Olx emerges as biggest online platform for used two-wheeler market
Posted on: Mar 7, 2017 - 2:27pm IST
1.56 million two-wheelers were sold on Olx in 2016.
Olx claims to have a 75 percent market share of India’s online used two-wheeler market space. A survey conducted by Frost and Sullivan, which interviewed 3600 respondents face-to-face, concluded that Olx has the highest awareness in the pre-owned two-wheelers category, three times higher than that of the closest competitor.
Used two-wheeler market, just like the used car market, is still in a very nascent stage. Olx users reporting the highest awareness-to-visit conversion in the category, and 75 percent of Olx sellers saying that they found a buyer on Olx.
Of all those who considered buying used two-wheelers online, three out of five buyers said that they completed their final purchase on Olx, a figure that was almost four times that of Olx’s nearest competitor according to the survey. Mr Amarjit Singh Batra, CEO, Olx India said
India is predominantly a two-wheeler market but there was no organized platform for buying and selling of two-wheelers before Olx entered the space. While one in four pre-owned two-wheelers are listed on Olx, our estimates show that Olx has 75 percent market share of the online market for pre-owned two-wheelers in India, which signifies our strength in terms of volume and the overall leadership in the space.
They receive 3.5 million buyer enquiries on used two-wheelers every month. These enquiries result in an average 130,000 transactions per month on the platform, generating a combined sale value INR 488 crores per month. This implies an average sale or purchase cost of each two-wheeler on Olx is approximately INR 37,000 per unit.
Most popular two-wheeler models include the Bajaj Pulsar, Royal Enfield Bullet and Honda Activa while the Harley-Davidson Street 750 takes the prize home for the most popular premium bike followed by the KTM Duke series.