DUBLIN–(BUSINESS WIRE)–The “India Used Two Wheeler Market Outlook to 2026 (Second Edition) – Convenient Financing Options and Emergence of Online Marketplace Platforms Supporting Market Growth” report has been added to ResearchAndMarkets.com’s offering.
The Overall Online Market is expected to Increase at a double Digit Positive CAGR during the period FY’2021-FY’2026E
India Used Two Wheeler Market Outlook to 2026 provides a comprehensive analysis of pre-owned two wheelers services in India. The report concludes with market projections for future for the market described above highlighting the major opportunities and challenges.
India Used Two Wheeler Market Overview and Size
India is the largest producer and manufacturer of two wheelers in the world followed by the Republic of China. Rising fuel prices is one of the primary growth drivers for two-wheelers due to their higher fuel efficiency.
In India, commuters across all age groups use motorized vehicles, especially two wheelers owing to the escalating population and rapid increase in traffic congestion, thereby making two wheelers as the most appropriate and convenient mode of transportation in urban areas. The market has attained speedy growth over the period of five years from FY’2015 to FY’2021.
The demand for used two wheelers has seen a constant rise over the past few years, especially from models like Honda Activa, Aviator, TVS Jupiter, Bajaj Pulsar and Discover. Even in terms of exports, two-wheelers produced in India are the proud products of the Make-in-India initiative where nearly 7 in 10 automobiles delivered out of India are two-wheelers.
Snapshot on Online Used Two Wheeler Landscape
The online used two wheeler market has been emerging with the rise in the popularity of e-commerce platforms in the country. Online platforms such as Flipkart, Amazon and Snapdeal have enabled India users to trust online platforms and make high value transactions online using their debit/credit cards and net banking.
The growth of online advertising, which has fuelled the rise of online classified platforms such as Droom, OLX, Quikr, Bikes24 and others have revolutionized the way in which pre-owned vehicles have been sold in the country. With the growth in the number of vehicles sold online, these players not only witnessed a sharp growth in marketplace revenue but also from other sources including advertisements, subscriptions and other value added services.
Snapshot on Used Two Wheeler Finance
In order to become a one stop shop for used two wheelers, most of the online platforms have partnered with multiple NBFCs and banks to offer loans to their customers. Finance institutions such as TATA capital, Yes Bank, Capital First, Bajaj Finance, ICICI bank and more have partnered with such online two wheeler platforms.
The penetration rate for used two wheeler financing in India is less than 10%. In rural areas, the number of loans for used two wheelers is increasing significantly while in urban areas, the rate of such loans is low owing to the high risk premium.
Various entities follow different business models. For instance, OEMs. Through their own portals allow the customers to avail loans through partnerships with leading banks and NBFCs and Online players providing auto loans as a bundled service through partnerships with leading banks and NBFCs along with the provision of automotive services including sale of used and new vehicles. Certification services amongst others
Comparative Landscape in India Used Two Wheeler Market
India used two wheelers market competition structure was observed to be highly fragmented with the presence of large number of local dealers, small mechanics and individual sellers.
Organized players such as Droom, Honda Best Deal, CredR, BikeDekho.com, Mahindra First Choice Wheels Limited (MFCWL) and others contribute very limited to the overall market. Certification and authentication, brand, price, mileage and performance, engine quality/power and total number of dealers are some of the critical parameters on the basis of which companies compete in the organized segment.
India Used Two Wheeler Market Future Outlook and Projections
India Used Two Wheeler Market is expected to grow in the coming years as used vehicles are much cheaper to purchase than a new one, since the introduction of BS VI Standards. Individuals mostly in smaller cities and towns who wish to own a vehicle begin with buying a second hand two-wheeler to get hold of it.
Similar is the case of women drivers who prefer purchasing a pre-owned vehicle to learn driving before they actually purchase a new vehicle. Also, local dealers who have been facing tough competition from the online classifieds will be seen associating with the online players to reach out to greater audiences
India Used Two Wheeler Market Segmentation
Time Period Captured in the Report
Companies Covered
Organized Used 2W Companies
Online Used 2W Platforms
For more information about this report visit https://www.researchandmarkets.com/r/ts5vwo
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