The sales of used bikes through bike marketplaces are expected to witness steady growth, with an average Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. This growth is driven by increasing awareness of bike marketplace platforms, leading to a significant rise in sales from USD 43 billion in 2022 to USD 68 billion by 2032.
Consumers are attracted to used bike marketplaces due to the affordability of second-hand bikes, which typically require less maintenance compared to new models. Additionally, worsening traffic conditions in urban areas are playing a crucial role in boosting used bike market trends, as the growing number of daily commuters look for cost-effective transportation options.
The used luxury bike segment is particularly strong in marketplace sales, offering higher profit margins for vendors. Moreover, the involvement of Original Equipment Manufacturers (OEMs) in the sale of used bikes through these platforms has increased, driven by higher commissions for market players.
However, the report also highlights potential regulatory challenges, as public administrations are increasingly imposing constraints on the environmental impact of older vehicles. With many regulatory bodies mandating limits on the lifespan of vehicles to control emissions, this could present a significant hurdle to the growth of bike marketplaces 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 USD 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.
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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