Uttarakhand-based Makino Automotive has joined hands with Japanese firm RK Takasago for technology sharing in auto component aftermarket space and is eyeing 10 per cent pie of the total business in the segment.
As per Automotive Component Manufacturer Association (ACMA), the domestic auto-component aftermarket stood at USD 8.4 billion in 2016-17 and it is estimated to grow to USD 13 billion by 2019-20, a n expected increase of 10.5 per cent.
Besides, the Automotive Mission Plan 2026 has pegged the size of the auto component aftermarket at Rs 1.79-2 lakh crore.
The tie-up with RK Takasago seeks to corner a 10 per cent pie of the total two-wheeler aftersale market in the next three years, Makino Automotive said in a release while announcing its collaboration with the global motorcycle chains and OEM supplier.
As part of the tie-up, Makino Automotive will leverage on RK Takasago's expertise in technology to provide the quality, performance and service to the two-wheeler automotive aftermarket segment in India, it added.
The partnership will offer standard and heavy-duty chains with increased strength and durability as per original equipment maker (OEM) specifications.
"Through this partnership, we will bring forth the best that both companies have to offer to the two-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, according to the release.
India has a tremendous scope for growth in the two-wheeler automobile segment as it is the second largest manufacturer, according to RK's managing director for South Asia 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.
The two-wheeler automobile market is set to witness a growth from 19.9 million in FY17 to close to 34 million (estimated) by FY20, the release said, adding the partnership looks at grabbing 10 per cent of the total motorcycle aftermarket in the next three years.
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