High inventory levels have become the theme of the electric bike industry this year, with news of severe brand inventories and price reductions starting from the beginning of the year, persisting until the end of the year, with many manufacturers still struggling with high inventory levels.
Since 2019, the electric mobility industry has entered a three-year golden period, and after several years of prosperous development, manufacturers with large inventories find themselves bewildered by the sudden drop in sales. Although the market is still growing, the growth rate is slowing down. Unable to wait for a recovery in market sales, many manufacturers are opting for price reductions and promotions to diligently clear their stock.
While the European market is reaching its ceiling, Southeast Asia’s primary demand is for electric mopeds, East Asia is dominated by low-cost electric vehicles, and North America has become one of the world’s largest and fastest-growing markets. However, from the end-of-year sales of brands in the North American market, manufacturers are also experiencing a large-scale price reduction wave, with discounts far exceeding previous levels, and top brands are also starting to offer discounts.
Taking Rad Power Bikes as an example, the company’s store-wide promotions have lowered the prices of its products, with significant discounts on some products. The price of RadTrike has dropped by nearly 50%, and the RadRover 6 Plus is now as low as $1,399, even lower than its price three years ago.
Lectric Ebikes’ best-selling electric bike XP 3.0 is still priced at $999 but now includes additional components worth over $300. The XP Lite is now priced at only $749 and comes with nearly $200 worth of free additional accessories. Lectric XPedition, XP Trike, and XPeak also offer price discounts ranging from $300 to $600 and a large number of accessory packages.
Juiced Bikes, headquartered in San Diego, offers discounts of up to $700 on its new electric bikes.
Ride1Up, another San Diego-based electric bike company, offers discounts of up to $400 on many models, such as the Cafe Cruiser.
Aventon electric bikes can enjoy discounts of up to $600, with the commuter electric bike Soltera.2 priced below $1,000.
CARBO’s folding electric bikes offer discounts of up to $900 in North America.
This price reduction wave extends beyond electric bikes to electric scooters as well. Products under Fluidfreeride’s electric scooter lineup have discounts exceeding $1,000. Major models from brands like Apollo Scooters are discounted by nearly 40%. Canada’s Apollo company is also running a large promotion, with discounts of up to $700 on some models, with one model priced below $900.
The above list covers only some promotional products, but the trend of price reductions is spreading throughout the entire industry. Brands are reducing prices and promoting to expedite inventory turnover.
Currently, there is an oversupply in the short-distance electric travel market, and in the situation of excess product inventory, brands are generally resorting to price reductions and promotions to clear inventory. However, in the context of carbon neutrality and the broader shift to new energy, the short-distance electric travel sector still has vast market development space. The decline in demand is only temporary, and once the North American market adjusts its inventory, the supply and demand in the bicycle industry will return to a balanced state.
