Wilmington, Delaware, United States, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the value of global two-wheeler services market was clocked at US$ 23.45 Bn. The global market is likely to rise at a CAGR of 6.40% during the forecast period, from 2022 to 2031. The global market value of the two wheeler services is anticipated to touch value of US$ 43.61 Bn by 2031. The global market for two-wheeler services is anticipated to rise during the projected period due to a greater emphasis on vehicle safety and expansion of the e-commerce industry. With two-wheeler dealerships and franchise general repair shops, market participants are growing their client bases.
Two-wheeler maintenance and repairs services are provided by general repair franchises, vehicle manufacturers, specialist shops, and also locally owned repair shops. Independently run businesses with a focus on pick-up and drop-off services, breakdown support, doorstep services, and Annual Maintenance Contract (AMC) options are known as specialty shops.
Road accidents are frequently the consequence of vehicle component failure. In order to improve vehicle performance, frequent servicing and maintenance are required. Since each component has a threshold lifespan, usage greatly influences how long it will last. Regular motorcycle maintenance and repairs both protect riders' safety and enhances air quality. Therefore, it is anticipated that the global market for two-wheeler services would have considerable growth due to increasing attention toward environmental protection and rider safety.
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Key Findings of Market Report
- The expansion of e-commerce industries and last-mile delivery is likely to boost the global market for two-wheeler services. For market participants, expansion of the e-commerce industry is predicted to present profitable prospects. An important feature of e-commerce websites is their competitive cost. The propensity toward shopping online has sped up the last-mile delivery industry's expansion, which is expected to widen scope for two wheeler services market in the years to come.
- Rural communities are adopting smartphones and having access to high-speed network connectivity at an accelerated rate. Owing to the simplicity and comfort associated with it, this is anticipated to persuade owners of two-wheelers to choose the digital shopping platforms. Therefore, digital platform category is expected to have the highest growth in the two-wheeler services market.
- The service at station category accounted for a significant portion of the global market in 2021, accounting for 82.90% of all service types. During the given timeframe, the category is anticipated to maintain its dominant market position. One of the main factors influencing the service at station category is the absence of digital literacy in rural areas. Another element that significantly influences the demand for service at station is the dependability of service providers. This is especially true in rural regions where clients prefer to meet face-to-face with local service providers. They might haggle over the services offered at these locations as well.
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Global Two-wheeler Services Market: Growth Drivers
- The two emerging trends of the two wheeler services market are the increasing smart device penetration and rising app-based services. The advent of mobile apps and their easy user interfaces are persuading people to utilize services like pick-and-drop, doorstep, and so on. For service centres equipped with cutting-edge facilities, this is likely to open up growth prospects for two wheeler services market.
- Based on region, in 2021, Asia Pacific led the world market for two-wheeler services and is estimated to be the fastest growing market for two wheeler services market. The segment is anticipated to represent a market share of more than 37.54% worldwide. The presence of a significant automobile sector in China has contributed to the expansion of the regional market. Urbanization and population growth are both significant drivers of the regional market's growth.
Global Two-wheeler Services Market: Key Players
Some of the key market players are
- Apna Mechanic
- Sando Automobiles
- Bike Doctor
- Service Force
- Go Bumpr
- S 360 Bikers
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Global Two-wheeler Services Market: Segmentation
Service Platform
- Digital
- Traditional
Service Type
- Service at Station
- Doorstep Services
- Pick-Up & Drop Services
- Breakdown Assistance
- Others
Service Providers
- Vehicle Manufacturers
- Two-wheeler Dealerships
- Franchise General Repairs
- Locally-owned Repair Shops
- Others
Vehicle Type
- IC Engine
- Electric
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