Hey!

Welcome back! Flywheel has now been collecting data on the used micromobility market for more than three years, and I’m excited to kick off the year with the third annual Flywheel Wrapped. This end of year report dives into all the latest data on market dynamics, usage, pricing, and popular brands/models in the secondary micromobility market over the past year. For any of you interested in getting a closer look at the underlying data, feel free to reach out to me directly at [email protected].

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The US Secondary Micromobility Market in 2024

Note: This report focuses on listings from Atlanta, Boston, Denver, LA, Miami, NYC, Santa Barbara, Seattle, SF - Bay Area, and Washington DC, which are the top 10 largest and most influential used micromobility markets in the US. For reference, 2023’s Flywheel Wrapped can be found here.

High Level Market Size and Dynamics

There were 13,208 used LEV listings posted across major US regions in 2024, which represents ~$31.77M worth of vehicles. 20.1% of these listings were posted by a business.This is a drop from the 19,721 listings that were posted in 2023.

A split of the vehicle types in the used market by number of listings:

Ebikes continue to dominate the used LEV market, making up 82% of listings. In fact, the gap between the number of used ebikes vs. escooters actually widened by an additional 11.3% since 2023.

A breakdown of the vehicle types in the used market by value of vehicles is similarly split:

Ebikes account for 91.3%, or ~$28.99M, of the market by value of the vehicles.

A breakdown by region shows that the SF - Bay Area is by and far the largest market for micromobility in the US:

The SF - Bay Area had 4472 listings in 2024, which accounts for 33.9% of all listings in the US. It is more than twice as large as LA, which is the region with the second highest number of listings. It’s worth noting that Santa Barbara is the almost tied with SF - Bay Area for the largest escooter market. In fact, Santa Barbara is still the only major US region that has more escooters than ebikes.

Of the ~13K listings posted in 2024, 97.2% were marked as sold. This represents $31.28M in vehicles transacted in the used market last year. A breakdown of listings sold by region:

The secondary micromobility market has consistently slowed down over the past three years. While used vehicles in 2022 sold on average in 21 days, used vehicles in 2024 sold on average in 27 days.

Seattle maintained its position as the fastest moving market in the US for a third consecutive year, with listings in the region selling in 23 days. Miami is the slowest market, with its listings selling in ~38 days. Breaking down specifically by vehicle type, Seattle is the fastest moving ebike market while the SF - Bay Area is the fastest moving escooter market.

While micromobility is generally a seasonal business that spikes in the summer months, 2024 was generally pretty level from January to October:

Notably, November and December saw significantly reduced listing volumes. In fact, the November dip is the lowest listing volume month since the beginning of 2022.

Vehicle Pricing

Based on conversations with major OEMs and retailers in the light electric vehicle industry, the target price range for new mass market micromobility vehicles is in the $1000 to $3000 range, with ebikes settling in the higher end of that range ($2500-$3000) and escooters settling in the lower end of that range ($1000-$1500). That range has slowly crept up over the past few years with increasing component costs. 3The average original MSRP for vehicles found in the 2024 secondary market is $2,397.79, which suggests that this target range is largely being met.

The average resale price of a used LEV in 2024 is $1,462.75 (median of $1000). Ebikes had an average resale price of $1,640.71 (median of $1,200) while escooters had an average resale price of $650.19 (median of $420). These prices are roughly the same as average resale prices in 2023 and quite a bit cheaper than average resale prices in 2022 (by ~$200). In 2022, the industry was facing a pandemic-era demand spike and supply shortage that led to high resale prices. Then in 2023, there was an overstock of vehicles and inventory imbalance due to a plateauing of demand that led to a correction in resale prices. 2024 seems to have been a continuation of this correction, and I suspect that we’re now starting to see more accurate and normalized pricing in the secondary market that is more reflective of the current state of micromobility adoption.

