Bengaluru, Karnataka, India: Aroscop Tech Inc, in association with <a rel="nofollow noopener" target="_blank" href="https://bikebazaar.com/">BikeBazaar</a> (WheelsEMI), conducted a nationwide online study to understand consumer sentiment towards purchasing pre-owned and electric two-wheelers in India. Founded by industry veterans - Mr. V.Karunakaran, Mr. Srinivas Kantheti, and Mr. Ratheesh Bharathan and funded by two marquee investors, Elevar Equity and Faering Capital, BikeBazaar is one of the pioneers in the 2-wheeler mobility space, with products spanning the entire 2-wheeler lifecycle.
The reports aim to bring forth the awareness, preference, key drivers, and barriers towards buying pre-owned and electric bikes. The comprehensive studies are based on responses from several respondents across different age groups and regions across India.
Here are some key insights from the reports –
Across the country, there are diverse opinions on pre-owned vehicles.
41% of respondents from South Indian states are willing to purchase a pre-owned (more than those willing to buy a brand new two-wheeler).
Respondents from the Eastern region prefer branded marketplaces to purchase pre-owned bikes but are the least aware of the available finance options.
When it comes to electric two-wheelers, more than half of the respondents from the Western states are willing to spend more than Rs 1.25 Lakhs. 42% of the respondents from the Northern states say they will spend less than Rs 80,000 on electric bikes.
Hero is the most preferred brand in the rural/semi-urban areas, while Ather is the brand of choice among the urban dwellers. Those from the Eastern zone prefer Hero over other electric bike brands and prefer purchasing an EV online.
When comparing urban and rural India’s preferences on pre-owned bikes, urban dwellers are comparatively more open to pre-owned bikes and prefer buying them from local garages. Rural India seems to have more awareness of pre-owned vehicle financing and considers the lower resale value as the primary barrier to purchasing pre-owned vehicles. Asked about electric two-wheelers, 58% of those coming from urban areas are willing to spend more than Rs 1 lakh on the purchase. 63% of the rural respondents will spend less than Rs 1 lakh on electric bikes, and 43% will choose online channels to purchase.
Different age groups also show differing opinions on pre-owned two-wheelers. 43% of Millennials prefer buying pre-owned vehicles from branded marketplaces, while Gen-Z buyers trust the local garages and dealers. As far as electric two-wheelers are concerned, Ola & Ather were the top choices for millennials, and they prefer an online platform or a single brand offline dealer to make the purchase. GenZ may choose Hero (29%), followed by Ather (21%) as their electric vehicle manufacturer, and most (61%) plan to spend up to Rs 1 lakh.
Bank loans and local money lenders (24% each) are the nearest available finance options for pre-owned two-wheelers when it comes to financing options.
To get more such insights, you can download the reports here.
The research objective was to understand India’s sentiments towards pre-owned and electric two-wheelers. The studies leveraged Aroscop’s digital consumer insights tools Ask1, data science, and audience cohort planner. Ask1 is specifically designed to identify micro-cohorts of users with certain behaviours and ask them questions using ultra-specific interactive creatives. The data science and cohort planner tie the responses back to individual users to generate a detailed persona.
Delighted with the success so far, Kshitij, Co-Founder & Director at Aroscop Tech Inc, explains, “ASK1 is a great addition to our product suite and furthers our mission to “Bring brands closer to their customers. ASK1 is a short-format digital consumer insights tool that allows marketers to quickly get answers to important questions from desired audiences at scale. We are glad that these insights are helping our partners devise their long-term and short-term strategies.”
He adds, “We beta launched ASK1 this month and the online tool is open for brands of all shapes & sizes to deploy. This quarter we are running “The Insight 100” campaign where we are enabling first 100 brands & agencies, with our investment, to understand their markets & consumers better, at absolutely no cost.”
Brands can opt-in for the campaign here.
Major brands from multiple industry segments are using the solution suite to find answers to questions that would have otherwise been hard to gather due to the nature of the questions or the elusive audience cohorts being hard to approach. For more information about Aroscop and Ask1, visit www.aroscop.com.