrade their vehicles by substituting the old with the new and enhancing their operating ability by maintaining it frequently, creating new market growth opportunities for market players. Moreover, customer perception is shifting, and people are choosing electric propulsion over ICE due to environmental sustainability, which leads to the rise in the segment of electric two-wheeler components, leading to the growth of the two-wheeler automotive component market in India. Furthermore, the original equipment manufacturers are creating their brand value for the aftermarket through multiple platforms, including online, premium, and tailored parts sales. For instance, in May 2023, Hero MotoCorp collaborated with Open Network for Digital Commerce (ONDC) to offer two-wheeler parts, accessories, and merchandise and purchase through buyer-side applications. It will increase the reach of consumers and enhance their convenience.

Also, co-creation has taken a new leap in India with new models that cater to entry-level premium motorcycles for emerging markets. It includes manufacturers tapping underutilized production bases in the country to bring effectiveness and sustainability into practice, making it easy to feature mainstream mass markets to cater at affordable prices.

Electric Vehicle Propulsion Type to Dominate the Market Share

Electric vehicles (EVs) dominate the market growth owing to increased demand for sustainable transportation, rising awareness concerning eco-friendly environment, and a surge in government incentives and policies. The government is trying to shift the automotive industry towards electric mobility to reduce air pollution, reliance on fossil fuels, and greenhouse gas emissions. Furthermore, the Indian Central Government introduces several policies and incentives to shift consumer preference towards adopting electric vehicle two-wheelers. High sales of electric two-wheelers lead to an increase in auto components and consumables sales. Batteries constitute the largest share of the cost of electric vehicles, with chassis and body contributing the second highest share. According to the Ministry of Heavy Industries, the manufacturing of Advanced Chemistry Cells (ACCs) was approved under the Production Linked Incentive (PLI) scheme, which reduced battery prices in the country. Moreover, to spur the adoption and use of electric vehicles in India, along with the Production Linked Initiative (PLI) scheme, the Central Government announced certain schemes, including the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME I & II).

Northern India to Dominate the Two-wheeler Component Market Share

Two-wheelers are in demand in Northern India due to demographic factors, developed infrastructure, changes in government policies, and economic development. The increasing workforce and growing middle class contribute to the region’s demand due to affordability and daily commuting needs. The region has major original equipment and auto component manufacturers catering to the huge demand for vehicles across the country. Uttar Pradesh sells the highest number of auto components due to the largest selling market of two-wheelers and a maximum number of middle classes, followed by Maharashtra.

For instance, in July 2024, the Uttar Pradesh government announced that it would extend its Electric Vehicle Manufacturing and Mobility Policy till 2027, including the availability of subsidies and incentives outlined in the policy for an additional three years.

Future Market Scenario (FY2025–FY2032)

The market is very competitive, and two-wheeler brands are making major efforts to acquire market share. A huge change in the mindset of consumers and their perception towards the two-wheeler market.

India has a large pool of talented and a big automotive industry stretching the boundaries of growth to contribute to the overall vibrancy of the two-wheeler components market in India.

The government intends to reduce import dependence through localization and policy support technologies, such as battery swapping, which will reduce costs and promote adoption rates.

Some of the leading companies operating in the Indian market are prioritizing areas with unmet needs and working toward developing innovative products.

Key Players Landscape and Outlook

India two-wheeler component market is quite dispersed, with many original equipment manufacturers and organized as well as unorganized multi-brand dealers spread across the length and breadth of the nation. The two companies, Hero MotoCorp Ltd and Bajaj Auto Limited, have entered the adventure motorcycle market. To take the first step on May 5, 2023, TVS Racing announced its tie-up with international edutainment theme park KidZania to offer a first-of-its-kind racing experience specifically designed for young riding enthusiasts.

Indian youths have been increasingly demanding the use of bike components for purposes such as customization and upgrades. The players compete based on service quality, service time, service fee, digital presence, and number of outlets. The automobile industry has witnessed significant change due to technological upgrades and catering to consumers' expectations.