Used Bike Market Outlook – 2027: The sales and production of two-wheeler segment has gained heavy momentum in past few years. Moreover, the market of used bikes has also increased in recent years. The bikes offer wide range of advantages ranging from affordability to convenience of traveling. The used bikes are also easy to maneuver and saves a lot of traffic time as compared to four-wheelers in rising traffic areas. Besides, the lower maintenance cost and fewer maintenance activities as compared to four-wheelers is increasing the sales of used bikes. With rising popularity for used bikes, the surge in companies offering used bikes have increased in recent years.
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Market scope and structure analysis:
|Market size available for years||2019–2027|
|Base year considered||2019|
|Forecast units||Value (USD)|
|Segments covered||Distribution channel, source, engine capacity, type, propulsion|
|Regions covered||North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa|
|Companies covered||Droom, CredR, BikeDekho.com, BikeWale.com, Mahindra First Choice Wheels Limited (MFCWL), BikersHighway, OLX, Quikr, Gaadi.com, carandbike.com|
COVID-19 scenario analysis:
Due to Coronavirus (COVID-19), the worldwide governments are taking necessary precautionary measures like lockdown and social distancing.
Additionally, region of major automotive manufacturing hubs has been severely affected by the pandemic.
The impacts of COVID-19 are likely to be felt majorly on public transport due to fear in people and social distancing norms.
This, in turn, would increase the sales of personal mobility and used bikes would be preferred choice amongst them due to its convenience and affordability.
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Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Rising prices of procuring a new bike is primarily driving the market of used bikes. Besides, the used bikes provide and economical option of travelling. Additionally, the rising number of migrants from one region to another region is proliferating the demand for used bikes. Moreover, adverse traffic conditions are propelling the used bike market growth. However, rising maintenance issues related to used bikes is restraining the market growth. Furthermore, rising number of daily commuters is fueling the market of used bikes.
Key segments covered:
|Source||Domestically ManufacturedImported Bikes|
|Engine capacity||100-110cc125-135cc150-200ccOthers (Above 200cc)|
The Used Bike Market trends are as follows:
Internet-based sales to dominate the market
The internet has expanded from just being a tool to check updates over social media or emails to purchase and sales of goods as well. E-commerce industry is a booming sector and, in this sector, the pre-owned vehicle sale, as well as, purchase is a profit-making business. Moreover, in purchase of used bike online platforms, the popularity for consumer to consumer have escalated. In 2020, CredR, a used bike sales platform announced delivery of second-hand bikes to doorstep of consumers. Besides, the on-demand doorstep bike service segment was also launched under the name of CredR Care.
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Premium used bike segment to drive the growth
With rise in disposable income and growing urbanization, the sales of premium used bikes have proliferated in past few years. Also, changing lifestyle and buying patterns have increased the market of used bikes. The used premium bikes offer advantage to consumers in terms of affordability. Besides, the used premium bikes give higher profitability to the sellers. Moreover, this has increased the OEMs involvement is selling of used premium bikes. For instance, in 2019, Triumph Motorcycles announced the launch of used premium bike program in India. Additionally, the company is also planning to offer financing option on its refurbished models.
Key benefits of the report:
This study presents the analytical depiction of the Used Bikeindustry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the used bike market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed Used Bike Market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the used bike market research report:
Which are the leading market players active in the Used Bike Market?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What are the projections for the future that would help in taking further strategic steps?