The bicycle industry has found a driving force for new pro

 profits in producing electric bicycles, exploring niche markets, an

d improving intelligent and network connecting levels, Economic Daily reported Monday.

As China’s bicycle-sharing companies experienced periods of boom and decline in 2017 and

2018, many of the country’s bicycle companies have discovered new profit potential by producing e-bicycles.

Statistics show the output of shared bicycles was 5 million in 2018, a quarter of that of 2017, while the o

utput of e-bicycles reached 32.78 million in 2018, up 5.8 percent year-on-year, according to the report.

Benefiting from ever-growing demand, the development of the e-bicycle has maintained strong growth momentum. In the f

irst quarter of this year, the profit growth rate reached 28.7 percent for e-bicycle enterprises above the designated size

in the industry, which refers to those with an annual main business revenue of 20 million yuan ($2.98 million) or more.