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According to the latest report by IMARC Group, titled “Electric Cargo Bike Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global electric cargo bike market size is expected to grow at a CAGR of 12.17% during 2022-2027. Electric cargo bikes refer to cargo-carrying bikes powered by nickel-based or lithium-ion batteries. With their lightweight and sleek design, these bikes are much more stable and smoother, making them ideal for a variety of transportation needs. Riders can transport heavy items that are difficult to transport manually, such as heavy parcels, freight, and food supplies, by using these bikes. In addition to being eco-friendly, electric cargo bikes consist of varied speed limits that ensure the safety of the cargo from damage. As a short-term cargo delivery vehicle, they produce less greenhouse gas emissions, have a lower running cost, and can travel faster in the cities.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Electric Cargo Bike Market Trends:
The market is primarily driven by increasing environmental concerns with an enhanced focus on sustainable development. In addition to this, favorable government expenditures promoting renewable energy adoption and environmentally acceptable transportation options are providing an impetus to the market growth. Moreover, the increasing investments in the production of three-wheeled and four-wheeled cargo bikes are resulting in a higher product uptake on the global level. Continual technological breakthroughs and advancements in the manufacturing of cost-efficient, energy-efficient and low-emission vehicles are also creating a positive outlook for the market. Extensive research and development (R&D) activities focusing on increased payload capacity and commute distances of cargo bikes are further providing a boost to the market. Some of the other factors contributing to the market include the rising carbon emissions, rapid urbanization and digitization, and inflating disposable incomes of the individuals.
Market Summary:
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