The global used bike market is gaining traction due to factors such as the surge in internet-derived sales, the high cost of new bikes, and a rise in demand for two-wheelers owing to traffic congestion.
Wilmington, Delaware, Nov. 16, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Used Bikes Market by Distribution Channel (C2C and B2C), by Source (Domestically Manufactured and Imported Bikes), by Engine Capacity (50 to 125cc, 125 to 250cc, Above 250cc, and Electric), by Type (Standard, Sport, Cruiser Bikes, Mopeds, and Others), by Propulsion (ICE and Electric): Global Opportunity Analysis and Industry Forecast, 2021- 2031″. As per the report, the global market size for used bikes is expected to grab $66.2 billion by 2031. The market was valued at $38.7 billion in 2021 and is anticipated to display a notable CAGR of 5.6% during the forecast period of 2022 to 2031.
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Factors influencing the growth of the market:
The global used bike market is gaining traction due to factors such as the surge in internet-derived sales, the high cost of new bikes, and a rise in demand for two-wheelers owing to traffic congestion. However, the huge risk of accidents restrains the market growth to some extent. Nevertheless, a surge in demand for bike taxi services and the growing adoption of electric motorcycles will offer remunerative growth opportunities to the market in the upcoming years.
The C2C segment to retain its dominance status during the forecast period
By distribution channel, the C2C segment grabbed the largest market share of more than half of the overall market revenue and is expected to rule the roost throughout the forecast timeframe. The growth of the segment is driven by easy transfer of documents and low pricing. Additionally, the direct face-to-face interaction between the buyers and sellers also accelerates the growth of the segment. Moreover, the B2C segment would showcase the fastest CAGR of 6.0% throughout the forecast timeframe.
The 125 to 250cc segment to lead the trail by 2031
By engine capacity, the 125 to 250cc segment gained the largest market share in 2021, accounting for more than one-third of the global market for used bikes and is projected to maintain its dominance in terms of revenue from 2022 to 2031. The motorcycles within this market segment are not only cost-effective and fuel-efficient but also contain a visually striking appearance that readily captivates consumer attention. Their minimal maintenance requirements contribute significantly to the heightened demand for this segment in the market. Additionally, dirt bikes ranging from 150cc to 200cc, equipped with two-stroke engines, are commonly employed in off-road racing. While the production of two-stroke road motorcycles has decreased, interested riders can still purchase pre-owned bikes. These engines, offering greater power compared to typical four-stroke engines, necessitate more frequent maintenance despite their enhanced performance capabilities. Furthermore, the electric drive segment would display the fastest growth with 19.2% CAGR by 2031.
Key Highlights of the Report:
- The study on the used bikes market encompasses analysis across seven countries. It includes both country-specific and segment-specific evaluations, presenting values ($billion) for the projected period of 2021-2031.
- Employing a research approach that integrates high-quality data, professional insights, and critical independent perspectives, this study aims to offer a well-rounded understanding of regional markets. Stakeholders can leverage this information to make informed decisions that align with their ambitious growth objectives.
- To ensure comprehensive insights, the research extensively reviewed over 3,700 pieces of product literature, annual reports, industry statements, and comparable materials from major industry participants. This thorough examination enhances our understanding of the market dynamics.
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The standard segment to retain its lead position by 2031
On the basis of type, the standard segment gained the largest market share in 2021, accounting for nearly 35% of the overall market revenue and is anticipated to continue its supremacy by 2031. The standard motorcycles require low fuel as compared to other bikes (Cruiser & Sports) and are easy to ride and control. Additionally, they come in different sizes and are perfect for routine commuting as they are economic, comfortable, reliable, and inexpensive. Due to these features standard bikes are affordable to maintain and selected for daily commuting or travel. The sports segment, on the other hand, would showcase the fastest CAGR of 6.6% throughout the forecast timeframe.
Asia-Pacific to rule the roost by 2031
The regional analysis in the report indicates that the market across Asia-Pacific was largest in 2021, contributing to nearly half of the global market revenue and is expected to rule the roost throughout the forecast timeframe. The region is experiencing expansion due to the rise of bike taxi services and ride-hailing services across the region. Bike taxis represent one of the most convenient transportation options, allowing users to request a ride through online platforms. Moreover, these services provide added safety measures by transmitting information about both the driver and the passenger when requesting transport, enhancing the safety standards beyond those offered by traditional taxi services. The LAMEA region, on the other hand, is estimated to display a noteworthy CAGR of 6.2% by 2031.
Key market players:
- Yamaha Certified Pre-Owned.
- Used Motorcycle Store. Com (Dealer Spike)
- Triumph Motorcycles
- Mundimoto Europe SL
- Motohunt Inc.
- Droom, India Kawasaki Motors Pvt. Ltd.
- Blade Motorcycles
- Bafta Japan Inc.
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Regional /Country Specific Research Reports We Have:
North America Used Bike Market Research Report 2023-2032
Asia-Pacific Used Bike Market Research Report 2023-2032
Europe Used Bike Market Research Report 2023-2032
LAMEA Used Bike Market Research Report 2023-2032
U.S. Used Bike Market Research Report 2023-2032
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