The embodiments herein provide a system and method for controlling an operation of the components in the two/three wheeled vehicle through a smartphone. The system comprises a vehicle module, a smartphone and a cloud computing system. The vehicle module reads the vehicle parameters with a vehicle parameter reader and sensors. The read vehicle parameter are forwarded to the microprocessor for transmission to the smartphone through a transceiver using a wired or wireless network. The microprocessor sends the vehicle parameters data to the smartphone for generating the commands/events for controlling an operation of the parts/components of the vehicle through the vehicle parameter controller. The data is uploaded to a cloud computing system and analyzed using an artificial intelligence module, a machine learning module and a pattern recognition module for providing insights/predictions to the user for controlling the vehicle.