Project Report For Used bike showroom
Project report for Used bike showroom is as follows.
Selling used bikes is how a used bike business gets the money. The supply chain, on the other hand, is an enormously significant element of this process, as it involves purchasing used automobiles from previous owners at a low enough price that they can be marked up. You need to attract and deal with both buyers and sellers to market and operate your used bike business, and you should conceive of them as customer groups. The Indian used two-wheeler market grew rapidly throughout the five-year period from 2013 to 2018, owing to rising family income, immigration of working individuals seeking work or education, and increased availability of used two-wheelers in the country.
India’s secondhand two-wheeler market has demonstrated Over the years 2013-2018, there was a 10% increase in sales volume. Furthermore, online-automobile portals established a channel for secondhand vehicles to be sold online. A few well-organized firms have entered the market, focusing on product quality. This encouraged working women and young people to look for good-condition old cars. The rise of online classified sites such as OLX, Quikr, Gaadi.com, Carwale.com, and others has transformed the way pre-owned vehicles are sold in the country. There are a number of other platforms that have evolved in India. two-wheeler market which enables buyers and sellers to engage and exchange products in a transparent manner.
Market potential & Strategy
By 2023, the market for used bikes in India is estimated to reach USD 75 billion, with a CAGR of 15.2 per cent during the forecast period. Since the turn of the century, the used bike market in India has risen at a phenomenal rate. The key reason for this is the introduction of organised players in the market, who have addressed the trust deficit and other issues that have plagued the Indian secondhand bike industry for decades. Almost all used bike sales in India took place in the unorganised sector even a decade ago. Because sellers would sell subpar products to purchasers, many people preferred to buy bikes from their circle of family, friends, and acquaintances. acquaintances.
In India, about 3.4 million motorcycles are sold each year on the used bike market. However, only around 400,000 units per year, or about 13%, of secondhand bike transactions come from businesses to consumers and are processed through organised dealers. The used bike market is fiercely competitive, but there are chances for those with cycling knowledge and a knack for dealing with people. Making a profit in the secondhand bike market necessitates a variety of abilities, including the capacity to locate high-quality bicycles at reasonable prices, as well as the ability to repair bicycles and increase their value. Concentrating on the abilities you’ll need to make a life in the used bike industry can help you succeed. Despite sluggish sales in the vehicle industry, the pre-owned car and motorcycle market is growing at 15% and is expected to increase in the next four years. The average time spent owning a car is four years. As a result, a car is often sold three to four times over its lifetime. As a result, there is a significant market for used bike dealers.
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