A breakdown of average price by region:

Boston overtook SF - Bay Area as the most expensive used market for LEVs overall, with an average resale price of $1,863.62 for all vehicles and $2,128.76 for ebikes. Seattle is the most expensive used escooter market with an average resale price of $802.87. Miami and Santa Barbara overtook NYC as the most accessible markets overall with average resale prices just north of $1,000 for all vehicle types. Interestingly, Boston is the cheapest market for used escooters despite being the most expensive market overall and for ebikes.

A breakdown of the average retail prices for new vehicles by region:

Vehicles in Washington DC’s secondary market have the highest average original MSRP ($3,071.50), followed closely by SF - Bay Area and Boston. On the other hand, vehicles in Miami and NYC’s secondary markets have the lowest original MSRPs. This suggests that DC, SF, and Boston are more premium markets with higher-end (likely dealer-network) vehicles while NYC and Miami are more accessible markets with more affordable (likely D2C) vehicles. A deeper dive into the types and brands of vehicles most popular across various regions can be found later in this report.

On average, used LEVs are listed at a 39% or $990.54 discount off MSRP. Ebikes generally see an average discount of 38% off MSRP while escooters see an astounding discount of 64% off MSRP. While it’s reasonable that ebikes hold their residual value better than escooters given their more mature supply chain, it’s still surprising that the difference in depreciation is so large. All of these depreciations from MSRP are greater than what they were in 2023, where LEVs saw an average discount of 32% off MSRP.

The average depreciation per mile for used micromobility vehicles of all types in 2024 was -$2.55/mi. Used ebikes saw an average depreciation of -$2.27/mi while used escooters saw an average depreciation of -$4.12/mi.

Average depreciation rates have been getting slower and slower since 2022, where the overall depreciation per mile was -$3.96/mi. Escooters in particular saw a significant improvement from their -$7/mi depreciation rate in 2023. Although these depreciation rates are still higher than what most retailers and OEMs think they should be based on their assessment of the intrinsic value of their vehicles, the downward trending depreciation rates are a great indicator of the growing trust in used vehicles and the increasing maturity of the secondary market. As we see better resale channels (i.e. Upway), improved servicing/maintenance infrastructure, higher utilization of vehicles, and more data on vehicle lifetimes, I suspect that depreciation rates will only get less steeper.

Resale Condition and Average Mileage

Micromobility vehicles in the secondary market continue to be quite early in their lifecycles. A breakdown of self-reported conditions for used LEVs in 2024:

About 60% of all listings are in new or like-new condition. Comparatively, new and like-new condition vehicles made up about 65% of listings in 2023, suggesting that we’re starting to see greater utilization of vehicles before they enter the secondary market.

This point is echoed by last year’s self reported mileage for secondary LEV listings. The overall average mileage for used micromobility vehicles was 384.12mi. Ebikes were reported to have an average mileage of 416.83mi while escooters had an average mileage of 169.12mi.

This is a significant improvement in utilization since 2023, where the overall average mileage for LEVs was only 280.03mi, the ebike average mileage was 327.73mi, and the escooter mileage was 123mi. That being said, these used vehicles still have a lot of life left in them. Most reputable vehicles have battery packs rated for 700-1000 charge cycles, so even modest ranges per charge suggest that these vehicles are built for well over 5000mi of riding.

The qualitative condition descriptors resellers typically use when creating a listing for their vehicle mapped to the following average mileages in 2024:

A bar graph of the same data helps to better visualize the differences in mileage between condition descriptors:

Even vehicles in “Fair” condition are clearly specced for several 1000s more miles provided they have proper maintenance/refurbishment options.

A breakdown of average mileage by region:

SF - Bay Area and Boston are tied neck and neck for having the highest overall average mileages, and their secondary markets saw a lot more listings for high-mileage leisure and sport vehicles than in past years. This is a notable change from the previous two years, where NYC had the highest average mileages. In fact, NYC’s average mileage actually dropped from 364.22mi in 2023 to 339.2mi in 2024. I suspect that this is related to the slew of ebike battery fires NYC faced last year and the strong push by the city to get ebikes without UL-certification off the roads. Much of the NYC secondary market typically consists of ultra-cheap D2C ebikes with uncertified battery packs used by gig delivery riders, so the stricter city rules regulating the use or retail of those types of bikes seems to have reduced their ridership as well as the demand for them in the secondary market. LA, Miami, and Atlanta have the lowest average mileages despite having (arguably) the best weather of all the regions covered. This is likely due to a combination of the popularity of D2C ebikes in these cities and their urban sprawl/lack of biking infrastructure.

