The new report by Expert Market Research titled, ‘Global Electric Cargo Bikes Market Share, Size, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global electric cargo bikes market, assessing the market based on its segments like product type, battery type, end-use and regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): USD 1,455.8 million
- Forecast CAGR (2023-2028): 34.8%
- Forecast Market Size (2027): USD 8,800.2 million
The rising consciousness of the environment around the world is the key factor driving the growth of the sector of electric cargo bikes. Rising government spending to support the adoption of renewable energy sources and environmentally sustainable alternatives has contributed significantly to the growth of the sector. Although four-wheeler cargo bikes have not yet played an important role, in comparison to two-wheelers, sales of three-wheeled cargo bikes are increasing at a comparatively faster pace. It is anticipated that rapid technological developments and new technologies to build affordable and low-emission transport alternatives will bode well for the growth of the industry in the coming years.
Electric Cargo Bikes Industry Definition and Major Segments
Battery-operated bikes and motorcycles are referred to as electric cargo bikes. Portable batteries such as lithium-ion and nickel-based batteries are used to operate and power these bikes. As they are light in weight, electric cargo bikes are highly versatile and offer smooth riding. For carrying parcels, freight, food, and more, they may serve as an effective transport system. Also, since they are environmentally friendly and have a low operating cost, the market for these vehicles is growing. (All segments mention the leading or significant (growth-driving) segments).
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By product type, the market is segmented as:
The market is segmented, based on the battery type, as:
- Lead Based
- Nickel Based
Based on end-use, the industry can be divided into:
- Courier and Parcel Service Provider
- Municipal Services
- Service Delivery
- Retail Supplier
On the basis of regional markets, the industry is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Electric Cargo Bikes Market Trends
In the global market for electric cargo bikes, Europe is the leading region and is also expected to retain its dominance in the forecast era. The growth of the European market can be attributed to the booming sector of cargo bikes and the growing adoption of electric vehicles (EVs). Positive government policies to encourage sustainable transport contribute significantly to the development of the industry. In addition, Germany has a large share of the European electric cargo bicycle market. In 2016, the country announced sales of 15,000 e-cargo bikes.
The growth of the regional industry is aided by the growing adoption of cargo bikes for private and commercial use. In addition to Germany, the other important national markets in Europe are Denmark, the United Kingdom, and the Netherlands. North America, meanwhile, is predicted to see significant growth during the projected period. In the coming years, the increasing emphasis on improving air quality, decarbonizing transport, and recovering public street space is expected to favor the growth of the electric cargo bikes market.
Key Market Players
The major players in the market are Rad Power Bikes LLC, Yuba Bicycles LLC, Worksman Trading Corporation, Douze Factory SAS, Republic Bike Inc., Dutch Cargo Bike and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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