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 US$ 43 Billion in 2022 to US$ 68 Billion by 2032.
The sales of used bikes through a bike marketplace involve the buying and selling of pre-owned bicycles through online or physical platforms dedicated to facilitating such transactions. Here’s an overview of the key aspects related to the sales of used bikes through a bike marketplace:
Market Overview:
Scope: The market for used bikes through a bike marketplace encompasses various types of bicycles, including road bikes, mountain bikes, hybrid bikes, and specialty bikes, sold through online platforms, dedicated bike marketplaces, or physical stores.
Key Players: Major players in this market include online bike marketplaces, classified platforms, and dealerships specializing in used bikes. Examples of online platforms include websites and mobile applications where individuals and businesses can list and browse used bikes for sale.
Market Dynamics: Factors influencing the market include the demand for affordable and eco-friendly transportation options, the cycling culture in a region, the popularity of biking as a recreational activity, and the condition and quality of used bikes available for sale.
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Market Trends:
Rise of E-commerce Platforms: The shift towards online shopping has led to the growth of e-commerce platforms dedicated to buying and selling used bikes, making the process more accessible and convenient.
Sustainability and Eco-Friendly Transportation: The increasing emphasis on sustainable and eco-friendly modes of transportation has boosted the popularity of used bikes as affordable and environmentally conscious options.
Cycling Boom and Recreational Biking: A global interest in recreational biking and fitness has driven demand for used bikes. Many people are turning to cycling for leisure, exercise, and commuting, leading to a surge in the used bike market.
Rising Popularity of Electric Bikes: The emergence of electric bikes (e-bikes) has influenced the used bike market, with an increasing number of pre-owned electric bikes becoming available.
Innovations in Bike Technology: Advancements in bike technology, including lightweight materials, improved components, and innovative designs, have led to a continuous cycle of upgrades, prompting users to sell their used bikes to upgrade to newer models.
Customization and Personalization: The trend of customizing bikes to suit individual preferences has created a market for unique and personalized used bikes that cater to specific tastes and needs.
Market Drivers:
Affordability and Cost Savings: Used bikes are often more affordable than new ones, making them an attractive option for budget-conscious buyers looking for quality bikes at lower price points.
Environmental Awareness: Growing environmental consciousness and the desire to reduce carbon footprints have led individuals to opt for sustainable transportation solutions like used bikes.
Demand for Fitness and Recreation: The increasing focus on health and fitness, coupled with the popularity of recreational biking, has driven demand for affordable and accessible used bikes.
Urbanization and Commuting Needs: The trend of urbanization, combined with the need for cost-effective and efficient commuting options, has led to higher demand for bikes, both new and used, in urban areas.
Flexible Ownership and Resale Value: The perception of bikes as assets with good resale value encourages individuals to buy used bikes, knowing that they can resell them in the future if needed.
Accessibility through Financing Options: Some platforms offer financing options, making it easier for individuals to purchase used bikes by spreading the cost over time.
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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 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
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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)
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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