“Customer preference towards upgrading to higher segment two wheelers with budget constraints driving the used two wheeler market in India”
Decrease in Replacement Cycle for Two Wheelers: The replacement cycle or average ownership period for two wheelers in India has come down from 7-8 years to 3-5 years over the past decade driven by rising aspirations of Indian consumers, frequent two wheeler launches and easy availability of financing for New Two Wheelers. Need for better exchange rates and saving on further depreciation is also bringing down the replacement cycle for new two wheelers.
COVID-19 Impact on Used Two Wheeler Market: Sudden spike in demand post lockdown can be attributed to consumers shifting from market segments of new bikes/shared mobility to used vehicles; majorly observed in Tier 1 & Tier 2 cities. While a surge in demand was seen during Unlock 1, increase in supply was not seen Owing to cash crunch, people retained their vehicles thereby avoiding shifting to new vehicle purchase for a while. Supply of used two wheelers mainly originated from individuals looking for immediate cash or from food delivery companies selling out vehicles & laying off their delivery agents in order to meet cash flow needs. As lockdown eases further, Sale of Used Two Wheelers expected to Increase mainly from non metro cities as consumers prefer to have their own vehicle as compared to travelling in Public Transport System.
Growth in Tier II & Tier III Cities: The Indian government was observed to particularly spend towards rural programs and huge road-construction projects that have led to increase in two wheeler volumes in smaller towns and cities of India. Besides rising incomes and growing infrastructure in rural areas, one of the primary growth drivers for the spurt in sales has been rise in total number of women commuters.
Consumer Shift Towards Online Sales Channels: People residing in Metro cities such as Delhi NCR, Mumbai, Chennai, Bangalore and others along with rising internet penetration were observed to shift towards online classifieds and websites which act as a one stop shop for customers, therefore displaying product features along with pricing and other factors and promoting C2C transactions. On the other hand, people residing non-metro cities prefer to buy through offline channels.
The report titled “India Used Two Wheeler Market Driven by Increase in Workforce Migration and Aversion towards Using Public Transportation” by Ken Research suggested that the used two wheeler market is expected to grow at a double digit positive CAGR. Rising Aspirations of young consumers along with increasing in demand from Tier II & Tier III cities is driving the used two wheeler market in India.
Key Segments Covered in India Used Two Wheeler Market, FY’2020: -
By Type of Market
Organized
Unorganized
By Sales Channel
C2C Channel
B2C Channel
By Source
Domestic
Imports
By Modification
Stock Piece
Customized
By Type of Bike
Motorcycles
Scooters
By Engine Capacity
100CC-110CC
125CC-135CC
150CC-200CC
By Replacement Cycle
2 years-4 years
3 years-5 years
5 years - 6 years
By Certification
Certified
Non Certified
By Financing
Financed
Non Financed
Key Target Audience
Two Wheeler OEM’s
Two Wheeler Dealers
Online Portals (Aggregators/Marketplace Platform)
Online Classified Platforms
E-Commerce & Hyperlocal Companies
Private Equity Investors
Time Period Captured in the Report:
Historical Period: FY’2015-FY’2020
Forecast Period: FY’2021–FY’2025
Companies Covered:
Organized Used 2W Companies
Honda Best Deal
CredR
Mahindra First Choice
Bike Bazaar
Bikers Highway
Royal Enfield Vintage
Online Used 2W Platforms
Droom
Quikr
Olx
Bikes4Sale
CarandBike
Bike Jinni
Key Topics Covered in the Report: -
Market size of India used two wheeler markets
Market size of India online used two wheeler markets
Value chain in India used two wheeler markets
Market segmentation of India used two wheeler markets on the basis of market structure, stock piece & customized vehicle, distribution channels, source of
Manufacturing, type of two-wheeler, engine capacity, average ownership period, by manufacturer, body type, certification and financed & non-financed vehicle
Trends and Developments in India used two wheeler market
Growth Drivers and Restraints in India used two wheeler market
SWOT analysis in India used two wheeler market
Pre-Requisites to Enter the India used two wheeler market
Government Regulations in India used two wheeler market
Major players and their business models
Customer Profile in India used two wheeler market
Analyst Recommendations
For More Info on the Research Report, Click on the Below Link: -
India Used Two Wheeler Market Growth
Related Reports by Ken Research: -
Contact Us: -
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
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