Used Bikes Market to Reach $66.2 Billion, Globally, by 2031 at 5.6% CAGR: Allied Market Research

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

PORTLAND, Ore., Feb. 27, 2023 /PRNewswire/ -- 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". According to the report, the global used bikes market generated $38.7 billion in 2021 and is anticipated to generate $66.2 billion by 2031, witnessing a CAGR of 5.6% from 2022 to 2031.

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Prime determinants of growth

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.

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a positive impact on the global used bikes market.
• The majority of customers also choose to purchase used bikes online, which promotes the expansion of the online used bike market sector. While the used bike industry is expected to increase sales in some areas, several vehicle companies are hurting as a result of the epidemic. Also, the used bike market was created during the epidemic as a result of an increase in bike sales made online. In comparison to the pre-pandemic online used bikes market scenario, the demand for online used bike purchases has increased due to the lockdown and social distancing effects.

The C2C segment to maintain its leadership status throughout the forecast period

Based on the distribution channel, the C2C segment held the highest market share in 2021, accounting for more than half of the global used bikes market, and is estimated to maintain its leadership status throughout the forecast period. Low pricing and easy transfer of documents are the factors that drive the growth of the segment. In addition, direct one-on-one interaction between the buyers and sellers is a major factor that creates scope opportunity for this segment in the used bikes market. However, the B2C segment is projected to manifest the highest CAGR of 6.0% from 2022 to 2031.

The 125 to 250cc segment to maintain its leadership status throughout the forecast period

Based on engine capacity, the 125 to 250cc segment held the highest market share in 2021, accounting for more than one-third of the global used bikes market, and is estimated to maintain its leadership status throughout the forecast period. Along with being affordable and fuel-efficient, the superior appearance of motorcycles in this market segment quickly grabs the attention of the consumer. These motorcycles' minimal maintenance costs are another aspect of the market's high demand for this segment. Moreover, 150cc to 200cc dirt bikes with two-stroke engines are typically utilized for off-road racing. Although two-stroke road motorcycles are no longer frequently produced, riders can still buy used bikes. Compared to a typical four-stroke engine, these engines provide more power, but they also require more maintenance. However, the electric drive segment is projected to manifest the highest CAGR of 19.2% from 2022 to 2031.

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The standard segment to maintain its lead position during the forecast period

Based on type, the standard segment accounted for the largest share in 2021, contributing to nearly 35% of the global used bikes market, and is projected to maintain its lead position during the forecast period. This is attributed to the fact that the Standard motorcycles consume less fuel as compared to other bikes (sports & cruiser) and are easy to control and ride, thus propelling the demand in the used bike market. In addition, they come in many varied sizes and are great for daily commuting as they are inexpensive, reliable, comfortable, and economic. Owning to these features standard bikes segment selected for daily commuting or daily travel, as well as they are affordable to maintain. However, the sports segment is expected to portray the largest CAGR of 6.6% from 2022 to 2031.

Asia-Pacific to maintain its dominance by 2031

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.

Leading Market 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.

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SOURCE Allied Market Research