With the rise of e-commerce operations, logistical flows are witnessing significant expansion, creating transport and time-sensitive operational challenges. According to a recent report by Future Market Insights (FMI), the global cargo bike market is projected to expand at CAGR of around 11.6% over the forecast period 2021-2031.
Sustainable urban logistics development is becoming increasingly vital to keep up with quality-of-life parameters in urban centres, while solving two major problems—congestion and poor air quality. These factors are critical to sales of cargo bikes.
The usage of cargo bikes as a mode of transportation for urban freight flows has a favourable impact on these issues, compelling manufacturers to invest more in the manufacturing sector, thereby fuelling the demand for cargo bikes in the long term.
Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated cargo bikes. Moreover, the need for sustainable urban mobility and modern transportation is driving the transition from conventional fuel bikes to paddle assisted and battery assisted cargo bike for mode of transport.
FMI projects demand among courier and parcel services providers to rise at 11.8% over the assessment period. Focus on curbing carbon footprint by the industry will remain a chief growth driver. Cargo bikes are anticipated to have a positive influence on energy security and air quality.
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Cargo Bike Market Outlook 2016-2020 Compared to 2021-2031 Forecast
Driven by growing demand from courier and parcel service providers and personal transportation businesses, the cargo bikes market registered 9.8% CAGR during 2016-2020.
Over the last few years, governments, primarily in developed countries, have increased their efforts to address a variety of transportation-related concerns and their environmental impact. Various groups are encouraging the use of cargo bikes as an environmentally beneficial urban logistics transportation option.
As city roads continue to face increasing levels of congestion, cargo bikes have emerged as an efficient and convenient mode of transportation for logistics firms. According to the Future Market Insights analysis, the market will expand at 11.6% CAGR between 2021 and 2031.
Key Takeaways from Cargo Bike Market Study
- Three wheeled cargo bikes are anticipated to account for 423 Mn by the end of 2021, owing to courier delivery, personal transport, and warehouse transport applications.
- US$ 3,501-6,000 price range segment sales accounted for US$ 414 Mn supported by availability of electric and conventional cargo bikes.
- Germany leads the Europe market with a US$ 253.8 Mn sales figure in 2021 because of ease availability of raw material and government incentives.
- The U.S. will hold around 92% of the North America market through 2031, supported by the presence of major logistics players in the country.
- In 2021, the Brazil cargo bike market will rise at steady 6.1% CAGR, with investments into low cost logistics gaining ground in the country.
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Competitive Landscape
The global cargo bike market is highly competitive at regional, country, as well as global level, and highly fragmented in nature. Top companies operating in the market contribute notably to revenue generation. With compliance to governmental standards and regulations, these companies have a global brand presence.
Some of the key players included in the report are Accell Group N.V. (Carqon), Jinhua Jobo Technology Co., Ltd., BODO Vehicle Group Co., Ltd. (LUXMEA), Chongqing Mobimax Technology Co., Ltd., Mobility Holdings, Ltd. (Tern Bicycles), Riese & Müller GmbH, Urban Arrow, Worksman Cycles, Yuba Electric Cargo Bikes, Rad Power Bikes Inc., and others.
Cargo Bike Market by Category
By Product Type:
- Two Wheeled
- Three Wheeled
- Four Wheeled
By Propulsion:
- Conventional
- Electric
By Price:
- Below US$ 1,500
- US$ 1,500-3,500
- US$ 3,501-6000
- Above US$ 6,000
By Wheel Size:
- Below 20″
- 20″-24″
- 26″
- 27.5″
- Others
By End Use:
- Courier & Parcel Service Provider
- Large Retail Supplier
- Personal Transportation
- Service Delivery
- Waste, Municipal Services
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa