A used two-wheeler is one that has been owned by one or more retail owners in the past; it is also referred to as a pre-owned or used vehicle. There are many different places to buy used bikes: auctions, private party sales, franchise and independent car dealers, rental bike companies, and leasing companies. Millennials own fewer bikes overall because cars are expensive and personal bike upkeep is expensive. Furthermore, millennials typically use used bikes for commuting since they want to save money on their bikes. Furthermore, many people are unable to afford new motorcycles due to their high cost, which raises the market for used bikes.
According to SPER Market Research, ‘India Used Two Wheeler Market Size- By Market, By Sales Channel, By Source, By Modification, By Type of Bike, By Engine Capacity, By Certification- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ states that the India Used Two Wheeler Market is estimated to reach USD XX billion by 2032 with a CAGR of XX%.
The Indian two-wheeler market is mostly driven by economic concerns. A larger portion of the population can now afford personal transport because of India’s economic growth and rising disposable income. India’s middle class and urban populations now have much higher income levels as a result of the country’s expanding economy. Higher purchasing power and a greater readiness to spend on personal vehicles are the results of this. Since they are more affordable than other forms of transportation, many people choose two-wheelers. Acquiring two-wheelers has become simpler for people due to the availability of reasonably priced financing choices like two-wheeler loans.
Although challenges still exist, the used two-wheeler business in India is growing. Finding trustworthy dealers is one of the biggest challenges. For purchasers, the existence of unlicensed dealers with uncertain automobile histories can be a danger, raising questions about credibility, quality, and possible fraud. In addition, prospective purchasers are hampered by a shortage of easily available and affordable financing choices. Buying a used two-wheeler, which is frequently a need for many Indians, becomes a financial barrier without appealing lending terms, constraining market expansion.
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Impact of COVID-19 on the India Used Two Wheeler Market
Amid the COVID-19 pandemic During the lockdown, there was an unexpected surge in demand, primarily in Tier 1 and Tier 2 cities, which was allocated to buyers switching from the market sectors of new bikes and shared mobility to used cars. Unlock 1 saw a spike in demand, but there was no corresponding increase in supply. Due to financial difficulties, several people kept their cars and postponed buying new ones for a while. The primary sources of supply for used two-wheelers were people in need of quick cash or food delivery services who had to sell their cars and fire their drivers to make ends meet.
India Used Two Wheeler Market Key Players:
West and Central India accounted for the largest portion of the market due to the presence of numerous major cities with dense populations and significant levels of economic activity, such as Ahmedabad, Pune, and Mumbai. Among the major companies in this sector are Bike Bazaar, Bikers Highway, CredR, Ducati, Honda Best Deal, Mahindra First Choice, Royal Enfield Vintage, and Suzuki Best Value.
India Used Two Wheeler Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Market: Based on the Market, India Used Two Wheeler Market is segmented as: Organized, Unorganized.
By Sales Channel: Based on the Sales Channel, India Used Two Wheeler Market is segmented as: C2C Channel, B2C Channel.
By Source: Based on the Source, India Used Two Wheeler Market is Segmented as: Domestic, Imports.
By Modification: Based on the Modifications, India Used Two Wheeler Market is Segmented as: Stock Price, Customized.
By Type of Bike: Based on the Type of Bike, India Used Two Wheeler Market is Segmented as: Motorcycles, Scooters.
By Engine Capacity: Based on the Engine Capacity, India Used Two Wheeler Market is Segmented as: 100CC-110CC, 125CC-135CC, 150CC-200CC, Others.
By Certification: Based on the Certification, India Used Two Wheeler Market is Segmented as: Certified, Non Certified.
By Region: This report also provide the data for key regional segments of India; Karnataka, Maharashtra, Delhi NCR, Haryana, Tamil Nadu, Telangana, Gujarat, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
India Used Two Wheeler Market Future Outlook
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