I don't agree, I think there is another 'potential' market (and it's formed from all those who don't cycle at the moment) , it just hasn't been developed yet. The UK is very windy compared to the rest of Europe, and hilly in places, these are two major reasons why people don't consider cycling in the UK, although they ain't the only reasons by any means.
But all the evidence show they don't cycle because they just don't want to, Britain no longer being a cycling nation. It's got nothing to do with hills or headwinds or even weather, they don't even get as far as considering such factors. About the only cycling factor the masses consider is that of traffic danger, and that only in relation to their children who they commonly refuse to allow to have a bike.
There's no way that is a potential market. They have cars, they very much prefer cars and almost all of them will give up just about anything before they will give up their cars.
And there's another factor you haven't considered, one we've discussed a number of times. It's strange but true that e-biking is least popular in the hilliest areas. I live in one such area and e-bikes are as rare as hens teeth, indeed in all my cycling years I've yet to see one ridden around here, just one parked once and one being pushed on a pavement once. No-one knows why this is, the best guess being that e-bikes are too low powered to interest a public wanting to by carried up hills by the motor and who don't expect to have to pedal hard as well.