Types of Ebikes

Form Factor

A breakdown of the 2024 secondary ebike market by form factor:

Commuters and sport ebikes respectively continue to be the most common form factors found in the secondary market, which is unsurprising given the fact that they are (for the most part) the first types of ebikes to hit the market. Commuters make up 29.6% of the market and sport ebikes make up 21.7%, meaning that the two together account for just over half of the 2024 secondary market. This is an increase from 2023 where they made up just shy of half of the market.

Folding and cruiser ebikes are almost tied for 3rd place, making up 15.8% and 15.3% of the market respectively. These two form factors have a smaller market share than they had in 2023, suggesting that more riders are willing to compromise on the comfort and convenience they provide in favor of vehicles with higher performance or higher utility.

One form factor I’d like to call out are cargo bikes, which account for 4.67% of the secondary market. Cargo bikes have been slowly yet steadily growing in popularity. They accounted for 3.68% of used listings in 2023 and 2.67% of listings in 2022. Those who have been longtime readers of Flywheel have heard me say this many times, but I believe that cargo bikes are the most important form factor for the growth of micromobility adoption. For LEVs to be considered viable car alternatives, they need to offer utility beyond just single-passenger riding. Despite their low market share today, it’s clear the broader industry agrees that cargo bikes are essential to the future of LEVs. Most major ebike OEMs, both D2C and dealer-network, now have cargo or utility offerings, and many ebike rebates/subsidies/tax credits have special provisions for purchasing cargo bikes.

A breakdown of the average mileage of ebikes by form factor:

Cargo bikes have an average mileage of 594.6mi, which is once again the highest utilization of all form factors. Performance ebikes had the second highest mileage at ~513mi, which speaks to how important build quality and reliability are for utilization and time on the road.

Cruisers, folding ebikes, and trikes all had the lowest utilization, which is unsurprising given that they’re typically used more for leisurely neighborhood riding and/or are produced by budget D2C bikes with lower build/component quality.

Vehicle Class

A breakdown of used ebikes in 2024 by their regulatory class (a reminder on ebike classes):

Class-2 is once again the most common class of ebike in the secondary market, making up 51.2% of all listings.

Comparing ebike classes by average resale price:

Class-2s have the lowest average resale price. Their average resale price of $1,228.25 is over $600 lower than that of class-1s ($1,869.92) and over $250 lower than that of class-3s ($1,498.70).

A breakdown of each vehicle class’ depreciation per mile shows that class-2s only have a marginally worse depreciation than class-1s or class-3s:

However, class-2s don’t have the lowest average resale price just because of their depreciation per mile. A comparison of ebike classes by average original MSRP:

Class-2 ebikes have the lowest average original MSRP of $2,027.47. They are overall the most affordable types of ebikes available to consumers.

Finally, a breakdown of ebike class by average mileage:

Class-2 ebikes are no longer the most ridden types of vehicles like they were back in 2023. The class-1 and class-3 secondary market matured in 2024 and featured many more high-end, sport and performance-type listings that were older. Class-2 ebikes today are mostly only available through more budget-minded OEMs, and, as such, often don’t have the componentry or build quality for longer distance riding. That being said, the growing importance of utility for riders means that throttles are a must. As Jim McPherson, former GC at Spin, discussed it in an interview with Flywheel, utility doesn’t have to be earned: “If my throttled vehicle goes the same speed and no faster than your pedaled bike, you have no claim on the amount of effort I give (or don't give). Just like someone on a one speed steel bike can't tell someone on a 32 speed carbon fiber missile that they’re not working hard enough.“ Even the incumbent bicycle big 3 brands have taken note of this and are moving in this direction. Specialized’s Globe brand, Trek’s Electra brand, and Giant’s Momentum brand all offer class-2 ebikes with throttles. Quick tangent: It’s interesting that the bicycle big 3 offer class-2 ebikes under subsidiary brands as opposed to the core brand. This is likely an attempt to maintain the original brand identity and offer their predominantly sport/leisure riding customer base an electrified option that feels familiar to the pedal bikes they’re comfortable with. However, with ebikes quickly becoming the main focus for OEMs due to their faster sales growth and increasingly more of their demand coming from utility-focused riders, I wouldn’t be surprised if the incumbent brands move these class-2 vehicles back under their main brands.

