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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