An increase in demand for two-wheeler due to traffic congestion, the high cost associated with new bikes, and the rise in internet-based sales drive the growth of the global used bikes market. However, the high risk of accidents restricts the market growth. Moreover, the increase in demand for bike taxi services and the rising adoption of electric motorcycles present new opportunities in the coming years. The global used bike market size was valued at $38.7 billion in 2021, and is projected to reach $66.2 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
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Asia-Pacific currently dominated the used bikes market in 2021. This was primarily due to the rise in fuel and new bike prices and the adoption of new technology in the used-motor vehicle industry. China has a propensity for producing and selling cutting-edge bicycles that are utilized for both everyday commuting and a variety of adventure-related activities. Meanwhile, there are many chances for the expansion of the used bike industry across the nation due to the presence of various local bike manufacturers who offer a wide selection of customized used bikes and modified used off-road
motorbike products.
Leading Key Players:
- Bafta Japan Inc.
- Blade Motorcycles
- Droom, India Kawasaki Motors Pvt. Ltd.
- Motohunt Inc.
- Motorbikes4All
- Mundimoto Europe SL
- Triumph Motorcycles
- Used Motorcycle Store. Com (Dealer Spike)
- Yamaha Certified Pre-Owned.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global used bikes market, and is likely to dominate the market during the forecast period. The growth of ride-hailing services or bike taxi services in the region is anticipated to propel the growth of the market across the region. One of the most practical modes of transportation, bike taxis allow users to request a vehicle via online platforms. Additionally, information on the driver and the passenger is transmitted when requesting transport, making ride-hailing services far safer than conventional taxi services. However, the LAMEA region is expected to witness the fastest CAGR of 6.2% from 2022 to 2031.
Market Research Future published a research report on the Global Used Vehicle Market, which expected to progress with 5.3% CAGR from 2019 to 2025.Used vehicles are second-hand vehicles that are available for resale in economies dependent on two-wheelers and four-wheelers as a primary mode for transportation.
The global used vehicle market report by Market Research Future (MRFR) covers the historical performance of the market as well as trends and opportunities for the period of 2019 to 2025 (forecast period).
The COVID-19 outbreak and its impact on the industry are covered in the report.Market ScopeMajor driving factors are transparency of used car salesmen, penetration of the Internet, and demand for car subscription services.
Alternative to public transportation and lack of presence of economically priced cars can favor the used vehicle market demand.The COVID-19 pandemic has proven to be lucrative for the global used vehicle market owing to adherence to restriction of movement by consumers as well as the rising cost of new vehicles.
In addition, the large number of used vehicles on websites coupled with various renowned used car vehicle franchises planning to go public on the stock market with the help of partners.Competitive Outlook HERTZ CAR SALES, Vroom, Inc., Manheim, Autonation, eBay, TrueCar, Inc., PenskeCars, Autotrader, Inc., Alibaba Group, Sun Toyota, CarMax Business Services, LLC, and Cox Automotive, Inc. are key players of the global used vehicle market.Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/7616SegmentationOn the basis of vehicle age, the market has been segmented into 0-5, 6-10, 11-15, 15-20, and > 20 years old.
On the basis of sales channel, the segments are rental car companies, franchised, independent car dealers, and others.Regional AnalysisAsia Pacific is expected to hold the largest market share during the forecast period owing to the growing automotive industry in India, China, and Japan.