6 E Bikes Business Success Stories [2024]
An electric bike has an electric motor to assist the rider while pedaling. Market data shows that the annual Ebike sales crossed more than 880,000 Ebikes.
Besides providing benefits for body health and fitness, e-bikes have become the best for reducing urban traffic, especially in cities where it isn’t an effective public transportation business.
Ebikes market demand is higher among millennials who prefer riding for health benefits and because riding Ebikes enables them flexibility in choosing routes.
Therefore, starting an Ebikes business in 2024 can be a great business decision.
In this list, you'll find real-world eBikes business success stories and very profitable examples of starting a eBikes business that makes money.
1. ENVO Drive ($14.4M/year)
Ali Kazemkhani, founder of EBikeBC and ENVO Drive Systems, had a passion for electric mobility since he was young. As an engineer, he developed the idea of using an electric motor to assist uphill biking. After gaining experience in the industry and moving to Canada, he launched his business by selling electric bike conversion kits and providing customized solutions for customers. The company has experienced steady growth, expanded its product offerings, and now has a network of over 120 dealers.
How much money it makes: $14.4M/year
How much did it cost to start: $50K
How many people on the team: 30
ENVO Drive Systems, an e-mobility product development and retail company, has doubled growth year over year, expanded its B2B dealer network from 30 to 120, and has surpassed its consumer base to more than 20k riders, all while designing and building affordable clean mobility solutions for the future.
2. Yuba Cargo Bikes ($12M/year)
Ben Sarrazin, Founder and CEO of the Yuba Group, came up with the idea for his load-carrying bicycle business after witnessing how bikes could improve the lives of small businesses and families in remote areas. Despite having little money and no industry experience, Sarrazin invested everything he had into Yuba Bicycles and has since built a $15M company that has put over 50,000 cargo bicycles on the road.
How much money it makes: $12M/year
How much did it cost to start: $6K
How many people on the team: 30
Yuba Group has pioneered the field of an entirely new segment in the cargo bicycle industry, with a 15-year-old company that has put over 50,000 cargo bicycles on the road, becoming a $15M company.
3. Area 13 Ebikes ($4.2M/year)
Kyle Chittock, the owner of Bolton Ebikes, came up with the idea for his business through his passion for riding bikes and tinkering with electronics. He realized that he could combine his hobbies by adding an electric motor to bicycles, and thus began his journey with Bolton Ebikes. The business has seen incredible growth, with a 500% year-over-year increase, all without any paid advertising. Kyle attributes much of his success to serving his customers and building trust through platforms like YouTube.
How much money it makes: $4.2M/year
How much did it cost to start: $200
How many people on the team: 6
Bolton Ebikes has experienced 500% YoY growth, bringing in $350k per month in revenue, all without any paid advertising and primarily driven by YouTube videos; the founder emphasizes the importance of finding out who your customers are and serving them what they want.
4. Tower Electric Bikes ($3.6M/year)
Stephan Aarstol, the CEO of Tower Electric Bikes, came up with the idea for his business while observing the growing trend of electric powered vehicles on the beach boardwalk. He saw the potential of electric bikes as the perfect form of transportation and recognized the fragmented market of ill-conceived products and brands. With his experience in the paddleboard industry, Aarstol aimed to create a high-quality, low-cost eBike brand that would fill the void in the market, ultimately building the world's first famous eBike brand.
How much money it makes: $3.6M/year
How much did it cost to start: $30K
How many people on the team: 6
Tower Electric Bikes is a direct-to-consumer eBike brand co-founded by Stephan Aarstol and Mark Cuban, which has done over $36 million in sales since its $150,000 investment in 2012, and produced and sold everything from paddleboards to electric bikes for half the retail price, with the aim of creating the world's first famous eBike brand.
5. ESKUTE ($3.36M/year)
Alan Chen, founder of ESKUTE electric bike, came up with the idea during the COVID-19 pandemic when the demand for electric bikes soared. With a background in the electric bike battery field, Chen saw an opportunity to provide a safe and eco-friendly transportation method and started planning the project. Despite facing challenges and making mistakes along the way, ESKUTE has become profitable, with plans to expand production and open new stores across Europe.
How much money it makes: $3.36M/year
How much did it cost to start: $25K
How many people on the team: 60
ESKUTE started a successful electric bike brand during the pandemic, with a team of nearly 30 staff members, and now makes $280k per month with sales across Europe.
6. tutiendaenergetica.es ($1.32M/year)
After realizing his unhappiness in his hotel career in the UK, Borja decided to join his father's solar PV business in Spain. Together, they launched tutiendaenergetica.es, an ecommerce site and retail shop selling green tech products such as solar PV components and electric mobility vehicles. With a database of over 7,000 clients and a goal of reaching $1 million in revenue in 2019, their business has seen rapid growth since its inception in 2010.
How much money it makes: $1.32M/year
How much did it cost to start: $50K
How many people on the team: 11
Learn how a Spanish green tech retail business increased revenue year to date by as much as the entire revenue from 2018, with the aim of reaching USD 1 million in 2019, by introducing ad-hoc technical proposals, professional installation services and designing and manufacturing lithium-ion batteries for electric mobility vehicles.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
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