Safety Rating

The series of micromobility battery fires that have happened over the past few years have rightly raised concerns about the safety credibility of LEVs. In response, many cities have started to push for the micromobility industry to adopt UL 2849 standards. While you can still buy a non UL-certified ebike in most of the US, some cities like NYC have banned the retail of ebikes without UL certification and most ebike tax rebates are only eligible for vehicles that meet UL 2849.

While UL is ultimately the right safety standard for the industry to move towards, we’re still a ways away from all reputable OEMs offering UL compliant ebikes given the complexity and costs of going through the UL certification process. Additionally, there’s many ebikes already in use or available for resale that are generally safe to ride but likely don’t have UL certification given that it’s a fairly new expectation.

To help consumers find safe and credible ebikes to ride during this UL 2849 on-ramp period, I released the Flywheel Vehicle Safety Guide towards the end of 2023. This guide is an evolving list of all ebikes that are either already UL 2849 certified or have some other level of safety credibility (i.e. rated by Consumer Reports).

23% of ebikes in the 2024 secondary market were safety rated (roughly the same as the 2023 used ebike market). These safety rated ebikes had a much higher average resale price ($1,815.62 vs. $1,387.16) but approximately the same average original MSRP, suggesting that their depreciation rates are lower. Additionally, they also see considerably higher mileages:

Brand/OEM Breakdowns

D2C vs. Dealer-Network Brands

2024 saw a significant shift in the types of brands/OEMs that made up the used ebike market:

In 2024, ebikes from dealer-network brands made up 58.4% of the US secondary marekt. This a notable increase in market share from 2022 and 2023 where there was an almost equal 50%-50% split between dealer-network brands and D2C brands. We’re reaching a point in the market where many riders are starting to understand the total cost of ownership for ebikes and the maintenance/servicing required to keep an ebike on the road, which is why I think the market is shifting towards dealer-network bikes that have more physical maintenance infrastructure and use more commonly found/readily available off-the-shelf parts.

To that point, dealer-network ebikes also saw significantly higher utilization than D2C ebikes:

Used dealer-network ebikes had an average mileage of 521.6mi while D2C ebikes had an average mileage of 370.8mi.

That being said, dealer-network bikes are, of course, more expensive:

The average resale price of a dealer-network bike in 2024 was $2,325.98, which is more than double the average resale price of a D2C ebike ($1,132.22).

A comparison of the average original MSRP paints a similar picture:

With an average original MSRP of $3,295.97, dealer-network bikes are on average twice as expensive as a D2C ebike when bought new.

Despite any concerns around maintainability and build-quality, D2C ebikes maintain their residual value similarly to dealer-network ebikes. They have approximately the same depreciation rates and discounts off MSRPs.

Top Performing Brands

The following is a ranking of the top 10 most commonly listed micromobility brands in the 2024 secondary market:

Rad Power is once again the most popular brand in the secondary market, and accounts for 4.7% of all listings. This is about the same market share that Rad Power had in 2023. Specialized maintained it’s place as the second most popular brand. Both Aventon and Lectric overtook Trek and are the 3rd and 4th most popular OEMs. Segway Ninebot and GoTrax are the only escooter brands to crack the top 10 and make up 2% and 1.5% of all used LEV listings respectively. Particularly given that escooters only made up 10% of the US used LEV market, Segway Ninebot and GoTrax cracking the top 10 is highly impressive and a testament to their dominance within the form factor.

