Date posted: July 15, 2022
Last updated: July 29, 2022
Electric vehicle sales have been growing over the last few years. The US light electric vehicle market broke records in 2021, with an estimated 607,000 sales. That’s about double the number of EV sales the previous year (307,000) as reported by the Department of Energy. (Source)
Nice job electric cars and trucks, but electric bikes outsold you in 2021. Since many ebikes are sold online and direct to customers, tracking electric bike sales is a little more difficult, but the Light Electric Vehicle Association tracks electric bike imports, estimating that about 880,000 ebikes were imported to the U.S. in 2021.
That's just part of a $27 billion global e bike market in 2021, which is expected to exceed $54 billion by 2027. The electric bike market is quickly catching the regular bike market size of $59 billion.
US Ebike Retailers Are Selling Through Inventory
All those imported ebikes from the Asia Pacific region get sold, too. LEVA Chairman Ed Benjamin reports that ebike retailers are selling out their stock, implying that all the 880,000 imported bikes were sold.
That’s almost double the 450,000 ebikes imported in 2020.
Clearly, the major players importing ebikes are doing well, but this doesn’t even count the built-in-the-USA ebikes sold.
Why are ebikes outselling light electric cars and trucks?
Ebikes are outselling electric cars largely because they are much more affordable and accessible to buyers. Ebikes are often a better alternative than an electric car, as many trips are faster on an ebike than a car, due to the near-car speeds ebikes achieve, along with dedicated lanes and pathways. Parking an ebike is also a lot easier than finding a spot for your full sized car.
Electric bikes can make the perfect commuter vehicle. For getting their children to school, ebike riders are installing a bike child seat on their rear rack. If they need to transport a larger child, adult or lots of gear or tools, ebike commuters will use an electric cargo bike.
Watch this video showing how an ebike makes it across the city faster than a car.
Custom, American Built Ebikes Are a Growth Niche
While ebike sales are growing, consumer preferences for U.S. products are holding steady.
Nearly 70% of respondents to a recent survey said they prefer American-made products. 83% said they would pay up to 20% more for products made domestically.
American consumers have the highest preference for American goods when they are buying items with concerns about quality, safety and durability: appliances, furniture and automobiles, for example.
Ebike buyers fit right into these preferences. They are buying a light electric vehicle, often replacing a car or planning to replace car trips. Ebike buyers want quality, safety and durability.
That's good news for a USA electric bike manufacturer like FattE-Bikes, and we are selling through everything as well. We build ebikes to order, so our customers get that customized ebike they want. Frankly, we'd like to build some more demo ebikes, even some spec' bikes for those who can't wait, but our master bike mechanics are flat out busy building orders from our robust sales.
We build electric bikes in the U.S.A, so we can deliver this quality, safety and durability.
We learned early on (real life market research!) that we can provide much better quality and performance by building our ebikes here in the U.S. Our Master Bike Mechanics build, test and tune every bike. We install extra equipment - like the throttle safety switch - to ensure our ebikes provide essential safety components.
We install better battery types than most other e bike companies, using top brands like Panasonic, and better motor types, like motors from the 17-year old company Bafang.
As we’ve noted before, our paint process provides more durability than our competitors, and our build process ensures a longer lasting ebike.
Consumers Want Customization and Options
Those 880,000 imported bikes largely look the same. Similar frame styles, black and white colors. Very little differentiation. A minimum of 2% of ebikes sold will be customized, and we are one of the only manufacturers that can address that demand. This presents a growing niche and unique addressable market for FattE-Bikes.
Grow With Us
Just as the e-bike market sales are near doubling, our sales are doubling. Ebike customers want built in the USA quality, and they want the unique customization that we can provide by building their ebike to order in the US.
By building up our supply chain, we can meet the increasing demand for our ebikes, and lead the way in the USA-built ebike industry.
Want to join us? Invest in the electric bicycle company that offers the most customization available in ebikes, and is positioned to be one of the top ebike companies in the world.