Hey guys, Dustin here, CEO of sixthreezero. We're going to answer the question today, "Why are electric bikes so expensive?" Stick with us.
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All right, so let's answer the question. Why are electric bikes so expensive? So electric bikes are a newer technology in the bike industry. They've really come into the forefront over the last 10 to 15 years, but I would say over the last three years is when they've really skyrocketed in popularity, in particular, out here in California, Southern California. There are electric bikes everywhere. We are down here now in San Clemente and I see just hundreds on the streets all the time.
Now, why are they so expensive? Well, they're so expensive because they are new. That's really the number one thing. The technology, the motors, the batteries, all of these things are newly developed for bikes. There's been a lot of research and development and time that has gone into developing these motors, how they run through the bikes, how the batteries are connected, and all of those things. So anything that's a newer technology is always going to be more expensive. That's just sort of the nature of technology as it comes out. And usually, the technology always gets cheaper over time as manufacturing becomes more efficient, as patents become more well-known, as things can just get done a lot easier. As more supply gets into the marketplace, prices will usually come down. Obviously right now with COVID going on, the supply of e-bikes and regular bikes is in a very limited capacity. So the prices are even holding more or in some cases may be going up. So that's another reason why they're expensive right now, but not the whole reason.
I'd say the biggest expense of an e-bike
is the battery. The battery is the most technologically advanced piece of the bike and the lithium-ion batteries can be quite costly. And lithium-ion is really the most popular thing right now. Cars are running off of it. Cell phones are running off it. Basically, everything we have right now in sort of personal electronics is running off lithium-ion batteries. And that technology, although more expensive than the old school lead-acid batteries, there's a lot more benefit to the lithium-ion the rechargeables of it, and just the ease of use, the cleanliness of it. They don't leak. They're not as dangerous, things of that nature. So there's a lot of benefits to it. But again, the lithium-ion is just the most expensive piece of the e-bike. It's those batteries. If you took away the batteries, you would take away in some cases, several hundred dollars. It really depends on the size of the battery, the size of the motor, the type of the batteries, what brand they are, Samsung, LG.
Again, so that really is the biggest driving cost of why e-bikes are so expensive. The motors in and of themselves are not as complex, pretty simple all in all. It drives the chain, drives the motor, depending on if you have a front hub, the mid-drive, or the rear hub. The mid-drive is going to peddle the crank, so a little bit different than the rear hub or the front hub, but yeah. That's really it. So I would assume over the next few years, as the battery technology starts to get better and better and more efficient, more people start producing them. You're going to see costs, definitely go down. At least that's my assumption in the electric bike market.
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