During the forecast period, it is expected that used bike sales will experience an average CAGR of 4.6%. The sales of used bikes through bike marketplace are anticipated to increase from US$ 43 Billion in 2022 to US$ 68 Billion by 2032 as awareness of bike marketplace sales grows.
The sales of used bikes through bike marketplaces have been on the rise in recent years due to several factors. One of the main drivers of this trend is the growing demand for affordable and sustainable transportation options. As people become more environmentally conscious and seek to reduce their carbon footprint, they are turning to bicycles as a practical and cost-effective means of transportation. Additionally, the rising costs of new bikes and the availability of high-quality used bikes have made buying a used bike a more attractive option for many consumers.
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Bike marketplaces, both online and offline, provide a platform for buying and selling used bikes, making it easier for consumers to find the bike they need at an affordable price. These marketplaces offer a wide range of bikes, from entry-level models to high-end bikes for serious cyclists. They also provide a variety of services, such as bike inspections, financing, and warranties, to help consumers make informed decisions and ensure that they are getting a good deal.
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.
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.
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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 Bluebook among others.
Key Segments
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)
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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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