Single-day sales of 10,000+! Another big seller rushes to the top of Amazon

In recent years, "carbon peak" and "carbon neutrality" have become the focus of attention from all walks of life. Green travel has become a general trend, and electric vehicles have become the preferred mode of short-distance travel for many people, and this is also the case overseas.

According to MRFR data, the global market size of two-wheeled electric vehicles is expected to exceed US$100 billion by 2030. However, compared with China, the penetration rate of two-wheeled electric vehicles overseas is relatively low.

Some Chinese brands took advantage of the opportunity to go overseas. Ninebot, mentioned in this article, is also backed by leading investors such as Xiaomi. With its two major brands, Segway and Ninebot, it stood out from the siege of giants and occupied a place overseas. It has now become Amazon's leading brand.

With sales exceeding 10 billion for two consecutive years, it amortized over 100 million expenses to motivate employees

While most big sellers are performing poorly, Ninebot, a company specializing in two-wheeled electric vehicles, has released a brilliant performance forecast: revenue of 10.189 billion yuan and net profit of 587 million yuan in 2023. This is the second consecutive year that Ninebot's revenue has exceeded 10 billion yuan, surpassing electric vehicle brands that exported overseas during the same period or even earlier.

Talking about the performance growth, Ninebot attributed it to the continuous increase in the market share and sales volume of electric two-wheelers, service robots and all-terrain vehicles. Relevant data shows that in the 24 hours of Black Friday last year, Ninebot sold more than 10,000 electric scooters and electric balance bikes on Amazon. In the five days of Black Friday, the total sales of its official mall + Amazon channels exceeded 80 million US dollars.

There is no doubt that after penetrating into overseas markets, Ninebot has won a considerable market share, with a global market share of 31.7%. In the vertical field of smart electric balance scooters, Ninebot has ranked first in the world.

Its unstoppable overseas performance has driven its revenue to soar, completing a revenue of 10 billion and a brand transformation from 0 to 1. At the same time, Ninebot is also thinking about how to compete with global brand companies at a higher level, and launching an incentive plan for employees in 2024 seems to be the first step.

It is reported that the plan is aimed at core backbone personnel and will be implemented until 2028. The total amortization cost is expected to reach 114 million yuan. The plan intends to grant 9,086,253 restricted shares corresponding to 9,086,253 depositary receipts to the incentive targets. The first grant of the plan involves a total of 38 incentive targets, accounting for 1.07% of the company's total number of 3,537 employees.

Ninebot's brands are at the top of Amazon's categories

As a genuine Chinese company, Ninebot is backed by capital from Xiaomi, Shunwei and other companies. It specializes in smart short-range equipment and service robots. It owns two major brands, Segway and Ninebot. Its main products include smart electric scooters, balance bikes, two-wheelers, all-terrain vehicles and service robots. It currently focuses on developed markets such as Europe and America.

Before 2015, Ninebot focused on the domestic market and ranked first in its category on platforms such as JD.com and Tmall. After 2015, Ninebot began to focus on its overseas business. Today, its overseas revenue accounts for half of the company's revenue, and its brands also rank first in Amazon's sales category. Its electric balance scooters have long been at the forefront of similar products in terms of sales.

Searching for "Segway" on Amazon , you can find that the prices and sales of many of its products are very impressive. Its products show a trend of high unit prices, with unit prices ranging from US$399 to US$799, and there are more than a thousand product reviews. The sales in the past month are also good, with some of them exceeding a thousand. Take the following electric scooter as an example, with a score of 4.5 and 6,933 ratings.

Ninebot's impressive performance overseas is closely related to its acquisition of Segway. As early as 2015, Ninebot acquired Segway, which was the world's top seller at the time, held more than 400 core patents, and focused on the European and American markets, forming a new global enterprise called Segway-Ninebot, which can be regarded as a true "snake swallowing an elephant".

As we all know, Europe and the United States are the main demand markets for balance bikes and scooters. It is estimated that the scale of the European and American smart scooter markets will reach 15 billion US dollars in 2025. Europe is Segway's main market. Thanks to Segway's own reputation and foundation, Ninebot has started a dual-brand strategy, using the Ninebot trademark and Segway brand to sell products.

Segway is sold online on platforms such as Amazon and offline in retailers, and has also entered Costco, Walmart, Target, etc. In addition, Ninebot also serves hundreds of global shared micro-mobility operators such as Tier, Voi, and Whoosh, firmly sitting on the leading position in the industry.

With its multi-channel operation strategy, Ninebot has successfully risen overseas. From January 2019 to February 2020 alone, Ninebot's electric scooter products ranked first in the market share in major European countries such as Germany, Italy, and Spain.

The market size exceeds 100 billion US dollars, and many intelligent driving companies are working together to expand overseas

Unlike China, which strictly controls the use of electric scooters on the road, overseas countries allow civilian electric scooters on the road. Due to their lightness, flexibility, environmental protection, and easy operation, electric scooters are very popular among consumers overseas. However, at present, the penetration rate of two-wheeled electric vehicles overseas is relatively low, and the market size is large, which is expected to exceed US$100 billion in 2030.

The surge in overseas demand has provided many business opportunities for Chinese businesses. According to relevant data, China produces about 90% of the world's electric balance scooters. In addition to Ninebot, many other Chinese brands are taking advantage of this opportunity to sell their products overseas.

NIU , founded in 2014, created a new category of smart two-wheeled electric vehicles. In 2016, NIU chose Germany as its first overseas destination. Less than two years after entering Amazon, its annual revenue reached 20 million US dollars. In 2022, NIU Electric's annual revenue was 3.169 billion yuan, and a total of 831,600 vehicles were sold worldwide, including 121,100 overseas.

Exway Technology , founded in Shenzhen in 2016, focuses on personalized smart cars. Its overseas revenue accounts for more than 60%, and its high-end electric skateboard brand Exway is favored by overseas consumers. In 2019, Exway's sales were close to 40 million. As of March 2021, Exway has sold a total of 100,000 electric skateboards. In 2022, Exway Technology also won a 40 million yuan Series A financing from Sequoia China.

OKAI entered the sharing market with electric scooters in 2017, and gradually expanded its products such as charging cabinets and E-bikes. Its popular product E-Bike EB100 achieved large-scale delivery in 2022, with an annual shipment of about 50,000 units. In terms of electric scooters, it has more than 150 cooperative customers in Europe and the United States, and has sold a total of 3 million electric scooters.

"Although the timing and progress of promoting electrification vary from country to country, the electrification of two-wheeled vehicles is a global trend," an industry insider pointed out. In the future, with the full promotion of the low-carbon concept, the development space for Chinese two-wheeled vehicles overseas will be broader, and there will be more possibilities for this category and related accessories.

Nine Company

Segway

Electric wheelbarrow