As 2024 draws to a close, let’s take a look back at the year on Bike Hub.
Our Quarterly reviews have shown that demand is stabilising across categories, indicating that the Covid-induced supply chain crisis is resolving. Against this backdrop, we’ve seen positive growth in website usage and marketplace activity, particularly in the gravel and e-bike categories.
Here’s a look at the key moments and trends that defined 2024.
Headline Statistics
Classifieds Activity
A monumental R249 million in sales was proactively confirmed by users—that’s over R20 million a month. This is even more impressive considering the actual number (including unreported sales) is significantly higher.
Over 63 000 adverts were viewed 24.6 million times, generating 156 thousand unique leads—an average of 2.44 leads per advert.
Interestingly, the average advert value has remained relatively stable (R12,805 vs R12,690 in 2023), suggesting that inflation hasn’t trickled into the second-hand market, or that discounted new bike prices are keeping second-hand pricing in check.
Ads created by category
Avg. value by category
Category trends
- Ads created
- Dual suspension MTB remains the largest category but has dropped from 7,382 ads created in 2023 to 6,822 in 2024, a 7.5% decrease.
- Gravel bikes have grown significantly, increasing from 871 ads created in 2023 to 1,130 in 2024, a 29% rise.
- Dual-suspension E-MTB listings are up 9.5% from 851 in 2023 to 932 ads created in 2024.
- Hardtail MTB has shown the largest drop in listing volume, down 16%, from 6,057 in 2023 to 5,074 ads created in 2024.
- Road bike listings have remained steady at 6,177 ads in 2024 compared with 6220 in 2023.
- Pricing dynamics
- Dual suspension E-MTBs remain in the top spot for average price, but this has dropped from R80,515 in 2023 to R74,845 in 2024. A 7% decrease.
- Similarly, road E-bikes saw a 4.3% drop in average listing price from R60,221 in 2023 to R57,635 in 2024.
- Gravel bikes have seen their average listing price increase by 8.6% from R37,618 in 2023 to R40,767 in 2024, putting them above dual suspension MTBs, which have remained flat year-on-year.
Classifieds Searches by Brand
Classifieds searches are a great indicator of demand as well as perceived second-hand value. In 2024, Specialized and Trek have continued their relentless accumulation of search share. This suggests that the sustained marketing efforts of these heavyweights are paying off in second-hand demand, ultimately making upgrades easier for owners of these brands.
In 2024:
- Specialized has entrenched its long run at the top of the podium with an increase in search share from 24.6% to 25.67% between 2023 and 2024.
- Trek has continued to gain ground, with an increase from 14.6% to 15.9% of searches.
- Scott has remained steady compared to 2023, holding at 11.43%.
- Cannondale and Giant have both lost search share. Cannondale has dropped from 9.12 to 8.23%, and Giant from 8.56% to 8.11% in 2024.
Trend spotting
The following stood out as our top trends for 2024:
- Listing price inflation is stable
Average listing prices on Bike Hub rose an insignificant 0.9% (after a 4% jump in 2023). Notably, E-MTB saw a 7% decrease in average listing price and E-road a 4.3% drop. - Reported Sales on Bike Hub were up 5%
2024 saw R249 million in confirmed sales take place on the platform, an increase of 5% from 2023. - Gravel keeps growing
29% more gravel bikes were listed on Bike Hub in 2024, and the average listing price increased 8.6%, unlike other key categories which remained flat - Market leaders consolidating
Specialized and Trek continued to gain share of search queries while the rest of of the top five brand dropped slightly in 2024.
Please drop any questions you have in the comments and we’ll do our best to answer them. Here’s to many smiles on two wheels in 2025!
All stats for the period 17 December 2023 – 16 December 2024.