A breakdown of the top 10 ebike brands:

And a breakdown of the top 10 escooter brands:

Breaking down the top brands by region also gives some hints at the type of ridership in those regions:

Ebike heavyweights Rad Power, Specialized, Lectric, and Trek, as well as escooter giant Segway Ninebot are obvious standouts with a significant presence in most markets. NYC’s most commonly listed brand is the relatively low profile Rollgood. Rollgood is a Manhattan-based retailer that focuses on delivery ebikes, and it’s no surprise that it’s the most popular brand in the city where a significant portion (if not the majority) of riders are gig workers making food/grocery deliveries via ebike. Other gig delivery-focused brands like the controversial Arrow and Fly dropped out of NYC’s top 5 in favor of more reputable D2C brands like Rad Power and Lectric. It’s also worth noting that escooter brands cracked the top 5 in 8 of the 10 major US micromobility cities recorded by Flywheel. Santa Barbara even has 3 escooter brands in its top 5.

Ranking the fastest selling brands in the US secondary market:

All of the above brands have relatively low volumes in the secondary market yet move quickly, suggesting that customers consider them rare finds with high collectible value.

Next is a ranking of the LEV brands with the highest average mileages:

Stromer is the notable standout here, with an average mileage of 1,610.4mi that is more than 600mi higher than the OEM with the next highest utilization. It’s a shame that the Swiss brand is ending their US and Canada operations, so the secondary market will soon be one of the only places to get your hands on one of their ebikes. It’s also worth mentioning that almost all of the OEMs with the highest utilization are dealer-network brands, with Priority being the only exception.

Lastly, a quick discussion on Bosch, the 800lb gorilla that supplies powertrains for virtually all high-quality and premium ebike OEMs. An astounding 43.9% of all used ebike listings in 2024 had a Bosch powertrain. Bosch ebikes made up 21.3% of all used ebike listings in 2023, meaning that the giant’s market share actually doubled last year. The average mileage of a Bosch powertrain ebike was 517.48mi while non-Bosch ebikes had an average mileage that was almost 200mi lower (335.43mi). Bosch ebikes had an average resale price of $2,336.19, which is almost twice as high as the average resale price of non-Bosch ebikes ($1,265.21). With industry pressures to move towards UL certification, as well as the growing challenges to manufacturing ebikes and providing adequate servicing options for them, I expect Bosch’s dominance to only grow further.

Top Performing Models

A ranking of the most commonly listed LEV vehicle models in the secondary micromobility market:

Rad Power and Lectric have the highest volumes of new ebikes sold, and their performance in the secondary market clearly reflects that statistic. Rad Power has three models in the top 10 and Lectric has two models. One of the newcomers here is Priority’s Current, which recently became popular amongst riders for being more of a medium-cost hybrid commuter option with a high-torque motor. VanMoof’s S3 is another notable inclusion in the top 10, which is likely due to VanMoof’s bankruptcy.

Finally, a ranking of LEV models by average mileage:

Similar to the ranking of brands by mileage, the models with the highest average mileages are also primarily from premium dealer-network brands. German brand Riese & Müller is the big winner here with two models in the top 10.

Predictions for 2025

2024 was an interesting year for micromobility. Although the secondary market shrunk, sales of the overall bicycle industry decreased, and several major ebike OEMs went through tough bankruptcies and restructuring, early sales reports from 2024 show a growth in new ebike sales. 2023 was a major correction period for the micromobility industry post-pandemic, and Flywheel’s secondary market data for 2024 suggests that some of that correction activity trickled over into last year. 2025 is poised to bring a lot of changes to the US macro environment as a whole, and it’ll be curious to see how those changes affect the micromobility industry. These are my predictions for the sector in 2025:

1. Retail prices will rise: One of the main talking points and policy goals for the new federal administration is tariffs on goods from China. If these tariffs actually get put into place, they will undoubtedly have a massive impact on micromobility. 97% of bike and scooter components are sourced from overseas suppliers, a majority of which are Chinese. Tariffs on these components will result in a substantial increase in BOM costs and thereby a substantial increase in retail prices. There’s been a big movement over the past few years to onshore supply chains and increase domestic manufacturing, but these are highly expensive efforts and it’s inevitable that the high CAPEX costs will trickle over to consumers. Combined with the fact that UL certification is starting to become an expectation and is still an expensive process for OEMs, there’s a growing consolidation amongst brands, and there’s a decline in the number of D2C OEMs and retailers, I believe the average price of a new ebike will continue to go up.

