The E-Bike Business Faces a few Hurdles but has much Promise

The E-Bike Business Faces a few Hurdles but has much Promise
Abstract
Worldwide e-bikes is at a strategic position to take advantage of the prevailing market conditions that is in demand of clean energy. The concept of the e-bike is quite ingenious, considering the added benefits that it brings along. This business needs to get an abroad audience transformed into an attractive idea for the market that will help it realize growth. There is a need to understand the market to expand this business, especially when everything is embracing technology. The Australian market provides an excellent opportunity for e-bikes due to the great potential offered by the younger portion of the population.
Introduction
Global warming is a serious existential threat to the survival of humankind and the long-term sustainability of any life on earth. Automobiles are among the world's biggest emitters of greenhouse gases and are some of the main contributors to global warming. The only way to reduce global warming is to cut down on these emissions, and the only way to cut emissions is by coming up with alternative methods of transportation. With this in mind, several efforts have been made to ensure that its causes and impacts are curtailed significantly. One of the main proposals was to reduce the emission of greenhouse gases into the atmosphere. This is where the e-bikes come in; a hybrid electric bike set to help reduce human reliance on cars. The concept of the e-bike is quite ingenious, considering the added benefits that it brings along. To do so, a strategic digital marketing plan report is essential for the management of the business.
Market Opportunity
There has been increased embracement of electricity and its appliances, thanks to increased awareness and consciousness about global warming and the detrimental impacts of fossil fuels. The goal proposed in most global climate and environmental conventions has always been to move towards zero emissions within a certain period. Zero emissions mean a collective shift in usage of appliances, from fossil fuels to clean energy ones. This has provided several companies, such as Worldwide E-bikes, with a chance to get into and thrive in business by producing electric bikes and becoming essential players therein.
Globally, the potential is still quite high as the market for clean energy is still largely unexplored. According to Prasad and Mittal (2021), the global market for clean energy will grow by 8.4% yearly from 2021 to 2030. This is a clear indicator of the huge potential in the clean energy segment due to the slow but steady embracement of the same. Companies are slowly embarking on measures and efforts that will eventually see them become innovative for the future. The untapped potential in this market segment is what Worldwide E-bikes need to capitalize on and exploit most positively.
Graph showing the projections for the global electric bike market between 2018 and 2028. Link /statistics/1261084/global-e-bike-market-forecast/
Locally, there is a gradual embracement of clean energy. Even though there is still a significant reliance on fossil fuels, people are slowly shifting towards clean energy, thanks to the awareness of climate change. In countries such as the U.S., U.K, and Australia, much of the western world has taken clean energy priority for its industries. There is an increased investment by the government and the private sector in the industry. Unlike the earlier notion that bikes were meant for the aging portion of the population, the current demand for the same is driven by the youngsters (Sutton, 2017). In Australia, this is even more pronounced. There is a marked shift in the demand for bikes from the conventional aging population to the younger generation, which is a significant portion of the nation.
Graph below showing the sales of e-bikes globally. Asia leads, with Australia being the main competitor. Link:
The Australian market provides an excellent opportunity for e-bikes due to the great potential offered by the younger portion of the population. The Australian market is quite ripe for these bikes. Bike riding surged, especially during the pandemic, as social distancing efforts to control the spread of the virus meant that more people opted for cycling as their primary method of transportation. It was safe and complied with the government regulations since there was only one person per bike. The government has also encouraged the use of the same by coming up with subsidies on purchases of e-bikes (Fishman, 2021). This is because of the green economy approach that the government has taken to combat environmental change.
In addition to the shift towards the use of e-bikes due to the concerns over environmental degradation caused by emissions from automobiles, the rising fuel prices have meant that it has become quite expensive to maintain automobiles on petroleum. Global fuel prices have been increasing over the past few years, and this has been a serious concern for users. People have therefore opted to go to work using e-bikes. Also, for their leisure, they have embraced cycling. This has resulted in the added benefit of keeping fit. It is, therefore, part of their lifestyle to cycle. According to the United Nations' sustainable development agenda, electric motors will become a significant innovation. As a result, many countries, including Australia, have imposed a small customs duty on electric machinery. Electric bikes, motorbikes, and scooters are all sold by eBikes. Because they may be maintained by portable devices or even powered fully by generated electricity, these embedded electric engines have a speciality or potential. The heavy performance in all aspects of eBikes with pedal aid is in high demand in Australia. Electric bikes, such as scoopers and motorcycles, are used by people for amusement or communication.
The potential for eBikes in the market is limited. Presently, the Australian market is an excellent place to invest in eBikes. The authorities and legislation that favor electric bikes because of the sustainable economic idea have aided many of these prospects. This reflects a spike in the volume of customers in need of electric bikes. Most individuals believe in attaining sustainability goals, one of which is the effective and environmentally pleasant alternatives for use in daily commuting, and as fuel prices continue to rise. The need for leisure in industrialized countries such as Australia grows in strength. This pastime has been linked to anxiety or knowledge of a change in exercise conscience, prompting people to switch to e-bikes. In practice, riding an electric bike allows someone to travel a greater distance than they could by watercraft. Cycling is a low-impact, healthy sport with mental and physical advantages (Tambake, 2022). For instance, cyclists benefit from less stress, improved stamina, e-biking fitness, and higher muscle development.
Electric bikes are regularly used more frequently in Sydney by individuals traveling to business for amusement and fitness activities. The Australian population is predicted to create a market for electric bicycles, the quickest expanding market over the predicted period. Several challenges, including high costs and unfavorable policies, such as bans on the usage of electric bicycles, will stifle the growth of the electric bike market throughout the projection period. Nevertheless, there has been an enormous interest in research and development activities, which would provide a solid foundation for profit potential in the following years, particularly in the performance improvement of batteries to enhance the bicycle network. A motorized bicycle firm founded a few generations old; Bolt bicycles now function in San Francisco, Melbourne, Sydney, ...