A prominent manufacturer operating in the electric bikes market wanted to expand their global footprint. While working towards this objective, there were two main challenges in front of the client. First was a growing number of electronics companies entering in the electric bikes market and second was the wide range of electric bikes already launched by the competitors. The client was looking change its overall business strategies in order to stay on top the competitive curve, as the competition in the market has been gradually intensifying. In addition to this, constantly evolving regulatory and governing environment across different geographical segments has created a requirement of adopting multiple marketing strategies for leveraging the opportunities of sales in different nations. The client asked for highly specific, targeted, and value-driven insights on approaching a diverse customer base across the globe. The objective here was to strengthen and bolster its global footprint in the electric bikes market.
The growth of the global electric bikes market has been primarily driven by changing consumer preference coupled with improved government backing and regulations. Consumers have now become highly health conscious as well as possess great awareness about conserving the environment. Heavy emission from traditional automotive vehicles is big concern for them. The concern is equally shared by the governments as well and are thus backing the production of electric bikes that will help in checking growing levels of pollution. The regulatory and governing bodies in different nations are issuing strict mandates and regulations regarding emission control and overall fuel efficiency in the automotive and transportation sector. It is expected have a considerable impact on the general perception of consumers (both existing and potential) about the conventional modes of transport going forward. Moreover, in recent years, there has been an emerging trend of fitness & health. This trend has been encouraging consumers to indulge into several different forms of physical exercises. This is also helping to drive up the sales of electric bikes as a key component of the fitness regime of consumers. Increasing awareness about conservation of environment is also expected to play a significant role in boosting up the sales of the electric bikes in the near future. Transparency Market Research (TMR) also believes that the European Union and Asia Pacific region are among the most lucrative regional segments for the development of electric bikes market. Consumers based out of these regions are heavily inclined towards using these electric bikes aka pedelecs as their mode of transport. It not only serves their fitness regime but also helps in reducing pollution by better fuel efficiency and lower emissions.
TMR proposed to the client to expand their business activities in the Asia Pacific region, as the demand for these pedelecs or electrically powered bicycles has been increasing at an alarming rate. TMR also offered an in-depth survey on the consumer needs, preferences, and expectations that client should be focusing on. Furthermore, TMR also offered a detailed report on the different regulations and mandates implemented in different nations in the Asia Pacific region. An in-depth research about the recent developments in the segment of batteries and fuel cells assisted the client in improving the overall efficiency of their bikes to gain an upper hand in the regional market.
Transformation and Results:
TMR’s in-depth research and consumer survey allowed the client to understand the specific requirements and expectations of customers for electric bikes. As a result, the client introduced pedelecs – a hybrid combination of electrical and human energy. The objective here was to target consumers who thought electric bikes are a ‘lazy alternative’ to traditional bicycles. The client also initiated innovative marketing campaigns in order to spread awareness about the availability and benefits of pedelecs. The company also teamed up with a leading battery manufacturer to provide superior efficiency and cut down the overall cost of production of these electric bikes. In addition to this, investments in the next generation and advanced technologies also allowed the client to launch innovative features such as ABS (anti-braking system) in the premium models of their electric bikes. With such additional innovative features, attractive marketing campaigns, and improved awareness, the client managed to improve their sales in the newly targeted geographical region.