Two wheelers are a very important feature of Indian middle class largely. Anyone who wants to enter this market on large scale, seriously needs to understand that market potential carefully. India is the largest 2 wheeler market in the world. It is estimated that on Financial Year 20016-17 , 1.6 Crores bikes will be sold across India. we can assume a Compound Annual growth rate (CAGR) of 10% Year on Year (YOY) and thus its is estimated to reach 2.6 Crores by the year 2021.
Bike segment has continued to grow in spite of all odds. Used bikes are are not far behind. This segment is consistently growing and is set to grow even faster than the new bike market sale. Currently 1.2 Crores bikes are sold in the running year . However the segment is expected to grow at the rate of 15% CAGR YOY. Market is expected to reach a level of 24 Crores used bike sales till 2021. Please refer the image below:
There are various opportunities waiting for the investors and entrepreneurs to plunge into the related segments to bikes. Few of them are mentioned below:
Used Bike Finance: Not explored by companies on the large scale yet. Only Few local players or companies are doing it in very selected cities only
Used Bike Services: This includes warranties, servicing, Road side assistance etc.
Used Bike Insurance: This has been explored by many companies yet still companies are coming up with new products like personal insurance on bike sales. Interesting!!
Related Articles:
Ahmedabad used bike buyer behavior
Used Bike Loan Companies in India
How to buy used bike online in India
Impact of banning Rs. 500 and Rs.1000 notes on 2 wheelers market
2 Wheeler Market size in India
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