FMI’s Solution for an Electric Bike Manufacturer to Boost its Global Expansion
A leading manufacturer in the electric bikes market wanted to expand its network in the global market. An increasing number of electronics companies in the electric bikes market and a variety of types launched by these companies are two of the main challenges faced by the client. The client wanted to modify its business strategies to maintain an edge, as the competition in the electric bikes market has been increasing gradually. Furthermore, changing regulatory environments across various geographical regions creates the need for adopting different strategies to capitalize on the sales opportunities in different countries. The client needed specific, value-based insights on how to approach a diverse customer base that changes geographically, in a bid to improve its global foothold in the electric bikes market.
Customers and governing bodies have been collectively contributing to the growth of the electric bikes market, as customers are becoming more health-conscious, and emission control has become a huge concern for the latter. The increasing trend of health & fitness has been triggering customers to indulge in various forms of physical exercises. This is bolstering the adoption of electric bikes as a part of customers’ fitness regimes, thereby boosting the sales of electric bikes. In addition, governmental organizations around the world are imposing various emission control rules and fuel efficiency regulations in the transportation sector. This is likely to bring significant changes in customers’ perception about the traditional modes of transportation. Growing awareness about the environmental footprint of conventional vehicles and increasing health-consciousness are expected to trigger the sales of electric bikes in the coming years. FMI also finds that, Asia Pacific and the European Union are among the most lucrative markets for electric bikes. Customers across these regions are more inclined towards using electrically-power-assisted bicycles or pedelecs as a mode of transportation, which meet their fitness needs, while also meeting the environmental standards for fuel efficiency and emission control.
FMI suggested the client to shift its focus on the Asia Pacific region, as the demand for pedelecs or electrically-power-assisted bicycles has been growing at an exponential rate in the region. FMI also provided a detailed survey on customer needs and the regulations implemented in various countries in Asia Pacific, to help the client in developing strategies to grow its business in the region. A thorough research about the recent developments in batteries and fuel cells helped the client further improve the efficiency of its electric bikes, and gain a competitive edge in the electric bikes market.
FMI’s customer study helped the client to understand customers’ primary requirements vis-à-vis electric bikes. The client launched pedelecs, which are a combination of a hybrid of human and electrical energy, to target customers who think that an electric bike is a 'lazy alternative' for a conventional bicycle. The client also carried out innovative marketing campaigns to spread awareness about the availability of pedelecs. The company also collaborated with a leading battery manufacturer to offer more efficiency and reduce the production cost of its electric bikes. Furthermore, investments in next-gen technologies helped the client introduce innovative features, such as an anti-braking system (ABS), in the high-end models of its electric bikes. This promoted the safety features of electric bikes, which ultimately contributed to increased sales.