Segway experiences record growth in Q1 amidst a flat market
Segway Powersports continues its upward growth trend. Recent news has revealed that the company experienced record sales in Q1 of 2024 despite a seemingly flat start to the year for the powersports market.
The company says it is also adding new dealer partners at an accelerated rate, solidifying it as one of the fastest-growing companies in the powersports Industry. Q1 results include a 309% YOY wholesale increase and a 343% YOY retail increase.
These results also confirm the company’s strategy to deliver off-road vehicles enthusiasts want. In a relatively short time, Segway has built stylish and unique vehicles with modern technology and features, like the 330-horsepower Super Villain SX20 Hybrid.
As Segway continues its quest to become a leader in off-road powersports, the company says to look for more models to enter the lineup later this year.
“We couldn’t be happier with our first quarter results,” shares Jason Walling, vice president of sales and marketing for Segway Powersports. “We’ve worked long and hard to assemble the team of talented and passionate individuals we currently have. We will continue to grow the Segway Powersports brand in the U.S. market by forging strong ties with our dealer partners and providing best-in-class customer service. We’re ready to see what the rest of the year brings.”
Gabriel Cruz, marketing director for Segway Powersports, adds: “It’s incredibly rewarding to see Segway Powersports continue to grow and flourish in the U.S. market. We’ve worked to bring excitement and energy to the powersports market that embodies the Segway brand and company ethos. We’ve generated great excitement for the brand over the last 16-plus months by attending events like AIMExpo, SEMA Show, and Sand Sports Super Show.”
Cruz notes that spending time with end users in the field has helped increase market share and brand acceptance.
Kelly Rees, the recently appointed national sales manager for Segway Powersports, explains: “Echoing what Jason and Gabriel already eluded to, the brand is on the gas right now. We continue to listen to our dealer partners and retail customers by bringing powersports models to market that dealers can get behind and end users want. Our team is firing on all cylinders right now. The industry can expect to see even more of the Segway name nationwide in 2024.”
