Competition in the electric bike business is heating up, but that doesn’t mean there aren’t great opportunities out there for those who know how to spot them and take advantage of them. Here are seven reasons why now is the perfect time to start an electric bike business that’s destined to succeed from the beginning.
1. Electric Bikes Are Better For Your Health
Electric bikes are wonderful alternatives to cars, offering many of their benefits without any of their drawbacks. They’re better for your health, they’re better for your wallet and they’re better for our planet. As awareness about their potential grows, electric bike businesses are seeing more opportunities than ever. The market is growing quickly and can be huge, and if you start a business today you could be in front of it. From simply converting existing bicycles into electric ones or designing new e-bikes from scratch, there are plenty of opportunities for anyone who wants them.
2. Electric Bikes Cost Less Than Petrol Or Diesel Vehicles
According to Forbes, electric bikes cost less than half as much as a petrol or diesel car. That means people can save money by switching to e-bikes. It also means your business will have a competitive advantage over its rivals in price, giving you a chance to make more sales and bring in greater profits. For example, if your electric bike is $3,000 cheaper than your closest competitor’s products that are almost identical in features and quality, you may be able to sell 20% more of them. That could double your profits, and multiply them quickly over time.
3. Electric Bike Maintenance Is Easy
One of the best ways to ensure your electric bike business succeeds is by making sure your bikes are in tip-top shape. Taking care of maintenance yourself can save you money, and if you’re planning on offering services as part of your electric bike business, you must know what you’re doing. Here are a few easy steps for basic electric bike maintenance When buying electric bikes, buy used: When first starting with your electric bike business, one of the most cost-effective things you can do is buy used electric bikes instead of new ones. Since electric bikes don’t depreciate much, there’s no reason not to look into used options when looking at electric bike models.
4. Brand New Market
The electric bike business is still new and very few people have jumped on board yet. The number of these bikes sold has been doubling every year for about 5 years, and we’re projecting a tenfold increase over the next 5 years. This presents unprecedented opportunities for early movers like you. Just think of how many electric bikes are in use today, less than one percent. That means there are 99% of potential customers out there who don’t even know what an electric bike is! You can be one of those pioneering individuals who get in now and makes a name for themselves before it becomes too crowded.
5. Most People Don’T Know About Electric Bikes
Electric bikes are one of those cool products that not a lot of people know about, but they’re starting to catch on. Whether it’s because electric bike technology is advancing or because more people are just realizing how convenient they can be, you may want to capitalize on electric bike business opportunities before other companies do. Electric bikes have been around for decades, but in recent years there has been renewed interest in them, and for good reason. Electric bikes make riding a bike much easier and more enjoyable than ever before. If you’re thinking about getting into electric bike manufacturing or sales, now is the time to do so!
6. Big Profit Margins
You can sell e-bikes cheaper than traditional bikes because they have fewer parts and no bulky engines. Electric bike kits are easy to install, cutting costs even further. This gives you profit margins that other bike retailers will envy. The savings don’t just benefit you, either, electric bikes cost about $1 per ride, making them easier on your customers’ wallets too. When you reduce costs, your customers save money; when they save money, they come back for more rides. It’s a win-win situation!
7. There Are Government Subsidies Available
Incentives are available from local, state, and federal governments to help defray electric bike startup costs, but these incentives aren’t always easy to get. Here’s a snapshot of what you can get: In some states, electric bikes are eligible for special incentives that can give you as much as $5,000 per bike. You may be able to save even more on parts because some items qualify for federal tax credits of up to 30 percent. Depending on where you live, electric bicycles might also be exempt from registration fees or inspection requirements. The Internal Revenue Service offers a credit worth 10 percent of your purchase price to encourage business owners to buy electric bicycles.
Electric bikes have come a long way in recent years. They’re no longer just hobby items or sports toys, they’re being used as effective ways to commute. And now, with electric bike business opportunities on the rise, it may be time for you to join in on what seems like a viable market trend. If you’re considering getting into e-bikes, the above 7 reasons should help convince you that there are more than enough reasons to start an electric bike business now.