The sales of used bikes through bike marketplace are projected to experience a steady growth with an average Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. The increasing awareness about bike marketplace sales is expected to drive substantial growth, leading to a significant increase in sales from USD 43 Billion in 2022 to USD 68 Billion by 2032.
Sales of used bikes through bike marketplaces have been steadily increasing in recent years, driven by several factors. One of the primary drivers is the growing popularity of cycling as a means of transportation, recreation, and exercise. As more people turn to cycling for various purposes, there is a corresponding increase in demand for affordable and accessible bikes, which often leads individuals to consider purchasing used bikes.
Moreover, the rising awareness of sustainability and environmental concerns has prompted many consumers to choose second-hand options over new purchases as a way to reduce waste and carbon footprint. This trend has further contributed to the growth of the used bike market, as individuals seek to extend the lifespan of existing bikes rather than buying new ones.
Additionally, the proliferation of online bike marketplaces has made it easier than ever for individuals to buy and sell used bikes. These platforms provide a convenient and accessible way for sellers to list their bikes and for buyers to browse a wide selection of options, compare prices, and make purchases from the comfort of their homes.
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 players includes Droom, CredR, Bikedekho, Bikewale, Mahindra First Choice, Bikers Highway, OLX, Quicker, Use Motorcycle Store, and Bicycle Bluebook among others.
Key Segments Covered:
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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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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