The cargo bike market is gaining impressive momentum and is set to reach a substantial value of USD 4.2 Billion by 2033. With a robust CAGR of 11.6%, this sector is on the rise, driven by increasing urbanization, environmental concerns, and the growing need for efficient and sustainable transportation solutions.
As more cities and businesses recognize the advantages of cargo bikes, including reduced traffic congestion and lower carbon emissions, their adoption is rapidly expanding. This growth reflects a significant shift towards greener logistics and more sustainable urban mobility options.
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Key Takeaways from the Cargo Bike Market Report:
- The United States electric cargo bike market is expected to grow with a CAGR of 9.5% during the forecast period.
- The demand for electric cargo bikes in Australia is expected to grow with a CAGR of 11.5% during the forecast period.
- By battery type, the lithium-ion battery segment is projected to grow with an impressive CAGR of 12% during the forecast period.
- The market in Germany is expected to grow with a significant CAGR of 11.6% throughout the forecast period.
Competitive Landscape:
The market for electric cargo bikes is highly competitive, with numerous prominent industry players making substantial investments in their production.
The key industry players are 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.
Recent Developments:
- In October 2022, French company Douze Cycles introduced a series of cargo bikes comprising four models, three of which feature electric assistance. These bikes offer an impressive hauling capacity of up to 205 kg.
- In June 2022, Tern unveiled NBD, a low-step e-bike capable of supporting a maximum gross vehicle weight of 140 kg. It features a rear rack with a capacity of up to 27 kg and a front rack that can handle up to 20 kg.
- DOUZE Factory SAS, a French company specializing in cargo bike design and manufacturing, revealed a collaboration with Toyota on March 8, 2023. Together, they will co-develop and launch a new lineup of electric cargo bikes.
- On November 3, 2022, Yuba Bikes from California introduced their popular non-motorized ‘longtail’ bicycles. These bikes have an extended deck for carrying cargo or passengers. Yuba expanded its cargo bike range with the new Fastrack model, featuring a patent-pending integrated Dual Rack System that can be adjusted in four ways to accommodate different cargo or passengers.
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Cargo Bike Market Segmentation:
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
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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