The global demand for cargo bikes is expected to rise at 10.8% year-on-year in 2021 with sales reaching over US$ 900 million. Future Market Insights (FMI) projects the cargo bike market to grow at 11.6% CAGR between 2021 and 2031.
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 essential to addressing two major issues—congestion and poor air quality—while maintaining standards of living in metropolitan areas. These elements are essential to cargo bike sales.
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These problems are improved by using cargo bikes as a means of transportation for urban freight flows, which forces manufacturers to increase their investments in the manufacturing industry and, ultimately, increases demand for cargo bikes.
A rise in financial and non-financial incentives is promoting the use of battery-powered freight bikes. Additionally, the move from conventional gasoline bikes to paddle aided and battery assisted cargo bikes as a means of transportation is being driven by the need for sustainable urban mobility and modern transportation.
Over the course of the assessment period, FMI anticipates an 11.8% increase in demand from suppliers of courier and parcel services. A key growth driver will continue to be the industry’s focus on reducing its carbon footprint. It is believed that cargo bikes will improve both air quality and energy security.
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.
“The global rise in traffic congestion coupled with growing demand from the logistics sector, especially following the outbreak of the COVID-19 pandemic is expected to drive the market for cargo bikes, through the end of 2031” says a Future Market Insights analyst.
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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
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Report Coverage:
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Key Points Covered in the Cargo Bikes Market Study
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Cargo Bikes Market and How to Navigate
- Recommendation on Key Winning Strategies
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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