A billion dollar brand created by two top students from Beihang University, with an annual revenue of 14.3 billion yuan from electric vehicles

“If Apple co-founder Wozniak were stranded on a deserted island and could only bring one thing, it would definitely be a Segway.” This slightly humorous remark reflects the unique status of the Segway brand in overseas tech circles.

Wozniak (second from left) Image source: Internet

Today, its parent company, Ninebot (Segway-Ninebot), has transformed from a startup into the invisible champion of global short-distance transportation. In 2024, this Chinese tech company achieved impressive results with a total revenue of 14.196 billion yuan and a net profit attributable to the parent of 1.084 billion yuan, becoming a phenomenal brand in the global smart short-distance transportation sector. Overseas markets contributed over 40%, with a gross profit margin as high as 35.8%.

The rise of Ninebot is not only a microcosm of Chinese intelligent manufacturing, but also reveals the deeper logic of brand globalization in the new consumer era.

Image source: Internet

The “Tesla Revolution” in Self-Balancing Vehicles

In 2012, two graduates from Beihang University, Mr. Gao and Mr. Wang, started their entrepreneurial journey with a passion for robotics technology, using self-balancing vehicles as their entry point.

In 2015, Ninebot received $80 million in Series A funding from Xiaomi, Sequoia, and Shunwei, becoming a member of the Xiaomi ecosystem. This provided strong financial support for the company's development and, leveraging Xiaomi's channel resources, quickly expanded the market.

Image source: Tianyancha

But what truly changed the industry landscape was Ninebot’s “snake swallowing elephant” style acquisition of Segway, the industry pioneer... This industry-shaking deal not only gave Ninebot over 400 core patents, but also brought Segway’s sales network under its wing, laying the groundwork for overseas expansion.

Image source: Segway-Ninebot official website

Afterwards, Ninebot continued to expand with a combination of “technology iteration + scenario insight”: In 2016, it launched its first smart scooter, disrupting traditional bulky European and American products with lightweight design and smart interaction; in 2020, it launched the world’s first boundary-free lawn mowing robot, Navimow, solving pain points in yard scenarios; in 2023, its electric scooter topped global sales with $299 million in revenue and a market share of over 30%.

After years of development, Ninebot has evolved from its initial self-balancing vehicle business to become a smart technology company covering intelligent electric two-wheelers, electric self-balancing vehicles, robots, and mobile energy storage power supplies, occupying an important position in the global smart short-distance transportation and service robot sectors.

Image source: Segway-Ninebot official website

The “Golden Decade” of Short-Distance Transportation

Ninebot’s explosive growth is closely tied to the “long-cycle dividend” shown by the global electric scooter market. According to the latest report from Research and Markets, the electric skateboard market (including scooters, electric skateboards, etc.) is expected to grow from $26.73 billion in 2024 to $55.01 billion in 2033, with a compound annual growth rate of 8.3%.

Currently, the industry’s CR5 (market share of the top five companies) exceeds 70%, showing a unique pattern of “continuously rising demand, but highly concentrated supply at the top.”

This structural opportunity creates room for “snowball-style growth” for companies like Ninebot with deep technical reserves.

Image source: Research and Markets

From Traffic to Brand: The “Ecological War”

The overseas market is not short of products; what is truly scarce is understanding and awareness of the products. Ninebot realized the importance of building consumer brand awareness and made content marketing one of its key strategies for breaking into overseas markets.

-TikTok: Account Matrix and Co-Creation with Influencers

“When we serve global users, we think about what local users really like. You can’t say a product sells the same in China, Europe, and the US.”

As a Ninebot executive said, in order to deeply understand the preferences of consumers in different regions, they have established multiple vertical account matrices on TikTok for different regions.

Image source: TikTok

For example, @segwayninebotrussia (23,500 followers) promotes electric scooters with Russian-language content, creating the “urban light travel” topic based on Moscow metro commuting scenarios; @segwaypowersports (174,600 followers) focuses on the North American market, attracting outdoor enthusiasts with all-terrain vehicle off-road videos...

This “one country, one strategy” operation model not only unifies brand tone but also precisely matches regional needs.

Image source: TikTok

In addition to the official account matrix, Ninebot also collaborates with many tech bloggers, outdoor enthusiasts, and lifestyle KOLs to strengthen user awareness and build brand image through differentiated content.

For example, TikTok influencer Caden Teneycke, who specializes in product reviews, mainly promotes Segway self-balancing vehicles. As a person with dwarfism, Caden integrates the product into his daily life, and you can see the self-balancing vehicle in almost every video. This authentic and relatable sharing not only evokes emotional resonance but also establishes a unique and practical brand image.

Image source: TikTok

-YouTube: Deep Technical Exploration and Long-Tail Communication

In the long video domain, Ninebot uses YouTube as the core platform to showcase product strength, similar to TikTok, building a professional brand image through review videos.

For example, the tech channel Janquet released the video “Segway Battle: These Results SURPRISED Me! (ZT3 Pro vs Max G3 vs GT3)”, comparing three popular electric scooters across key indicators such as size, ground clearance, and range.

The video was promoted with the hook “the results are surprising,” ultimately reaching 26,000 views. The comments section saw a large number of users spontaneously discussing, providing intuitive decision-making references for potential consumers.

Image source: YouTube

The “Next Stop” for Made in China

Ninebot’s story confirms a trend: while traditional manufacturing still relies on cost advantages, the new generation of global players has shifted to a dual engine of “technology + brand.” Today, going global is no longer about simply copying domestic models, but about “genetic recombination” in product innovation, channel adaptation, and content operations.

As the saying goes, “Rather than being better, be different; rather than being generic, be focused.” As Made in China moves from “cost-effectiveness” to “emotional value,” the vast overseas market may have only just begun to reveal its true potential.