The sales of used bikes through bike marketplaces are projected to experience steady growth, with an average Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. Increased awareness about bike marketplace sales is expected to drive substantial growth, leading to a significant rise in sales from USD 43 billion in 2022 to USD 68 billion by 2032.
Consumers benefit from the used bike marketplace as these bikes are more affordable than newly released models and require less maintenance. Additionally, worsening traffic conditions are a significant factor contributing to the expansion of used bike market trends. The growing number of daily commuters in urban areas is indirectly boosting sales of used bikes through marketplace opportunities for dealers.
Sales of used bikes through bike marketplaces are particularly strong in the used luxury bike segment, providing vendors with higher profit margins. The involvement of Original Equipment Manufacturers (OEMs) in the sales of used bikes through marketplaces has increased due to the higher commission cuts for market players during the process.
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The new market research report on the sales of used bikes through bike marketplaces also highlights the regulatory constraints imposed by public administrations regarding the environmental impacts of older automobiles. In an effort to control vehicular emissions, many regulatory bodies have mandated limits on the total lifespan of any vehicle. This regulation could pose a significant challenge for the growth of bike marketplaces during the forecast period.
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 achieved by the global 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 ofused 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 ofused 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 playersincludes Droom, CredR, Bikedekho, Bikewale, Mahindra First Choice, Bikers Highway, OLX, Quicker, Use Motorcycle Store, and Bicycle Bluebook among others.
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Key Segmentations
By Distribution Channel:
- Customer to Customer
- Business to Customer
By Source:
- Domestic Bikes
- Imported Bikes
By Engine Capacity:
- Up to 100 CC
- 100 to 110 CC
- 110 to 135 CC
- 135 to 200 CC
- Above 200 CC
By Type:
- Computer
- Off-Roading
- Sports
- Super Bikes
- Cruiser Bikes
- Others
By Propulsion:
- Petrol
- Electric
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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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