While the COVID-19 pandemic has decimated some parts of the global economy, it has also created unique economic engines in others. One of the “winners” of the new world we live in has been electric two-wheelers like electric bicycles and electric motorcycles, which commuters have turned to in droves.
Most e-bike and e-motorcycle companies are pretty tight-lipped about their sales numbers.
But with the huge demand spurred by consumers turning to two-wheeled electric vehicles lately, several major manufacturers have opened their books and revealed just how much they’ve grown over the past year.
Leading Italian electric motorcycle maker Energica recently said the first eight months of 2020 saw an order volume of more than 200% of all of its 2019 sales, with more than €4.3 million in sales. turnover so far this year.
This currently puts Energica on track to triple its 2019 sales by the end of this year.
The largest e-bike manufacturer in the United States, Rad Power Bikes, is also on track to more than triple its sales in 2019 this year.
This puts Rad Power Bikes at an expected 2020 revenue of $250 million, no doubt supported by the successful launch of budget-conscious e-bikes like the $1,199 RadRunner and $999 RadMission e-bikes. in addition to their longtime favorites such as the $1,499 electric RadRover. fat tire bike.
A key driver of this surge in sales has been the shift to personal electric mobility, driven by commuters seeking to avoid crowded public transport. And Rad Power Bikes CEO Mike Radenbaugh recently explained to NPR that he doesn’t see this as a temporary spike, but rather as the new normal:
We believe a switch has been flipped and light has been shed on e-bikes as a tool for the masses. So now it’s not just about keeping up with that demand that’s increased post COVID-19 from people working from home, shopping from home, looking for socially distanced ways to get around, but it’s a switch that’s been turned on and it’s not turning for years to come, and so the work we’re doing now is planning for future demand. It’s not about planning orders for next summer, it’s about planning orders 10 years from now.
In fact, Rad Power Bikes has grown so large that Mike estimates the company’s US market share at 25%, with the remaining 75% spread among at least 100 other companies. Or to put it another way, everyone is just fighting for second place.
But Rad Power Bikes isn’t the only e-bike company showing impressive growth. Lectric E-Bikes doesn’t have the many years of operation to draw on like Rad Power Bikes, but the e-bike startup has still seen explosive growth after sales began last summer.
In just over a year, the success of the company’s $899 Lectric XP e-bike has propelled the garage-startup maker to around $25 million in revenue, making it a major player in the industry. electric bicycle industry.
Lectric E-Bikes even recently unveiled its second $899 e-bike model in just over a year, further demonstrating how quickly the company has grown.
And these are only the manufacturers who agreed to share their sales figures with us. With hundreds of companies all vying for a slice of the pie, the real growth of the industry is hard to quantify with certainty. But whichever way you slice it, the trend is clear: adoption of electric two-wheelers is growing rapidly and shows no signs of slowing down anytime soon.
If you want to get in while the action is hot, check out our article on choosing your first e-bike or check out our list of the best e-bikes for buyers on a budget.
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