Pedego’s $121 million progress is a classic e-Bike biz story

Pedego has this week reveled that in the past 12 months the business has turned $121 million in retail sales, illustrating that a shift in the demographics buying is accelerating the pace of e-Bike adoption.

Founded in 2008 by Don DiConstanzo, Pedego’s business initially pitched at customers with the same profile as the founder. “I was 50 years old, and I couldn’t make it up a hill,” DiConstanzo told SpectrumNews, adding “That’s how I got involved.” With assistance, an e-Bike solved the problem and enabled him to ride freely once more.

His customer base in the early days was therefore almost exclusively people like him and the marketing emphasis was directed at a growing baby boomer population in the USA.

That has now changed, he says, telling the news site that where previously the customer base was 90% recreational and 10% professional, the balance is now around 75% recreational and 25% professional.

That shift toward people using bikes to get around has prompted DiConstanzo to plan ahead for some 1,000 own-label stores, up from around 200 worldwide at present; most found in the United States.

Short-term headwinds may slow the momentum, he says, with the shipping container crisis backing the brand’s orders up. Demand remains at an all-time high though, he says, in large part down to an acceleration in interest bought about by changes in behaviour during the pandemic. Originally he had furloughed staff, but quickly had them return as the Government began to issue stimulus and bicycle stores were classed essential transportation business.

“We were already growing 20% to 30% every year,” DiConstanzo told the news portal, adding “The coronavirus acted as an accelerant to make people aware of other outdoor recreational things that they can do.”

In the year leading to the pandemic’s start, electric bike sales in the USA were tracking up 145% year-on-year, according to data from the NPD Group.