Luyuan global e-scooter sales declined 15% in 2024. The company, a mass producer of e-bikes and e-moped, suffered for the domestic market contraction and sales declined at 0.43 million.
McD tracks new vehicles registrations across the World (over 85 countries), reporting data on calendar year. When you wish to compare data reported by us to those declared by the manufacturers, consider they usually report their “sales” (vehicles invoiced), which are usually different from “registrations”, accordingly with their fiscal year split.
Global Sales Performance 2024
As far all the other Chinese 2-wheeler manufacturers, to find, double-check and share data on new vehicles registrations is almost difficult. The reason is not only the very low transparency actually existing inside the domestic Chinese market, but the fact that they sales volume consist for the most of not registered moped, bicycles and e-bikes, products that we do not follow, being interested only in scooter, motorcycles and powersport.
Luyuan’s total sales have grown in each of the past years, reaching over 3 million in 2024. However, as for their main competitors (Yadea and Aima) most of sales consists in e-bike, while the e-scooter volume is just a part and the e-motorcycles is still very very limited.
Considering only our segments, 2024 was probably the worst year in the company history, with sales declined at 0.43 million sales (-15.3%) due to a double-digit contraction of the domestic market and the still very marginal export.
With this performance Luyuan ranks as the 4th largest electric scooter/motorcycles manufacturer in the World.
At revenue level, the performance was more then balanced by the growth of e-bike segment, but the e-scooter marginality is much higher than e-bike and the company is accelerating the project to expand activities abroad, starting from the South East Asia. Activities are in place in Thailand, Singapore and Sri Lanka, while the already announced start of operations in Indonesia is still not in place.
The company has already announced to have signed agreements to enter a total of 16 countries, without further details. But we do not find yet registrations. For instance, in Europe they registered only 23 units in 2024, spread in 5 countries. In Latin America just 6 units in two countries.
Luyuan Heritage
In the western people minds, the idea of motorization in China has always been related to the bicycle. Chinese have not invented this devise, but used it more than any other people in the World.
During the 1990’s, car culture began sweeping over China. In this 1998 photo you can see traffic signals and an increasing number of motor vehicles. But bicycles were still king in the “bicycle kingdom”. It wouldn’t be until the 2000’s that cars began to really overtake bicycles in China.
Luyuan 25 Years of Rapid Growth
Living with a bicycles since early childhood, it sound natural to Jihong Hu, a young woman living in a district not far from Shanghai, to try to build a bicycle with an electric battery assistance. In was the 1996 and she started up this activity a 15m² garage, with a small group of other women.
In only 3 months she defined the design and refit of the first e-bike of a new brand, she called Luyuan, as the district where she lived. In 2002 Luyuan produced 47.500 e-bike, doubling the following year, when the first moped model was produced shifting progressively the focus on e-scooter.
Today the company is headquartered in Jinhua City, Luyuan District, Zhejiang Province, China. We had not been able to find news about Mrs. Jihong Hu, but the Company she found become one of the largest manufacturer of e-scooter in China and in the World.
Celebrating the first 25 years of life, Luyuan has grown into a modern group company which contains 7 manufacture bases in Zhejiang, Shandong, Guangdong, Jiangsu, Fujian and one in Vietnam. It occupies an area of 1,330,000㎡ with a total production capacity of 6 million pcs e-vehicles (e-bike, light scooter, e-scooter and e-motorcycles).
Luyuan produces various electric vehicles including electric bicycle, electric scooter, electric motorcycle, electric mobility scooter, electric tricycle, sightseeing-car and etc. Products series covers retro, sporty and utility style, applied in personal-use targeted for students and city commuters, family utility use, and special-use targeted for take-away and delivery service and mountain area.
On December 27, 2020, the construction site of Luyuan Electric vehicle production base was bustling in Guigang National Eco-Industrial Demonstration Park in Guangxi. The smart factory covers an area of 172.000 square meters, with a planned investment of 400 million yuan. After the base is completed and put into operation, the annual capacity will reach 1.5 million units, with an output value of 3 billion yuan. The plan is to use this new capacity to expand sales into the ASEAN region.
In China there are over 11.000 dealers and while they export in more than 70 different countries and regions.
