Sales of used bikes through bike marketplaces growth are predicted to witness a moderate growth rate of 4.8% during the forecast years of 2022 to 2032. The net worth of the bike marketplace is expected to reach US$ 2.5 Billion by the year 2032, increasing from US$ 1.53 Billion in the year 2021.
Consumers benefit from the used bike marketplace since they are more affordable than the newly released bikes and in terms of maintenance. Moreover, worsening traffic conditions are said to be a major determining factor for the expansion of the used bike market trends at some level. Furthermore, the growing number of everyday commuters in urban areas is indirectly augmenting the sales of used bikes through bike marketplace opportunities for dealers.
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Sales of used bikes through bike marketplaces are mostly found to be proliferating around the used luxury bikes as it provides vendors with a larger profit margin after the sale. Further, OEM engagement in the sales of used bikes through marketplaces has expanded as a result of this higher commission cut for market players during the process.
This new market research report on the sales of used bikes through bike marketplace also sheds light on the regulatory constraints put up by public administration regarding the environmental impacts of aged automobiles. In the purview of vehicular emission control, many regulatory bodies have imposed mandates over the total lifetime of any vehicle. This rule, in turn, can pose a major challenge for the bike marketplace growth during the forecast period.
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Key Takeaways
- The historical size of the global used bike marketplace in the year 2021 is estimated to be around US$ 38.2 Billion.
- The yea-on-year growth rate of the used bike marketplace is found to have improved from that of 4% recorded during the time period covering 2017 to 2021.
- On the basis of distribution channel, customer to customer method of business is the dominating segment with 62.8% contribution.
- Imported bikes accrue almost 63% of the total sales of used bikes through bike marketplace achievedbytheglobal market.
- Bikes with an engine capacity ranging between 150 CC to 200 CC is figured out to be the highest selling segment for the sales of used bikes through bike marketplace.
- In consistent with the fact, super bikes are the most popular segment with 25.2% market share and higher profit margin for the sales of used bikes through bike marketplace.
- Used electric bikes for sale through marketplaces has surfaced to be rapidly gaining traction against petrol bikes, by acquiring nearly 31.7% of the total market in a very short time.
Competitive Landscape
Some of the market key players includes Droom, CredR, Bikedekho, Bikewale, Mahindra First Choice, Bikers Highway, OLX, Quicker, Use Motorcycle Store, and Bicycle Bluebookamong others.
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Recent Developments
CredR is a well-known used bike sales online website that has pledged to deliver used bikes to the homes of its customers by the year 2020. Consequently, CredR Care has now become associated with the on-demand doorstep bike service sector that it provides as a result of this new business approach.
Triumph Motorcycles, based in the United Kingdom (UK), has announced the launch of a used premium bike programme especially for the Indian market and consumers in 2019. In addition, the company also wants to provide clients financing alternatives for its reconditioned or refurbished products to further attract potential buyers.
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