The global electric cargo bike market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.8% during 2023-2028. The increasing inclination towards online shopping, rising demand for fuel-efficient vehicles, and the growing investments in the upgradation of public charging infrastructure represent some of the key factors driving the market.
An electric cargo bike, also known as a freight bicycle, is a lightweight, battery-operated cargo-carrying vehicle designed for allowing riders to carry and transport heavy products. It is incorporated with an electric motor that helps the rider during pedaling. It assists in improving cardiovascular health, enhancing mental well-being, promoting weight management, and reducing stress. It enables riders to avoid traffic congestion and save time on short trips. It is more environment friendly, sleek, lightweight, faster, and offers superior stability, which minimizes adverse ecological, social, and economic effects as compared to a conventional bike. It is also portable, smooth, cost-effective, and an easy to ride transportation medium. At present, key players are introducing electric cargo bike variants with tilting systems to provide smooth, responsive, agile rides, and carrying goods and expand their consumer base.
Electric Cargo Bike Market Trends:
There is an increase in the inclination towards online shopping and the requirement for efficient delivery of products. This, coupled with significant growth in the e-commerce industry, represents one of the major factors driving the demand for electric cargo bikes around the world. Moreover, due to growing environmental concerns, governing agencies of numerous countries are implementing regulations to promote the use of electric cargo bikes and minimize the carbon footprint. They are also undertaking measures to improve road networks. This, along with the inflating prices of petrol and rising demand for fuel-efficient and high-performance vehicles, and increasing awareness about the economic and ecological benefits of adopting these bikes, is favoring the growth of the market. In addition, the growing preferences for electric cargo bikes, especially in traffic-congested cities, is influencing the market positively. Apart from this, the increasing investments in the upgradation of public charging infrastructure for electric vehicles (EVs) like electric cargo bike and the expanding number of EV charging stations are propelling the growth of the market. Furthermore, the incorporation of lithium-ion (Li-Ion) batteries in electric cargo bikes on account of their numerous advantages, such as better voltage capacity, longer charge retention, and a lower self-charge, is contributing to the market growth. Additionally, significant improvements in the automotive infrastructure and the rising number of automotive manufacturing plants are strengthening the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global electric cargo bike market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, battery type and end user.
Product Type Insights:
The report has provided a detailed breakup and analysis of the electric cargo bike market based on the product type. This includes two-wheeler, three-wheeler, and four-wheeler. According to the report, two-wheeler represented the largest segment.
Battery Type Insights:
A detailed breakup and analysis of the electric cargo bike market based on the battery type has also been provided in the report. This includes lithium-ion, lead-based, and nickel-based. According to the report, lithium-ion accounted for the largest market share.
End User Insights:
- Courier and Parcel Service Providers
- Service Delivery
- Personal Use
- Large Retail Suppliers
- Waste Municipal Services
The report has provided a detailed breakup and analysis of the electric cargo bike market based on the end user. This includes courier and parcel service providers, service delivery, personal use, large retail suppliers, waste municipal services, and others. According to the report, courier and parcel service providers represented the largest segment.
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others) was the largest market for electric cargo bike. Some of the factors driving the Europe electric cargo bike market included marketing strategies, product innovations, investment in R&D activities, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global electric cargo bike market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Accell Group N.V., Amsterdam Bicycle Company, Butchers & Bicycles Ltd., CERO Inc., Kalkhoff Werke GmbH, Giant Bicycles, Mahindra & Mahindra Limited, Rad Power Bikes Inc., Riese & Müller GmbH, Worksman Cycles, Xtracycle Cargo Bikes, Yuba Bicycles, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Product Type, Battery Type, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Accell Group N.V., Amsterdam Bicycle Company, Butchers & Bicycles Ltd., CERO Inc., Kalkhoff Werke GmbH, Giant Bicycles, Mahindra & Mahindra Limited, Rad Power Bikes Inc., Riese & Müller GmbH, Worksman Cycles, Xtracycle Cargo Bikes and Yuba Bicycles
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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the electric cargo bike market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global electric cargo bike market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the electric cargo bike industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.