The New York Times Highlights Growing Electric Bike Industry
In today’s New York Times, the esteemable paper takes a look at the growing electric bike industry, and the baby boomers it serves. The story features EVELO, as well as some general insights into the market.
Boris Mordkovich, a 30-year-old serial entrepreneur, had never considered developing products for the aging baby boomer market. One day, however, he saw that his parents had started using an electric bike that his brother Yevgeniy had modified for his wife and himself.
“Electric bikes are an equalizer,” said Mr. Mordkovich, who has also owned a software company and a small-business magazine. “They let the rider decide how much or how little they will pedal.”
This year, he said, Evelo, the electric bike company that he founded with his brother, will double its revenue to $4 million, and it is profitable. “There’s no shortage of potential customers,” he added.
The company is just one of many that are plugging into a wealthy slice of the over-50 demographic called the longevity market, whose annual economic activity currently amounts to $7.6 trillion, according to AARP.
With an estimated 74.9 million baby boomers, according to Pew Research Center, the biggest market opportunity for start-ups is older Americans rather than hip millennials. As members of the generation that defined rock ’n’ roll grow older, they are adding a wide range of goods and services to their lifestyles.
Read the whole article on NYTimes.comby