According to Future Market Insights (FMI), the global electric cargo bike market is projected to expand exponentially at CAGR of around 12% over the forecast period. Sales of electric cargo bikes is likely to exceed a valuation of US$ 545.2 Million by year 2031.
The market for electric cargo bikes is expected to rise at a remarkable rate due to rising investments in the expansion of transportation infrastructure to satisfy the expanding needs of the global population. In nations with developed transportation infrastructures, the usage of electric cargo bikes for logistics and supply chain applications is currently gaining ground.
High performance and low maintenance requirements in the logistics sector, along with the requirement to reduce carbon footprints for environmental protection, are pressuring manufacturers to invest in production capacity, which is creating positive market prospects for the foreseeable future.
The adoption of electric cargo bikes is supported by rising investments in urbanisation as well as the volume of deliveries made by logistics firms in terms of last-mile operations. Long-term demand is anticipated to be fueled by cheap running costs, little environmental impact, low levels of rider tiredness, and rising levels of societal acceptance.
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On the other hand, the range and payload carrying capacity of electric cargo bikes are constrained. Market leaders are taking into account a number of important variables, including initiatives to improve performance capabilities through research and development and marketing initiatives focused on regional expansion.
An increase in financial and non-financial incentives is promoting the use of battery-powered electric cargo bikes. Additionally, the switch from conventional to electric forms of transportation is being driven by the demand for contemporary transportation and sustainable urban mobility solutions. E-cargo bikes are projected to improve both air quality and energy security. Future market developments are dependent on regulations targeted at net zero emissions and climate protection agreements.
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.
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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.
Key Companies Profiled
Jiangsu Xinri E-Vehicle Co. Ltd., Jinhua Jobo Technology Co., Ltd., CERO ELECTRIC CARGO BIKES, Worksman Cycles, DOUZE Factory SAS, XYZ CARGO, Butchers & Bicycles ApS, NIHOLA, Babboe, Yuba Electric Cargo Bikes, BODO Vehicle Group Co., Ltd. (LUXMEA), Chongqing Mobimax Technology Co., Ltd., Carqon (Accell Group N.V.), XCYC (Gemeinnützige Werkstätten und Wohnstätten GmbH ), Riese & Müller GmbH, Urban Arrow, Rad Power Bikes Inc., Tern Bicycles (Mobility Holdings, Ltd.), Pedego Electric Bikes, Xtracycle Inc., Amsterdam Bicycle Company, Triobike
Electric Cargo Bike Market by Category
By Product Type:
- Two Wheeled
- Three Wheeled
- Four Wheeled
By Battery Type:
- Lead Based
- Nickel Based
- Lithium Ion
By End Use:
- Courier & Parcel Service Provider
- Large Retail Supplier
- Personal Transportation
- Service Delivery
- Waste, Municipal Services
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