2. Fewer D2C OEMs and a shift towards more dealer-network and Bosch powertrain ebikes: As mentioned earlier in the report, there’s a shift in the market where more consumers are buying more bikes from the incumbent dealer-network OEMs. D2C OEMs played a key role in introducing new riders to micromobility by offering LEVs at affordable prices. However, they struggled with providing the adequate servicing options, and in some cases quality, required to keep vehicles on the road for a long time. As more consumers realize that the total cost of ownership of an LEV goes well beyond the original ticket price, an increasing number of riders are leaning towards incumbent OEMs that offer more convenient maintenance (through their dealer/bike shop networks) and make sure that replacement parts are readily available (by relying on a standardized set of parts from big-name suppliers).

3. A new winning formula for D2C OEMs: Despite the above mentioned prediction, it’s not all doom and gloom for D2C OEMs. Leading D2C brands like Lectric and Rad Power have shown that there’s a new recipe to compete with incumbent OEMs and offer high-quality vehicles while still being affordable: invest in physical retail space for maintenance, get to scaled volume quickly, reduce the number of models/SKUs to concentrate vehicle development/maintenance efforts, and focus on a standardized set of parts that can be sourced for cheap at high volumes. Lectric and Rad Power quickly got to scale by offering no-frills, low-price vehicles and skipping over the traditional dealer-network infrastructure. Now that they have such massive scale, they use it to their advantage when sourcing parts like hydraulic disc brakes or torque sensors that were typically only found on more expensive bikes. Consolidating the number of models offered and standardizing the parts they use further amplifies that volume advantage. Additionally, both brands are now breaking away from their original online-only model and investing heavily in repair/maintenance relationships with bike shops or even setting up their own brand stores to offer servicing. This combination is what allows Lectric and Rad Power to try and compete even from a total cost of ownership perspective when most other D2C OEMs have failed. That’s not to say that these brands build bikes that will last quite as long as those from premium incumbent OEMs, but they still offer more than capable LEVs that are a fairly acceptable compromise on quality for price for many riders.

4. UL certification is no longer a nice to have, it’s a must: The industry has very quickly converged on UL certification as the solution to mitigate battery fires. From the regulatory side, many cities are banning the retail of ebikes without UL certification and most ebike rebates require UL 2849 credentials for a vehicle to be eligible. Additionally, we’re also seeing a significant push from the private side towards UL. A lot of landlords/building mangers are banning the indoor charging of ebikes without UL 2849, and many insurers are now baking in UL requirements when underwriting specialty insurance policies for property owners, retail space operators, etc. that deal with micromobility vehicles. It’s clear that the OEMs have caught onto this, and even budget OEMs like Rad Power, Lectric, and Aventon now offer UL 2849 compliant models. Any brand that doesn’t certify ebikes moving forward will likely be left behind. Although the increased number of OEMs going through the UL certification process is making it easier, it’s still an expensive, convoluted, and opaque process for OEMs to go through and there’s a lot that can be done to improve it. Without such improvement, the high complexity of going through UL certification will ultimately increase vehicle prices and make micromobility less accessible.

