10 E Bikes Business Success Stories [2023]

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 2023 can be a great business decision.

Here are some real life success stories of starting a eBikes business:

1. 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 they make: $3.6M/year
Where they're located: San Diego, California, USA
How much did it cost to start: $30K
Current team size: 6

2. 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 they make: $1.32M/year
Where they're located: Pamplona, Navarre, Spain
How much did it cost to start: $50K
Current team size: 11

So... can you actually make money with a eBikes business?

Of course. There are millions to be made in this industry.

But how?

1. Research real, profitable businesses and see exactly how much money they make.
2. Study exactly what works, and what doesn’t.
3. Take action, because now you have the roadmap.

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3. Bolton 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 they make: $4.2M/year
Where they're located: Grass Valley, CA
How much did it cost to start: $200
Current team size: 6

4. 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 they make: $12M/year
Where they're located: San Juan Capistrano, CA, USA
How much did it cost to start: $6K
Current team size: 30

So... can you actually make money with a eBikes business?

Of course. There are millions to be made in this industry.

But how?

1. Research real, profitable businesses and see exactly how much money they make.
2. Study exactly what works, and what doesn’t.
3. Take action, because now you have the roadmap.

Join Starter Story and build your next big thing:

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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 they make: $3.36M/year
Where they're located: Birmingham
How much did it cost to start: $25K
Current team size: 60

6. 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 they make: $14.4M/year
Where they're located: Vancouver, BC, Canada
How much did it cost to start: $50K
Current team size: 30

So... can you actually make money with a eBikes business?

Of course. There are millions to be made in this industry.

But how?

1. Research real, profitable businesses and see exactly how much money they make.
2. Study exactly what works, and what doesn’t.
3. Take action, because now you have the roadmap.

Join Starter Story and build your next big thing:

Start Now

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