Curious about the second hand market for bicycles? Along with our partnership with People for Bikes to release data on the US market in Q1/Q2 2024, we are pleased to announce the availability of our Australian Q4 2023 Second Hand Market report. You can purchase the report directly from our website, which will get you a data breakdown of inventory and sales in the quarter by subcategory, as well as a PDF summary and analysis from our perspective. Included in your purchase of this report is one year of updates to the data based on revisions of our categorization model.
Second hand or Used bicycles have long been a guessing game. We have approached this methodologically by monitoring major second hand marketplace platforms for bicycle listings, we are able to gather an aggregate view of the scope of these platforms. The next step was to develop an algorithm for systematically categorizing products into standardized structures. Our most advanced model is currently based on the People For Bikes standard from the United States.
Australia provides a unique case study because there is very little market data available, and it has often been considered too small of a market for major players to follow. Our expertise is in automating the meticulous processes used in the past, thereby producing a viable report, even for small markets.
With just over 40,000 sales units observed in Q4 2023, the Australian Second hand market is quite strong given their 25 million population. This strong sales volume is in spite of a fairly low 7% being electric among all units observed. As electric bikes continue to grow globally, we are likely to see this level creep up in the second hand markets.