According to a new report published by MarkWide Research, titled, “Global Refurbished Two Wheeler Market,” the worldwide refurbished two wheeler market is set for significant growth, with a projected compound annual growth rate (CAGR) of 8.3% from 2023 to 2030. This market is expected to thrive as consumers seek cost-effective and eco-friendly mobility solutions.
Growing Demand for Refurbished Two Wheelers
Refurbished two wheelers, including motorcycles and scooters, are gaining popularity as affordable and sustainable alternatives to new vehicles. These refurbished vehicles undergo thorough quality checks and are restored to near-new condition, offering value to cost-conscious consumers.
Key Market Trends
1. Environmental Concerns*
The increasing awareness of environmental issues and the need for sustainable transportation options are driving the demand for refurbished two wheelers. These vehicles have a lower carbon footprint compared to manufacturing new ones.
2. Urban Mobility Solutions*
In congested urban areas, two wheelers provide a practical and efficient means of transportation. Refurbished options make ownership more accessible to a broader demographic.
3. Economic Benefits*
Refurbished two wheelers are often more affordable than new ones, making them an attractive choice for budget-conscious consumers, especially in emerging markets.
Market Forecast and Regional Analysis
The global refurbished two wheeler market is anticipated to reach a valuation of $8.7 billion by 2030, up from $3.9 billion in 2022. Asia-Pacific is expected to dominate the market, with a large consumer base and a growing focus on affordable mobility solutions. Other regions, including North America and Europe, are also projected to witness substantial growth.
Prominent players in the refurbished two wheeler market include:
- Hero MotoCorp Ltd: One of the largest two wheeler manufacturers globally, Hero MotoCorp also offers refurbished two wheelers through its “Hero Sure” program.
- TVS Motor Company: TVS Motor Company has a presence in the refurbished two wheeler market, providing quality-assured options to consumers.
- Yamaha Motor Co., Ltd: Yamaha offers refurbished two wheelers that meet high-quality standards and cater to diverse consumer preferences.
- Mahindra First Choice Wheels Ltd: Mahindra First Choice Wheels specializes in the sale of certified refurbished two wheelers, ensuring reliability and value.
- CredR: CredR is a technology-driven platform that offers a wide selection of refurbished two wheelers, backed by stringent quality checks.
The global refurbished two wheeler market is on a growth trajectory, driven by the increasing demand for cost-effective and eco-friendly mobility solutions. With a projected CAGR of 8.3% by 2030, this market presents promising opportunities for businesses aiming to address the transportation needs of a diverse consumer base.