The highest price of a single product is 14,000 yuan, and independent website sellers have received 10 million yuan in financing

With RMB 40 million in financing, Shenzhen sellers are deeply involved in the electric skateboard market

In recent years, emerging sports represented by skateboarding have been advancing rapidly. At the Tokyo Olympics, skateboarding appeared as an Olympic event for the first time. In February of this year, the International Olympic Committee directly announced that skateboarding would become a permanent Olympic event.

From being a street sport to becoming an Olympic sport, skateboarding has become one of the most popular sports among young people. At the same time, skateboard brands have also received good news.

Recently, electric skateboard brand Exway announced the completion of a 40 million yuan Series A financing round, with Sequoia China Seed Fund as the investor. It is understood that this round of funds will be mainly used to improve delivery capabilities and service quality.

Exway comes from a Shenzhen startup called Shuotu Technology. Shuotu can be said to be the earliest company in China to make high-end electric skateboards. It was founded in 2016 and takes "play with attitude" as its brand concept.

2019 was a critical growth period for Shuotu. The company's Exway X1 Pro received $185,000 in crowdfunding on the Kickstarter platform and attracted the first batch of seed users in the North American and European markets.

Since then, Shuotu has iterated a high-quality product in this sub-category every year to continuously satisfy skateboard enthusiasts' imagination of fashion and coolness.

As of now, Exway’s series include X1, Atlas, Wave and Flex, with prices ranging from US$699 to US$2199 (approximately RMB 4470-14063), which can basically meet the needs of different consumers.

Exway focuses on overseas markets and sells through online platforms such as independent websites. Its current service network covers more than 50 countries and more than 200 cities around the world, serving more than 50,000 active players. In 2019, Exway's sales were close to 40 million; as of March 2021, Exway has sold a total of 100,000 electric skateboards. Among them, the United States is the largest market, with its revenue accounting for more than 60% of the total revenue.

Why is Exway so popular among consumers? To put it in one sentence, buyers say it is “cool”.

Compared with ordinary skateboards, one of the great advantages of electric skateboards is that they are powered by electricity, which saves effort and is fast. It is understood that the Exway Atlas skateboard can reach a maximum speed of 60 kilometers per hour, which is almost as fast as a car. In addition, Exway also has functions such as waterproofing, climbing, shock absorption, heat dissipation, custom installation, and smart APP connection.

At this point, many people would probably think that Exway is a company with strong human and financial resources. In fact, Exway is a small startup company. According to a recruitment website, the number of employees of Exway is between 20 and 99. Although small in scale, Exway is a company that pursues independent innovation. It is reported that Exway's products are all independently developed, designed and produced. According to Qichacha information, Exway has 14 patent information, involving appearance design and utility model.

From the supply chain perspective, Exway's seed round investors are the three founders of HoWing Technology. Public information shows that HoWing Technology's main businesses are high-end remote control models, brushless fans for buses/passengers, and industry-level drones such as plant protection/logistics/police/firefighting/surveying and mapping. Among them, brushless power systems, batteries, electronic controls, motors, etc. are the main upstream demands of electric skateboards, which also provides strong support for Exway.

Zeng Chao, the founder of Shuotu, said that the boom of cross-border e-commerce will eventually pass, and only valuable companies will survive after the boom stops. The essence of value lies in: "First, whether the product quality is really good, and second, whether the team really cares about consumers." Zeng Chao also said that his product polishing has shifted from satisfying curiosity to considering the real needs of the market.

For now, Exway skateboards are not perfect. For technology "enthusiasts", one of their favorite things to do is to review. Nowadays, on major social platforms, you can see users testing various Exway models and also put forward many areas for improvement, such as battery life, wear and tear, etc. If Exway improves these defects in the future, while ensuring stability and lighter requirements, it can still maintain innovation and continue to attract customers.

Of course, the development prospects of a company depend not only on its own strength, but also on the size of the market.

EIN Presswire reports that the electric skateboard market will be worth approximately $2.4 billion by 2025, with the industry expected to grow at a CAGR of approximately 3.1% during the 2019-2023 period.

The electric mobility tool boom is coming, and the North American market is the largest

In fact, in addition to skateboards, electric means of transportation also include electric scooters, electric bicycles, etc.

Grand View Research said that the global market size of electric mobility tools (the above three types) reached US$35.1 billion in 2017 and will grow at a compound annual growth rate of 8.4% between 2019 and 2025. More compact size, ease of use and faster than traditional skateboards are several major factors driving the growth of electric skateboard sales. In addition, with the promotion of low-carbon life, electric mobility tools are becoming more and more popular.

In terms of type ( 2017 data), electric scooters and electric bicycles almost each account for half of the market, while electric skateboards account for less than 5% of the market share. Scooters and skateboards are similar, and the reason for such a large difference in market share is that scooters are easier to use. In terms of price, skateboards are also more expensive than scooters.

Looking at the region (focusing only on electric scooters and electric skateboards), Cognitive Market Research found that North America has the largest market share, followed by Europe ; Asia Pacific, South America, the Middle East and Africa are also worth noting.

North America is the largest market for electric mobility, and this is not difficult to understand. Skateboarding /scooters are popular in the United States and other countries, and many American children have been exposed to sports such as skateboarding since childhood. Many campuses in North America are large, and the distance between buildings is relatively far. Riding a skateboard/scooter not only looks cool, but also saves a lot of walking time.

However, as electric mobility tools become more popular, some countries have begun to regulate them.

For example, regarding the speed limit, France, which has more than 2 million electric scooter users, has long set a maximum speed limit of 25 km/h. In 2021, Paris, France further tightened the maximum speed limit, stipulating that the speed of shared electric scooters in 662 districts of Paris is limited to 10 km/h. London, UK, began a pilot program for shared electric scooters in June 2021, with a speed limit of 20 km/h.

This reminds relevant sellers to emphasize this information when selling related products, and they can also bundle the products with helmets, protective covers, etc., and they can also develop new products based on this.

It can be said that in the context of the prevalence of environmental awareness, electric mobility tools will have certain attractions. However, whether they can break through the circle depends on whether the sellers can dig out the pain points of the market.

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