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Exploring the Market Potential for E-bike

An electric bike is on the high market side, with an increased demand rate. Research reveals a global estimation of $ 42 billion before the next decade. As a result, people who prefer wholesale electric bikes will likely sell fast at a higher price rate. More than 10% of the currency market value is healthy growth. The electric motor used for propulsion is an outstanding electric bike feature. It eases transportation, allowing riders to cover a long distance faster.

With the innovation of the e-bike division into categories, there is a massive presence of electric bikes in the market. Since several needs are met, popularity grows bigger and more exceptional. For instance, electric bikes can either be pedal-assist or throttle-assist types. The introduction of electrical transport mode is more viable as urbanization gets bigger.

The rise of urbanization leads to traffic congestion and overcrowding in top cities. It has also helped boost tourism growth, as tourists adopt coping mechanisms amidst the overpopulated areas. It is no coincidence that China owns one of the biggest e-bike manufacturers and retailers. The country has a good number of reputable brands like Haidong ebike.

Exploring the Market Potential for E-bike

The Top Users of Electric Bike

A market analysis estimated three groups that ride e-bikes most and their strengths. The study reveals that the groups were categorized as regular commuters, rural Residents, and the learning group.

Regular Commuters

There is a high record of individuals who ride electric bikes to commute with their daily activities. This is most common among individuals that have routines and can likely predict their next move. The study also reveals that many commuters aim to achieve perfect health alongside. More transport policies are in favor of the e-bike commuting system. Moreso, cad owners who want to switch to a more flexible transport mode instead choose e-bikes over bicycles.

Strengths

Cyclists have grown the market ratio of people riding to be physically fit. This is an excellent motivation for people who replace cars with electric bikes. With the invention of folding bikes, it is much easier for riders to carry them around. Meanwhile, people also want wholesale electric bikes while operating as distributors to fitness coaches. Working adults also find electric bikes attractive since it is easy to incorporate them into their busy schedules.

Workers interact more with the outside while riding an e-bike than driving a car. As people experience the natural scenery, they enjoy the peace of mind that comes with it. This also helps to lighten people’s moods while commuting. Workers also commute with e-bikes daily to relieve mental stress. The tax imposed on cars is higher than on e-bike commutes.

Exploring the Market Potential for E-bike

 

Rural Residents

Unfortunately, rural residents with dispersed settlements need the electric bike to commute to farms and markets. Interestingly, more rent services sell here, as people rarely own an electric bike. This has led to socio-economic improvement, giving residents access to more amenities like schools. Also, it makes it easier for agencies, activists, and policymakers to influence changes in these areas by transporting with e-bikes.

Strengths

The availability of e-bikes fosters activities and bonds among rural residents. Rural residents can cover long distances that would have required strenuous efforts. It increases residents’ accessibility to train stations. For instance, it was reported that the Netherlands has about 80% of its population 7.5km from the rail station. Hence, e-bikes make it easier to access some other modes of transport. Electric bikes are also more affordable for rural residents than cars. Many of them are low-income earners, and it will be consuming when spending little earnings on fuel and other car maintenance.

The Learning Group

Generally, the population of young people riding e-bikes is higher than adults. Students find it easier to commute to their learning environment using an electric bike. Electric bikes are fancy, have fast speed, with access to smart technology. These qualities appeal to the millennials and GenZ, especially after purchasing innovative e-bikes from Haidong ebike. Other manufacturers also keep producing and designing e-bike features that appeal to the younger audience. 

Strengths

The use of electric bikes has encouraged independence among youths. Although they belong to the dependent age group, it empowers the young to commute by themselves without total reliance on their parents. The most important aspect of adopting an e-bike for teenagers is how it helps for habit until adulthood. People who start cycling at a young age set it as a standard until their adult age. 

The Market Outlook of E-Bike Sales

In 2019, e-bikes reached a market avenue of about $ 14.4 billion. However, the outlook will increase significantly between 2022 and 2027, based on the government’s role in limiting the rate of automobiles on the roads. Human rights activists have shown many concerns about the detrimental effect of fossil fuel release on human health. Government involvement or the introduction of the initiative is also responsible for the market growth. Hence, most countries employ means to subsidize e-bike prices and encourage their adoption worldwide.

Human rights activists have proposed a general call for environmental protection. If many in the community have an ebike supplier, it will lead to a massive effect. Hence, it takes the effort of every individual to see the change we want. Apart from China, another region with a high rate of e-bike usage is North America. North Americans maximize electric bikes’ use for pleasure and not only for commuting. The terrains are smooth, encouraging citizens to ride for fun and even compete with one another.

Many people in North America now prefer riding e-bikes for off-road activities. When people who want to ride for leisure order from an ebike supplier, they give out specifications. Fortunately, Haidong ebike manufacturing company produces several models that serve different purposes. Hence, the market growth of e-bikes results from the ability to select the most suitable option among several others. When consumers realize the value a market provides, they take up the offers with little or no disagreement.

Fundamentals Governing E-bike Market

As electric bikes are trending, it has been observed that manufacturers are integrating smart technology into them. Riders can access their battery status, location, and speed limit while they ride. For instance, a rider gets to know if the speed is suitable for a particular road. This provides enough information to save a rider from road accidents.

The government introduces several financial incentives. For instance, the Swedish government runs a discount of 25% of the initial value for its citizens. This discount started in 2018, and it applies to date. Meanwhile, the country experienced a surge in e-bike sales, selling about 65,000 units in 2017 to 100,000 units in 2018. Also, the role of electric bikes in shared mobility has served as a point of interest. Meanwhile, an ebike supplier needs to get updates on the latest electric bikes.

Another strong fundamental governing the e-bike market is the availability of rental services. A study on ebike suppliers reveals that renting e-bikes have contributed to the global market growth. It has provided access to communities filled with low-income earners. Interestingly, many suppliers allow potential customers to test-run even before renting. Meanwhile, test running has only been common with buying an electric bike. This proves that e-bike adoption is also reflected in supplier-customer relationships. 

Behavioral Approach to E-bike’s Sustainability 

Two pathways have evolved the sustainability of electric bikes. The first is the manufacturer’s efforts in creating sustainable components and the approach to causing a behavioral change in society. Agencies and the government are working in collaboration about societal enlightenment. Hence, rural areas need to understand how electric bikes save the green environment. Also, mobility management is one of the behavioral approaches to society. 

One of the main strategies that ensure behavioral modification is emphasizing consequences. Also, some behaviors indirectly attach to e-bikes but are also responsible for their growth. For instance, users with traveling habits will find it convenient to ride electric bikes. Meanwhile, some of these habits are birthed from societal norms. As a result, it becomes essential to understand the long-term process. The behavioral modification requires consistency and patience to achieve the best result.

Challenges Affecting the Market Growth of E-bike

Although e-bike have experienced high growth since the post-pandemic era, there are some hindrances to their full adoption. Not every country’s government is taking initiatives to subsidize electric bike prices. Hence, people may find it pretty challenging to see wholesale electric bikes in undeveloped areas. Since low-income earners cannot afford the high cost, retailers will be at a loss stocking up.

If the high cost persists in the undeveloped areas, it will affect the market landscape. Hence, it is better to give a market trend regionally than on a global scale. Electric bikes are eco-friendly, but they also ease individuals’ commuting programs. This provides an insight into areas that lack this innovative means of transportation while identifying the right solution. However, each region should look into strategies that allow e-bike usage by a large percentage of the population.

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