Whereas the COVID-19 pandemic decimated elements of the worldwide financial system, it additionally created distinctive financial drivers in others. One of many “winners” within the new world we reside in has been electrical two-wheelers like e-bikes and e-motorcycles, which commuters have turned to in big numbers.
Most electrical bicycle and electrical bike firms are pretty tight-lipped about their gross sales numbers.
However with the massive demand spawned by shoppers switching to two-wheeled EVs currently, a number of main producers have opened up their books and revealed simply how a lot they’ve grown over the previous yr.
Major Italian electric motorcycle manufacturer Energica lately shared that the primary 8 months of 2020 have seen an order quantity of over 200% of its total 2019 gross sales, with over €4.3M in income thus far this yr.
That places Energica at the moment on observe to triple its 2019 gross sales by the tip of this yr.
Again stateside, the biggest electrical bicycle producer within the US, Rad Power Bikes, can also be on observe to greater than triple its 2019 gross sales this yr.
That places Rad Energy Bikes at a projected $250M in income for 2020, little question buoyed by profitable launches of budget-minded e-bikes just like the $1,199 RadRunner and $999 RadMission electrical bikes, along with their longtime favorites such because the $1,499 RadRover electric fat tire bike.
A significant driving drive behind this steep spike in gross sales has been the shift in the direction of private electrical mobility pushed by commuters searching for to keep away from crowded public transportation. And Rad Energy Bikes’ CEO Mike Radenbaugh lately defined to NPR that he doesn’t see this as a brief spike, however quite as the brand new regular:
“We expect a swap was flipped and light-weight has been shed on e-bikes as a device for the lots. So now it’s not nearly maintaining with this demand that has spiked after COVID-19 from individuals working from residence, purchasing from residence, on the lookout for socially distant methods to get round, however this can be a swap that was flipped on and it’s not turning off for years to return, and so the work we’re doing now could be all about planning for future demand. It’s not about planning for subsequent summer time’s orders, it’s about planning for orders 10 years from now.”
In actual fact, Rad Energy Bikes has grown so giant that Mike estimates the corporate’s US market share at a whopping 25%, with the opposite 75% unfold throughout not less than 100 different firms. Or to place it one other manner, everybody else is merely combating for second place.
However Rad Energy Bikes isn’t the one e-bike firm exhibiting spectacular development. Lectric E-Bikes doesn’t have the various years of operations to construct on like Rad Energy Bikes, however the electrical bicycle startup has nonetheless proven explosive development after starting gross sales final summer time.
In precisely greater than a yr, the success of the corporate’s $899 Lectric XP e-bike has rocketed the producer from a garage startup to around $25M in revenue, making them a significant participant within the electrical bicycle trade.
Lectric E-Bikes even lately unveiled their second $899 e-bike model in barely a year, additional demonstrating how shortly the corporate has grown.
And these are simply the producers which have agreed to share their gross sales figures with us. Contemplating the a whole lot of firms all vying for a chunk of the pie, the precise development of the trade is difficult to definitively quantify. However any which manner you slice it, the pattern is evident: electrical two-wheeler adoption is rising quickly and exhibits no indicators of slowing anytime quickly.
FTC: We use revenue incomes auto affiliate hyperlinks. More.
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.