Asia-pacific Used Two-Wheeler Market to be dominated by Motorcycle segment till 2026
Rise in the vehicle maintenance and repair costs is driving
the growth in Asia-Pacific Used Two-Wheeler Market in the forecast period,
2022-2026.
According
to TechSci Research report, “Asia-pacific Used Two-Wheeler Market By Vehicle Type (Scooters/Moped
and Motorcycle), By Application (Private and Public), By Country, Competition
Forecast & Opportunities, 2026”,
the Asia-Pacific Used Two-Wheeler market is anticipated to grow at a rate of
steady CAGR for the forecast period, 2022-2026. With the rise in the number of
people traveling daily to reach office, schools on time are contributing to the
demand for Used Two-Wheeler. The financial hurdles the interested consumers
face in purchasing a new vehicle is attracting the consumers to invest in the Used
Two-Wheelers market. Consumers prefer to buy the Used Two-Wheeler as it solves
the privacy issue and gives the vehicle owners the option to travel
independently. Therefore, it is a widely accepted option throughout the region.
With the outbreak of COVID-19, the need to follow the social distancing rule
led to people avoiding traveling through crowded modes of transportation. The surge in the number traveling through
their private vehicles and easy availability of Used Two-Wheelers is driving
the demand for the Asia-pacific Used Two-Wheelers market. The economy was hit
adversely during this period, which resulted in job losses for many people;
thereby, the buyers were unwilling to spend a significant amount on purchasing
the new vehicle. Financial companies are making the loans taken to purchase new
vehicles more expensive. The relative availability of Used Two-Wheelers at an
affordable cost contributes to the market demand. Availability of lucrative
discounts and offers to purchase the Used Two-Wheelers in the festive season
and the option of doorstep delivery to the consumers is boosting the sales of Used
Two-Wheelers during the forecast period. The introduction of electric
two-wheeler vehicles due to the high awareness of the effect of carbon emissions
on the environment and the availability of electric two-wheeler vehicles at
high prices is making the consumers spend more on the Used Two-Wheelers.
However,
the rising crude oil prices and the need for regular maintenance of the
two-wheelers may restrain the Asia-pacific Used Two-Wheelers market growth for
the forecast period.
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The
Asia-Pacific Used Two-Wheeler market is segmented on the basis of vehicle type,
application, competitional landscape, and regional distribution.
On the basis of vehicle type, the market
is bifurcated into scooters/moped and motorcycle. The Motorcycle segment is
expected to hold the major market share for the forecast period, 2022-2026.
Bikes enhance the convenience and affordability of consumers. Bikes are
preferred over scooters/mopeds as they have higher mileage and fuel efficiency.
The used bikes are easy to drive through the traffic, saving a lot of traveling
time and providing an economical option. The need for substantial investment to
purchase a new bike is accelerating the demand for used bikes.
On the basis of the country, India is
expected to dominate the Asia-pacific Used Two-Wheeler market for the next five
years. The growing population and the surge in consumer spending for quality
life are influencing the Used Two-Wheelers market demand. The presence of a
huge youth population and the accessibility to internet services is increasing
consumer awareness to invest in the Used Two-Wheeler market. The incorporation
of the latest technology and the imposition of taxes on the purchase of new
vehicles is attracting customers to buy Used Two-Wheelers in the country. The
availability of online platforms which sell the Used Two-Wheelers at affordable
rates and with warranty options along with a wide range of Used Two-Wheelers
options is expected to contribute to the Asia-pacific Used Two-Wheelers market
growth for the next five years.
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“The surge in demand for vehicle
subscription services to boost the Used Two-Wheeler sales significantly impacts
market demand. By availing of the vehicle subscription service, the consumer
can use the vehicle monthly by paying timely fees. With the rise in the number
of players operating in the Used Two-Wheelers market and the rising number of
online two-wheelers, dealerships are expected to propel the Asia-pacific Used
Two-Wheeler market. Furthermore, the launch of new two-wheelers is offering the
opportunity to the consumers to sell their old vehicle in exchange for a new
vehicle is expected to boost the Asia-pacific Used Two-Wheeler market till 2026”
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Asia-pacific Used
Two-Wheeler Market By Vehicle Type (Scooters/Moped and Motorcycle), By
Application (Private and Public), By Country, Competition Forecast &
Opportunities, 2026”, has evaluated the future
growth potential of Asia-Pacific Used Two-Wheeler and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Asia-Pacific Used Two-Wheeler market.
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