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 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.
- Based on the product types, the market has been segmented into two-wheeler, three wheeler and four-wheeler.
- On the basis of the battery types, the market has been divided into lithium-ion, lead-based, and nickel-based.
- Based on the end user, the market has been categorized as courier and parcel service providers, service delivery, personal use, large retail suppliers, waste municipal services, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players 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, and Yuba Bicycles.
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