In order to become a one stop-shop for used two wheelers, online platforms have partnered with multiple NBFCs and banks to offer loans. Selling a total of 13,000,000 2-Wheelers in the year 2021-2022: Ken Research
1. “VAS in demand?” Online players offering experience by introducing various VAS which is helping online platforms to increase their penetration rate.
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India’s internet user base crossed 830 million as in 2021 based on a statistics report and is anticipated to reach over 1 billion by 2040. The country’s population majorly consists of Gen Z’s and millennials who are accustomed to the digital means of buying things owing to the ease of buying and promptness. 9 out of 10 users who are planning to buy a 2W start their journey online by reading reviews, watching video content and researching about vehicles which has led to technology being accelerating like never before. Metaverse showrooms are set up through an automated e-commerce platform – all brands in one place. According to a survey as many as 20-25% users are looking for a doorstep delivery of the vehicle. Therefore, companies are adopting the doorstep delivery model and the vehicle is being delivered at the doorstep of the buyer.
2. “Market Concentration:” Bikes24 and Droom emerge as the leading players in the market with market shares of over 60% and 10%, respectively, of the overall online two-wheeler market.
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More and more companies are expected to enter the online space as Automotive OEM’s are also gearing up to enter the market. These companies are slowly shifting their focus towards Tier III cities Tier II, and rural areas from Tier I cities, as lot of demand is generated from such regions. COVID 19 has accelerated and pushed the online development of used two wheelers in India, as more and more people are now accustomed to the idea of using online means and trust in the overall ecosystem has increased marginally. In spite of such companies being established, the market is still an unorganized market mainly driven by selling / buying through friends and family. Overall, the market is concentrated with 4 companies contributing over 90% of revenue.
3. “Go Digital:” Future used two-wheeler sales are expected to be driven by an increased preference for personal mobility over ride-sharing, ride-hailing, and rentals, as well as digital payment mode adoption.
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As per recent findings by, “Auto Gear Shift India 2020,” over 54% of the two-wheeler buyers find their dealers online through dealer websites, search engine & brand websites. Out of these, 1 in 3 acted on the website to reach the dealer. It is therefore expected for brands to create an immersive online purchase environment to allow buyers to virtually explore before making a purchase. Availability of Verified Sellers on Platform, Ensuring Quality through Detailed Inspection Reports, Structured Pricing and Value-Added Services including warranty, ownership transfer, insurance, servicing, and financing products can add convenience to the overall used bike buying experience.
