Uttarakhand-based Makino Automotive has joined hands with global motorcycle chains and OEM supplier RK Takasago Japan for technology sharing in auto component aftermarket.
As part of the tie-up, Makino Automotive will leverage on RK Takasago Japan's expertise in technology to provide the quality, performance and service to the two-wheeler automotive aftermarket segment in India, Makino Automotive said in a release today.
The partnership will offer standard and heavy-duty chains with increased strength and durability as per original equipment maker (OEM) specifications, the release added.
The domestic auto-component aftermarket, which stood at USD 8.4 billion in 2016-17, is expected to grow by 10.5 per cent to USD 13 billion by 2019-20, as per a study by the Indian Automotive Component Manufacturers Association.
Under the Automotive Mission Plan 2026, the auto component aftermarket is pegged at Rs 1.79-2 lakh crore.
The tie-up with RK Takasago Japan seeks to corner a 10 per cent pie of the total two-wheeler aftersale market in the next three years, the release said.
More From This Section
"Through this partnership, we will bring forth the best that both companies have to offer to the 2-wheeler automobile aftermarket industry," Makino Automotive chief executive officer Faisal Matin said in the release.
RK Takasago is the OEM supplier to some of the global auto majors such as Honda, Kawasaki, Yamaha, Suzuki, KTM, Triumph, among others.
Under the partnership, the company will also provide quality and cost performance for light-duty motorcycle application, the release said.
India has a tremendous scope for growth in the 2-wheeler automobile segment as it is the second largest manufacturer, according to RK Takasago Japan managing director Lee Thian Chai.
"With this association, we are confident of offering value to our clients, thereby contributing to the growth of the segment in India," Chai added.