With only seven products, 300 million yuan was raised! The hot track attracted many big sellers

In recent years, the concept of "carbon neutrality" has become more and more popular, which has led to the market explosion of a series of new energy products. In the cross-border circle, in addition to the energy storage track, capital also particularly favors the E-bike track.

Combining sports fitness and environmental friendliness, E-bikes are becoming more and more popular around the world, and the market demand is also growing. Data shows that in 2021 alone, the sales volume of E-bikes in the European market exceeded 5 million units .

The hot track has attracted the attention of capital. TENWAYS , which just completed its A1 round of financing, raised hundreds of millions of funds at the beginning of 2023.

The hot track attracted the attention of investors, and TENWAYS completed RMB 300 million in financing

Recently, TENWAYS , an overseas electric bicycle brand, received another RMB 300 million in a round of financing led by L Catterton , a world- renowned consumer investment company . The funds raised in this round will be mainly used for product research and development, marketing, supply chain expansion, team building, etc.

TENWAYS is a brand of Shenzhen Shifang Sports Technology Co., Ltd. ( hereinafter referred to as "Shifang Sports" ) . According to Tianyancha, the company's main business is the research and development, production, sales and service of E-bikes , and it achieves global sales of the brand through crowdfunding, independent websites, third-party platforms and offline channels.

In May 2021 , Tenway Sports established TENWAYS ' brand, design and sales channel center in Europe, but its R&D, operations and supply chain centers are located in Asia . Because of its deep cultivation of overseas markets, its products perfectly match the aesthetic preferences of overseas consumers.

At present, TENWAYS has built an independent website, from which we can see that it has only seven products on the market . In addition to the main E-bike models CGO600 and CGO800S, there are also two backpacks and three bicycle accessories .

In terms of product prices , TENWAYS is very competitive in the European and American markets. The prices of its five accessories range from 39 euros to 99 euros, while the two main E-bikes are priced at 1,499 euros and 1,899 euros respectively .

With its extremely competitive price and superb accessories, TENWAYS has easily captured the hearts of consumers. The comprehensive ratings of multiple products on its independent website show that the average rating reaches 4.8 stars ( maximum 5 stars).

In addition to its independent website , TENWAYS also sells its products on other professional E-bike websites in Europe and the United States , but it has not yet deployed on comprehensive e-commerce platforms such as Amazon .

As its products are gradually opening up overseas markets, TENWAYS has received three rounds of financing in less than two years since its establishment. The investors include Huaying Capital , Hillhouse Capital , Tencent, etc. The fact that industry leaders have placed bets one after another shows how hot this track is.

Big sellers are recruiting with high salaries and making all-out efforts to develop the E-bike track

The E-bike track has become very popular, and cross-border sellers certainly want to get a piece of the pie.

From 2021 until last year, Anker Innovations, a major consumer electronics company, posted recruitment notices for "structural engineers ( E-bike electric bicycles ) " and "product experts ( E-bike electric bicycle product direction) " on recruitment platforms such as BOSS and 51job, with salaries ranging from 15K to 30K .

These two positions also specify their professional and experience requirements:

1. More than 3 years of experience in bicycles, electric vehicles and other transportation products, those with experience in electric bicycles are preferred

2. Have complete product definition and development experience, have in-depth research on the market brand, interactive experience, and technical specifications of electric bicycles, and be able to provide guidance on the selection of vehicle accessories

However, perhaps it is because the track is too difficult to squeeze into. At present, Anker Innovations has closed its recruitment announcements for E-bike business on various recruitment platforms, and there is no information on revenue, R&D, etc. of related products in its latest financial report.

Another cross-border retail giant that is currently preparing for an IPO, Suntech Power, has also entered this market and is still making continuous efforts.

ANCHEER, a sports equipment brand under Savi Times , sells electric bicycles, electric scooters, professional stunt scooters and other products . It is also one of the brands with revenue of over 100 million yuan disclosed in its prospectus .

It is understood that not long ago, Savi Times was mobilizing employees to refer internally, and many of the popular positions referred were related to E-bike products, with salaries ranging from 20K to 30K, such as:

1. Product manager position, requires experience in E-bike products, 2-3 years of experience as a cross-border e-commerce product manager

2. Product technology and solution expert position , requiring 2-3 years of experience in vehicle development and vehicle quality inspection , and experience in vehicle after-sales technical support related positions is preferred

3. BOM Engineer ( E-bike ) position requires more than 2 years of experience in the electric bicycle industry, familiarity with electric vehicle parts specifications, BOM work experience, and rich parts resources .

4. For the position of motor controller development engineer (software) , candidates with more than 3 years of experience in mass production and development of automotive motor controller products are preferred. Candidates who are familiar with common algorithms and control strategies for automotive motor controllers are also preferred.

5. Electrical engineer position requires more than 3 years of experience in electric bicycle R&D, familiar with the structure, principle and testing methods of motors and batteries, and understanding of BLDC motor control principles

…

In addition to the above positions, Savitech is recruiting for more positions related to E-bike products. Obviously, E-bike will become the main development track of Savitech in the future.

In addition to Savi and Anker, the leading cross-border seller Aoki has also developed E-bikes, and its development prospects are self-evident.

Leading brands are accelerating their overseas expansion, and market competition is intensifying

What kind of prospects does the highly sought-after E-bike track have that is worthy of cross-border sellers scrambling to layout?

Data shows that the global E-bike market size was US$25 billion in 2020 and is expected to reach US$118.6 billion by 2030 .

As the largest consumer market for E-bikes, the North American market is expected to grow to $50 billion by 2026. During 2019-2020, E-bike sales in the U.S. market increased by 145%, twice that of traditional bicycles.

Affected by inflation and the energy crisis, the overseas E-bike market has experienced explosive growth this year. In March last year alone, sales of E-bikes and related accessories in the United States doubled compared to the same period in 2021 , and sales soared by more than 600% . Among them, E-bike sales increased by 85% .

In Europe, the E-bike market is also very large. Germany is a representative example. In 2021, German E-bike accounted for 38.7% of the bicycle business market share, reaching 1.95 million units.

According to data released by the French Sports and Fitness Products Industry Federation, E-bike sales in France reached 660,000 units in 2021 , a year-on-year increase of 28%.

Currently, E-bike has gradually become a means of transportation for many French people, especially commuters. It is estimated that the sales of E-bikes in France will exceed 1 million in 2022 .

In the past two years, E-bike has become a hot item in the market, and the market demand for its related accessories has naturally risen . At present, helmets, bicycle frames , bicycle GPS , car-mounted bicycle frames , protective gear , shoes, etc. have also become popular items .

According to data, in the United States, the sales of bicycle helmets have been increasing month by month. In March last year, its sales increased by 17%. This growth figure is not large, but as a niche product, this result is also good.

Data from Alibaba International Station shows that the number of E-bike buyers on its platform increased by 72% year-on-year in 2022. The financial report of the leading brand Niu also shows that in the first three quarters of last year, the sales volume of its E-bike products in the international market increased by 1059.8% year-on-year, a 10-fold increase, and the overseas market revenue increased by 351.8% year-on-year to 195 million yuan .

Environmental protection has always been a trend overseas, and coupled with the ongoing energy crisis, the most well-developed Chinese brands in the field of electric vehicles are being snapped up by overseas consumers. The continued explosion of the international market has also attracted the layout of well-known leading brands such as Yadea, Tailing, Niu, Emma, ​​and Ninebot, and it is expected that competition will become more intense in the future.

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