Electric Cargo Bike Market 2022 Development Status, Competition Analysis, Type and Application 2031

The use of electric cargo bike for logistics and supply chain applications are currently gaining traction in countries with matured transportation systems. The increasingly important requirement to reduce the carbon footprints for environmental protection, along with high performance and low maintenance characteristics in the logistics industry, are compelling manufacturers to invest production capacity, therefore creating promising market prospects for the foreseeable future.

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With increasing investments in urbanization, increasing volume of deliveries being conducted by logistics companies in terms of last-mile operations is a key factor that supports the adoption of electric cargo bikes. Minimal fatigue to riders, low operational costs, minimal environmental impact, and growing levels of social acceptance are expected to drive demand in the long-term.

On the other hand, electric cargo bikes are limited in terms of payload carrying capacity and range of operations. Efforts to bolster performance capabilities through research and development and marketing operations aimed towards geographical expansion are key factors being considered by market leaders.

Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated electric cargo bikes. Moreover, the need for sustainable urban mobility solutions and modern transportation is driving the transition from conventional to electric modes of transport. E-cargo bikes are anticipated to have a positive influence on energy security and air quality. Regulations aimed towards net zero emissions and climate protection agreements are proving important to future market developments.

What Is the Impact Of COVID-19 Crisis On the Electric Cargo Bike Market?

Lockdowns imposed across various countries have negatively impacted the market. Limited production and transportation-related delays owing to travel restrictions have created obstacles. With the consecutive waves of the novel coronavirus impacting the industry, recovery is likely to be gradual through 2021.

Nonetheless, several e-commerce and logistics companies continue to invest in deliveries for essential goods to customers by increasing their electric cargo bike fleet sizes to accommodate the need of the customers.

Despite the difficult situation, economies are steadily recovering from the pandemic. Company activities have begun to grow as supply and distribution networks recover. Against this backdrop, the pandemic is unlikely to have a long-term effect on the electric cargo bike market.

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Key Takeaway from Market Study

• Lithium-ion batteries are expected to hold more than 84% of the market owing to their high charging efficiency, charge density, and low-weight compared to lead and nickel-based alternatives
• Two-wheeled electric cargo bikes are anticipated to remain one of the fastest growing segments exhibiting a CAGR of 12.2%
• Germany is expected to account for a dominant share of 39% in Europe backed by the presence of some of the key manufacturing facilities and government incentives.
• The U.S. will hold the lead in North America, accounting for over 90% of the regional industry owing to developments in transport infrastructure.
• Brazil is likely to generate lucrative opportunities, reflecting a CAGR of over 8% through the end of 2031.

Market players are looking to offer eco-friendlier updates to cater to the changing consumer preference. Besides this, there is immense focus on expanding their product portfolio to gain competitive edge, says a lead FMI analyst.

Competition Landscape

The global electric 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 are occupying a hefty share in terms of revenue.

With compliance to governmental standard and regulations, these companies have a global brand presence. Leading manufacturers are also updating their technologies to improve their market share.

Some of the key players included in the report are Accell Group N.V. (Carqon), Jiangsu Xinri E-Vehicle Co. Ltd., 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.