5. The rise of the utility bike: As discussed earlier in the report, cargo bikes are slowly but surely gaining traction in the US. The typical image of a cargo bike rider is usually a parent using their ebike to transport their kids. However, there’s a growing number of commuter riders that want to get more cargo hauling utility out of their ebikes but don’t want something as large as a cargo bike because they’re usually only transporting themselves. Enter the utility bike. Popularized by Rad Power and their RadRunner, utility ebikes are short-tail step-throughs that have a high payload capacity rear rack and are typically throttle-capable (class-2). They’re more nimble and easy to store than a cargo bike, but still offer plenty of cargo hauling capabilities for single riders. If the cargo bike is a minivan replacement for the family of 6 or 7, think of the utility bike as a hatchback or SUV. Given that more and more riders are using LEVs for their daily utility and not just for leisure riding, I think the utility ebike form factor will only grow in popularity. It’s just as comfortable to ride alone to work sans cargo as it is to haul groceries on the way back home. Keep an eye out for Specialized’s Globe Haul ST, which I think will soon become one of the most popular ebikes within this segment and within the Specialized lineup.

6. Better LEVs for gig delivery workers: Perhaps this is a wish more than it is a prediction, but I sincerely hope that more OEMs tackle the gig delivery market in earnest and build vehicles suited for the application instead of repurposing commuter ebikes meant to be ridden 10-20mi a day for an application that demands 100mi+ per day. To date, most gig delivery workers rely on cheap, low-quality ebikes without safe batteries and struggle with maintaining them. In cities like New York, they soon won’t be able to even use these ebikes or charge them due to requirements around UL certification. It’s important that we put these kinds of power users on safer vehicles that don’t break their bank accounts. I think there’s an interesting combination of at-scale D2C OEMs, public charging infrastructure (i.e. PopWheels and JoCo), and creative financing options that can efficiently solve this problem in the coming year.

7. Better leasing/financing options and the continued growth of subscription services: Given the expected increase in retail prices for ebikes and a shift towards more expensive ebikes from traditional dealer-network OEMs, there is going to be a need for more creative ways that riders can finance their vehicles. In markets like Germany where micromobility adoption (particularly of more expensive vehicles) is quite high, leasing (very similar to auto leases) has become one of the main drivers of new vehicles entering the market. It’s only a matter of time before these types of services make their way into the US, and the growing secondary market and better understanding of residual values that we’re starting to see now make this possible. One company to keep an eye on in the leasing space is The Sweet Spot. Another alternative to leasing that has already gained traction in the US is subscriptions. Subscriptions bake in other services beyond just vehicle financing into easy monthly payments, which make them the most convenient way to start riding. Many even offer ways to apply a portion of your subscription payments towards purchasing the bike at the end of the subscription term. There’s two subscription services that I think are particularly insightful and executing well: Wombi and Friiway. Wombi launched a premium Tern cargo-bike subscription service in LA last August and has already expanded to Seattle. Friiway is a more decentralized subscription service that partners with local bike shops for vehicle supply and maintenance/servicing infrastructure and effectively enables these bike shops to operate their own local subscription service.

8. More ebike rebates: Despite the uncertainty around how the upcoming administration handles funding for programs like ebike rebates, I still expect there to be more ebike rebate programs launched in 2025. The passing of a federal ebike rebate in the coming four years is unlikely, but I believe that many cities and states will continue to accelerate their efforts in the space. Ebike rebates have proven to be highly effective and wildly popular, and in many cases have run out in mere minutes. There’s about 123 ebike rebate programs that have been launched in the US to date, and most of them are already set to renew and offer more rebates in the coming months.

9. Slow resurgence of shared: Lastly, no conversation about micromobility is complete without talking about shared fleets. Although shared micromobility has seen some high profile downfalls over the past few years, surviving players in the segment have quietly built sustainable businesses. Fleets like Lime and Voi were reportedly EBITDA profitable in 2023, there’s several sustainable SMB operators around the globe, and we’re now even seeing more niche shared fleets like CargoB focusing on specific form factors of vehicles. Check out this previous edition of Flywheel for a deeper dive into the resurgence of shared.

That’s it for 2024’s Flywheel Wrapped! Thank you again for everyone that’s joined along with the Flywheel journey, it’s been an absolute pleasure unpacking the owned micromobility/LEV market with you all. Excited to continue this exploration with this amazing community.

If anyone is interested in taking a behind the scenes look at the data informing this report, please reach out to me directly at [email protected].

- Puneeth Meruva