Whereas non-electric bikes have a strong secondhand market, the extra complicated tech in e-bikes means riders are extra reticent to purchase used, Wattinne defined. By refurbishing the bikes and providing a yearlong guarantee, Upway goals to ease that anxiousness whereas retaining extra used e-bikes in circulation for longer.
Upway has targeted its advertising and marketing on “tailor-made and particular partnerships,” because it builds model consciousness within the U.S., with placements in newsletters from shops like The New York Occasions, Enterprise Insider and The Donut.
Newsletters let Upway “punch above our weight, or, ensure that we’ve speedy entry to a certified viewers at a lower cost,” Wattinne defined. The corporate can be investing in social and search and can shift to extra top-of-funnel model advertising and marketing on streaming platforms.
Electrical development
E-bike gross sales have skyrocketed lately, leaping 269% between 2019 and 2022, in response to knowledge from market analysis agency Circana and reported by ABC.
However there’s nonetheless big potential for development. Simply 10% of Individuals personal an e-bike thus far, in response to the Adweek-Morning Seek the advice of survey. And almost 6 in 10 non-electric bike house owners are desirous about upgrading to an e-bike within the subsequent 5 years.
In response to the Adweek-Morning Seek the advice of knowledge, over half (57%) of persons are most involved with the protection and value of an e-bike.
“That’s fairly typical if you’re speaking about new tech,” defined Julia Martinez, power and auto analyst at Morning Seek the advice of. “I see this with electrical automobiles as properly—customers are probably the most fearful about security. They’re simply unfamiliar with the know-how.”
Of these most occupied with shopping for an e-bike within the subsequent 5 years, upkeep and vary had been additionally high issues for a majority (59% and 60%, respectively), whereas measurement and hauling capability had been high priorities for about half of these surveyed.
“We’re at someplace between 30 and 50% penetration of e-bikes in the meanwhile of complete bikes,” Kersten Heineke, companion in McKinsey’s Frankfurt workplace and co-lead of the agency’s Heart for Future Mobility, advised Adweek. “That’s in the end going to go all the way in which as much as 60, 70, 80. […] We’re tremendous enthusiastic about the way forward for the business.”
