Sales of used bikes through bike marketplace is anticipated to secure an average CAGR of 4.6% during the forecast period. Historically, the bike marketplace size was valued at USD 32 Billion in 2017. However, as awareness about sales of bikes through bike marketplace rises, the sales of used bikes through bike marketplace are likely to grow to USD 68 Billion by 2032, up from USD 43 Billion in 2022.
| Attributes | Details |
|---|---|
| Used Bike Marketplace CAGR | 4.6% |
| Used Bike Marketplace Size (2022) | USD 43 Billion |
| Used Bike Marketplace Value (2032) | USD 68 Billion |
The popularity of two-wheelers has garnered heavy momentum in recent times, owing to their affordability and convenience to travel even in high traffic-congested areas. However, as better models surface in the bike market, they put heavy toll on the budgets of consumers, which is shifting the eyes on the eCommerce for used bikes.
Another crucial growth influencer for the rising demand for used bikes from marketplaces include urbanization. As professionals travel to urban areas for better opportunities, pre-owned bikes are the go-to options to commute to save time as well as expense on the purchase of new vehicle. At the same time, used bike marketplaces lure their prospects with personalized deals and discounts, which further helps professionals to get better cost benefits.
The rising excitement encircling the used bike sales doesn’t necessarily make eCommerce channel a force to reckon with in the used bike market yet. According to estimates and various studies, a significant chunk of bike-owners still prefer buying used bikes in person from a closed-loop ecosystem. Hence, the evolution of marketplace for used bikes purchase is slow.
That being said, FMI analysis show that the pre-owned bike market grew at a CAGR of 4% from 2017 to 2021. However, used bikes eCommerce companies continue to draw attention with additional perks, including but not limited to insurance and free bike services. As a result, sales of bikes through used bike eCommerce marketplace is likely to account to USD 68 Billion by 2032.
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The role of the Internet in generating the demand for used bikes is significant. Sales of bikes through used bike eCommerce has increased on the back of the efforts taken by used bike dealers going digital with their marketing initiatives.
Numerous websites emerge on the web, which either help end users with the purchase of used bikes through marketplaces or showcase the portfolio of used bikes for achieving offline sales.
In addition to this, the trickle-down consequences came from the COVID-19 pandemic, owing to the unexpected bike shortage. Bike shops across the globe run low on the inventory as listings from the bike manufacturers remain slow to low.
However, the force reckoning the shortage is a positive indicator for the bike dealers, which implies that more people are using bikes than they ever were. With shop racks portended as empty, there are new barriers to new two-wheelers, which project as an opportunity for the used bike eCommerce companies.
The used bike industry face challenges to some extent when it comes to the adoption and acceptance of pre-owned bikes. There still prevails a notion with respect to the acceptance of second-hand bikes as numerous fraud instances take place around the sales of used bikes. As a result, the demand for bike is growing at a slow pace.
In contrast to this, owing to the trouble associated with the discovery of used bike at the right price and right specifications, eCommerce for used bikes are turning as ideal places to filter out the ones out of the eligibility bracket.
With the emergence of e-commerce platforms, the sales of the used bike through the customer-to-customer model have outpaced the business-to-customer segment. The total share of the former segment in the global used bike market is estimated to be around 62.8%, while the latter holds a share of 37.2%.
Though the used bike market originally evolved around the domestic bike segment, in the present day, imported bikes are getting more popular among consumers. Availability of best feature bikes at affordable prices has rendered it 63% of the total sales, as figured out from the used bike market survey.
Over the years of business, many used bike market players have assimilated different types of bikes according to demand and supply. According to the FMI used bike market report, the superbikes type is the highly grossing segment capturing almost a quarter of the total revenue.
Other promising segments include sports bikes and cruiser bikes segment contributing equally of about 17-18% market share each.
Bikes ranging from 150 CC to 200 CC constitute the largest segment of the market, as reported by used bike market analysis. It occupies almost 27.5% of the total sales achieved by the market.
Though there has been a commendable increase in the volume of the used electric bike for sale by owners across the developed economies, the petrol propulsion segment still holds the dominant position in the global market.
As per the used bike market statistics, the petrol propulsion segment contributes 68.3% of the total revenue generated through the sales of used bikes through bike marketplaces.
| Countries | Market Share (2022 to 2032) |
|---|---|
| North America | 19.4% |
| Latin America | 7.9% |
| Europe | 23.2% |
| East Asia | 18.9% |
| South Asia Pacific | 21.2% |
| Middle East and Africa | 9.4% |
Europe dominates the global used bike market by acquiring up to 23.2% of the gross revenue generated and followed by the South Asia Pacific and North America geographical regions.
Consumers in China and Western Europe cited a new need for cheap transport modes during the epidemic to preserve social distance and continue delivery services. Two-wheelers being the most preferred mode of transportation in the highly populated regions of South Asia Pacific and East Asia, these two regions are also the fastest growing regions in terms of used bike marketplaces growth.
On the other hand, the used bike business in broad regional markets of Latin America and the Middle East, and Africa have remained trivial due to the higher proportion of lower-income group communities here. However, with the proliferation of e-commerce activities in the region, the demand for used bikes through bike marketplaces is speculated to rise during the forecast years.
As cities emerged from quarantine and marketplace lockdown in various regions, two-wheelers are increasingly considered as perfect transportation, according to industry specialists and market observers contributing to the new market research report on used bike demand analysis.
Recent Developments in the Global Used Bike Marketplace
The global used bike market is estimated to record a CAGR of 4.6% during the forecast period of 2022 to 2032.
The global used bike market size is predicted to be valued at USD 68.77 Billion by 2032.
The global used bike market share was valued at USD 38.2 Billion in 2021.
North America accounts for the largest revenue share in the global used bike market.
Asia Pacific region is predicted to witness the highest CAGR in the global used bike market.
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Sales of Used Bikes through Bike Marketplace
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