The horizons of the electric bike market are as vast as they are ever-changing. With the meteoric rise of micromobility, some companies are flourishing while others, unfortunately, are floundering.
So, after VanMoof in July 2023it’s the turn of GLEAM Technologies GmbH, a leading player in the electric cargo bike sector, to close its doors.
An unforgiving market
Despite a significant presence for a decade, the Austrian company faced imposing challenges. Its three-wheeled scooter, though robust and capable of carrying loads of up to 200 kg (there was talk of a true electric utility bike), saw its sales falter.
Offering several configurations of electric cargo bikeincluding 2 specifically designed for professionals, GLEAM was faced with a niche market. The initial cost of the scooter, starting at 7000€, may also have influenced this situation.At a time when many alternatives coexist, starting at €2,500 new.
The future of GLEAM’s assets remains in doubt for the time being. In the absence of a takeover, the remaining parts will be auctioned off. One major concern remains: the fate of existing customers. However, GLEAM is committed to providing as many user manuals as possible, and is working on solutions for specific spare parts. To be continued…
It’s tempting to see GLEAM’s bankruptcy as a symptom of a wider crisis in the electric bike sector. But it’s important to contextualize. VanMoof, for example, has been criticized for its strategy of selling at a loss. GLEAM, on the other hand, focused on a very specific market segment, with a potentially smaller audience.
Nevertheless, it’s crucial to note that electric bikes are not in crisis in France. Record sales figures prove this year after year. But fierce competition and a proliferation of players are making the landscape more competitive and, at times, unforgiving.
A glimmer of hope?
Despite the gloomy news, all is not gloomy. The financial situation of Cowboyfor example, looks promising, with the prospect of profitability in Q3 2023. All in all, it seems that the electric bike market, while competitive, still offers vast opportunities for those who can adapt, innovate and respond to changing consumer needs.
Looking for an electric bike? Go to our ranking of the best electric bike brands.
Stay tuned with us for ongoing updates on the evolving electric bike landscape.