Dr. Naomi LinElias ‘Lee’ Issa, a prominent businessman, has recently expressed his intention to sell the dealership for the Ellesco electric bike brand. Introduced to Jamaica in 2021, Ellesco has managed to establish a strong presence in the market. The company’s advertisement in The Sunday Gleaner showcased a lucrative opportunity for potential buyers interested in venturing into the ebike and warehouse equipment business.
Located at Ferry in Kingston, Ellesco possesses a turnkey operation, strategically positioned to attract customers. When contacted, a representative who chose to remain anonymous confirmed the profitability of the business but highlighted Issa’s desire to concentrate on his other ventures, which include stakes in Lees Fifth Avenue department store, four hotels under the Couples Resort brand, and various other enterprises. Issa is also involved in property development.
Trading data from Trademap, a United Nations-owned database for global trade, unveils a substantial growth in bike imports to Jamaica. In 2023, the industry witnessed a surge to US$6 million, doubling the figures from the previous year. However, the data did not provide a breakdown of the percentage of electric bikes versus gas-powered ones.
Ellesco specializes in selling a wide range of products, including ebikes, bicycles, scooters, and warehouse equipment like pallet stackers and scissors lifts. All of Ellesco’s ebikes are equipped with rechargeable lithium batteries and are sold at a price of $195,000, excluding tax, which amounts to roughly twice the cost of gas-powered bikes. The target market mainly encompasses tech-savvy individuals and fleet companies.
Interestingly, the food delivery sector, which heavily relies on bikes for transportation, experienced significant growth during the pandemic-induced lockdowns. In response, the Jamaican Government launched the E-commerce National Delivery Solution (ENDS) in 2021, connecting over 2,000 vendors with delivery riders and customers. However, the exit of market leader Hugo in 2023 disrupted the delivery market. Delivery Hero, a larger brand, acquired Hugo and redirected its focus to the Spanish region.
As for the electric vehicle market, it is difficult to determine the extent to which it has shifted. Oliver Hill, the head of the Jamaica Electric Vehicle Association, declined to comment on the matter. Nonetheless, motor vehicle imports have exhibited a 15% increase in the first five months of 2024, surpassing 19,000 units, as reported by Kingston Wharves Limited, the renowned port operator.
In summary, Elias ‘Lee’ Issa’s decision to sell the Ellesco electric bike dealership presents an exceptional opportunity for potential investors to enter the booming ebike market in Jamaica. With the continuous growth of bike imports and the rising demand for eco-friendly transportation options, it is an ideal time to capitalize on this thriving industry. The allure of Ellesco’s range of products and its prime location at Ferry in Kingston further enhance the appeal of this business venture.
The electric bike industry in Jamaica has seen significant growth in recent years, with bike imports doubling in 2023 to reach $6 million, according to trading data from Trademap. Although the data does not provide a breakdown of electric bikes versus gas-powered ones, it indicates a rising demand for bikes in the country.
Ellesco, the dealership that Elias ‘Lee’ Issa is looking to sell, has established a strong presence in the market since its introduction in 2021. The company specializes in selling a variety of products, including electric bikes, bicycles, scooters, and warehouse equipment like pallet stackers and scissors lifts. Their electric bikes, equipped with rechargeable lithium batteries, are priced at $195,000, excluding tax.
The target market for Ellesco’s bikes mainly consists of tech-savvy individuals and fleet companies. The booming food delivery sector, which heavily relies on bikes for transportation, has also contributed to the increased demand for electric bikes. The Jamaican government launched the E-commerce National Delivery Solution (ENDS) in 2021 to connect vendors with delivery riders and customers.
However, the exit of market leader Hugo in 2023 created a disruption in the delivery market. Delivery Hero, a larger brand, acquired Hugo and shifted its focus to the Spanish region. This change opens up opportunities for other players, including potential investors in the Ellesco electric bike dealership, to fill the gap left by Hugo.
While the extent of the shift towards electric vehicles in Jamaica is difficult to determine, motor vehicle imports have increased by 15% in the first five months of 2024, surpassing 19,000 units, as reported by Kingston Wharves Limited. This indicates a potential growth in the electric vehicle market as well.
Overall, the Ellesco electric bike dealership presents an exceptional opportunity for investors interested in venturing into the booming electric bike market in Jamaica. With the continuous growth of bike imports and the rising demand for eco-friendly transportation options, now is an ideal time to capitalize on this thriving industry. Additionally, Ellesco’s range of products and its prime location at Ferry in Kingston further enhance the appeal of this business venture.
