Levi Conlow, CEO and Co-founder of Lectric eBikes
Throughout the pandemic, the electric bike industry reached new heights as sales continued to skyrocket. A lot of people were not only looking for a way to get out and exercise, but also for an alternative travel option outside of mass transit and gas-powered cars. Since then, several factors including inflation, increasing gas prices, and growing climate change awareness continue to contribute to the eBike industry boom.
Despite the rapid growth of the electric vehicle industry, with no signs of slowing, there is still the very real issue of attainability for all customers. For anyone who has kept up with the electric vehicle market, it comes as no surprise that there is a huge market gap between EV’s and affordability. This limits the amount of people with access to EVs, creating the perception that it is a luxury only available for a small percentage of wealthy customers.
The average cost of an electric vehicle in the U.S. is approximately $66,000, compared to a high-quality eBike that can cost anywhere from $800 to $5,000. By opting to commute via eBike, riders can also eliminate additional car expenses such as gas, insurance, maintenance, and parking.
With electric car prices still out of reach for many people interested in EVs, eBikes are by far the most affordable and efficient EV option. From promoting a healthier lifestyle to helping reduce carbon emissions, the benefits of choosing an eBike extend far beyond cost alone. These are just three of the reasons why we believe all consumers should have access to eBikes and the advantages that they present:
Positively Impacts the Environment
As the conversation surrounding climate change continues to grow, so have consumers’ desire for more sustainable living options to help reduce their impact on the planet. Environmental impact has played a major role in the electric vehicle revolution, giving people a transportation option that significantly reduces carbon emissions and lowers air pollution levels.
While gas-powered cars rely on fuel and gasoline to function, electric vehicles get their power from batteries. If you were to narrow it down to eBikes, the batteries used can be recharged by simply plugging it into a common household outlet for the low price of 5 cents. For eBike riders, commuting 20 or more miles a day could cost just $10 or less in a year - all without carbon emissions.
Encourages A Healthier Lifestyle
In addition to the overall health of the planet, consumers’ focus on their own health and wellness has become an important consideration while making purchases as of late. For many people, traditional bikes can cause significant exertion, especially when riding uphill, on softer terrain, or against headwinds. With electric bikes, those challenges are alleviated, making for a more comfortable, confident, and controlled ride. Electric bikes have made it possible for more people to enjoy biking, including those with limited mobility or disabilities.
People are Traveling Shorter Distances
Not only are eBikes a great transportation option for exploring the outdoors, but they are also an efficient form of transportation for shorter commutes. A 2021 study found that 52% of daily trips, including all modes of transportation, were for distances of less than three miles. Just imagine, if commuters who are only traveling three miles each trip in their gas-powered cars were to switch to eBikes, the benefits could be huge on both an individual and societal level.
On the individual level, the rider has the potential to save thousands on unnecessary costs that come with car trips. On the societal level, opting to ride an eBike would take one more car off the road, reducing traffic and road congestion for those traveling longer distances.
Despite being in the midst of the EV revolution, there is still a lot of progress needed within the industry to create an easier path to purchase for consumers. The best way to make electric transportation attainable to the masses is for manufacturers to prioritize the greater impact of EVs than maximizing profits. Recently, many EV companies have decided to unnecessarily transfer the cost of inflation onto consumers by raising the prices of their products, regardless of other macro-environmental factors that can keep costs low.
In addition, the U.S. government has the power and responsibility to keep costs attainable for everyday Americans. Within recent legislation, specifically the 2022 U.S. Inflation Reduction Act, eBikes were unfortunately excluded and were not recognized as a viable form of transportation. By neglecting to pass this legislation, we’re missing a massive opportunity to electrify more consumers nationwide, especially in lower income situations.
At the end of the day, all the personal and societal benefits that come with eBikes shouldn’t need to come with a premium price point and should be easily available for consumers of all demographics nationwide. There is a direct correlation between eBikes on the road and affordability, and with support from manufacturers and the government, EV ownership can be possible for everyone.
About Levi Conlow, CEO and Co-founder of Lectric eBikes
Levi Conlow is the Chief Executive Officer and Co-Founder of Lectric eBikes, based in Phoenix, Arizona. At the age of 23, he partnered with longtime friend and engineer, Robby Deziel, to design and market an electric bike built for everyone at an industry-shattering price. The final prototype resulted in sales of $1 million in just three weeks in 2019. Today, Lectric is one of the fastest growing ebike companies in the nation.
A Lakeville, Minnesota native, Levi earned a Bachelor of Science degree in Entrepreneurial and Small Business Operations from Grand Canyon University (GCU) in 2016. He subsequently gained a Master’s degree in Leadership from GCU in 2018.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.