KUALA LUMPUR, 31 March 2021:
As the Covid-19 pandemic spread across the globe in 2020, demand for fitness items started to spike in March 2020 and further hit a new peak in August 2020, noted online marketplace Carousell in a statement.
It said Malaysia was the second top regional market on Carousell with almost 18,000 bicycles sold in 2020 – roughly 2,000 monthly since November, with this sales trend continuing in 2021.
Interestingly, the bulk of transactions in Malaysia involved secondhand bike sales, making up 76.04% of transactions conducted – ahead of the 72.46% in Hong Kong, while it was only 34.34% in Singapore.
Carousell Malaysia country head Tang Siew Wai said, “Comparing how the transactions for bicycles have been steadily increasing on Carousell with the rapid growth in searches, we can see that demand currently exceeds supply. This means that there is still growth potential for casual users and business sellers to come to Carousell to sell their bicycles to the ready pool of buyers and earn some extra income.”
He noted average monthly transactions grew by about 44% in the second half of 2020 compared to the first half, with an average of over 6,000 sold each month.
“Demand is still growing regionally, with an average of 1.6 million searches for bicycles each month in 2021. Malaysia makes over 160,000 searches a month, whereas Singapore sees the most interest at over 1 million searches. This echoes overall search trends in Malaysia, where Google reported a 250% increase in searches for the term “bicycle exercise” in their ‘Year In Search 2020: Malaysia’ report.”
The most popular bicycle type in Malaysia is the road bike, similar to Hong Kong. Mountain bicycles are second most popular in Malaysia, similar to Singapore. American brand Specialized is most popular in Malaysia, while Singapore prefers British brand Brompton and Hong Kong prefers American brand Dahon.
With the strong demand for bicycles, prices have been competitive for secondhand bicycles on Carousell. “For instance, this year’s model of road bike Giant TCR Advanced 1 Disc KOM retails for RM13,499, but can be found on Carousell for RM9,998.”