Electric Cargo Bike Market Size Will Achieve USD 2,042
TOKYO, Aug. 29, 2022 (GLOBE NEWSWIRE) — The Electric Cargo Bike Market is expected to grow at a CAGR of around 13.7% from 2022 to 2030 and expected to reach the market value of around USD 2,042 Million by 2030.
Electric Cargo Bike Market Report Key Highlights
- Global electric cargo bike market size was USD 647 million in 2021 and expected to grow at CAGR of 13.7% from 2022 to 2030
- Europe electric cargo bike market is expected to lead with more than 60% market share
- Germany is anticipated to acquire approximately 40% of the Europe industry
- Asia-Pacific electric cargo bike market is expected to grow with fastest CAGR during the forecast period from 2022 to 2030
- Within East Asia, China will account over 50% of electric cargo bikes sales
- By product type, two-wheeled electric cargo bike attained more than 40% of total market share
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|Market||Electric Cargo Bike Market|
|Electric Cargo Bike Market Size 2021||USD 647 Million|
|Electric Cargo Bike Market Forecast 2030||USD 2,042 Million|
|Electric Cargo Bike Market CAGR During 2022 – 2030||13.7%|
|Electric Cargo Bike Market Analysis Period||2018 – 2030|
|Electric Cargo Bike Market Base Year||2021|
|Electric Cargo Bike Market Forecast Data||2022 – 2030|
|Segments Covered||By Product Type, By Battery Type, By End-use, And By Geography|
|Electric Cargo Bike Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Butchers & Bicycles, Cero Electric Cargo Bikes, Douze Factory SAS, Jiangsu Xinri E-Vehicle Co. Ltd., Kocass End-Use Co. Ltd., Rad Power Bikes LLC, Riese & Müller GmbH, Worksman Cycles, Xtracycle, Yuba Electric Cargo Bikes, and others.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Electric cargo bikes are designed for carrying large or heavy loads in an environment-friendly manner. E-cargo bikes are intended to be used for 20% of deliveries in near future, according to a study done by Deloitte.
Some of the Key Observations Regarding the Electric Cargo Bike Industry Include
• According to Deloitte Technology, Media & Telecommunications Predictions 2020, cycling is estimated to be the future of urban transport. As a part of the report, electric cargo bikes could become a preferred solution for last-mile delivery in cities having the potential to undertake tens of billions of deliveries worldwide on yearly basis.
• Volkswagen Group Services and Volkswagen Commercial Vehicles developed the cargo e-bike in 2019. The group is marketing this e-bike with a maximum load of 210 kilograms (including the driver)
• Smartron India introduced tbike flex, an e-bike and cargo delivery platform for last-mile deliveries and connectivity in December 2020. The bike is priced at INR 40,000 and is suitable for carrying heavy items and cargo up to 40kgs. The new e-cargo bike is powered by a portable lithium battery having a maximum speed of 25kmph. Moreover, it has a range of 75 to 120 km per charge.
• Global automotive supplier Valeo has developed three prototypes to show how its solution of integrating both an electric motor and an adaptive automatic transmission in the pedal assembly can be adapted to all three types of models including a city bike, a mountain bike, and a cargo bike for transporting loads. Additionally, the innovation has been sold to the bike manufacturers and they have decided to offer fully integrated solutions at the same price as existing systems.
• Tern launched the “Haul Stuff Daily” or HSD electric cargo/utility e-bike in December 2020. The Tern’s HSD has got a significant performance boost with the introduction of a Class 3 version HSD S11 with the capability of up to 28 mph (45 km/h) in the US.
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COVID-19 Impact on the Global Electric Cargo Bike Market Revenue
COVID-19 had a two-way effect on the electric freight bike industry. Lockdown mandates, on the other hand, had a significant impact on the supply chain. Lockdowns enforced in several countries have had a negative influence on the market. Obstacles have arisen as a result of limited manufacturing and transportation-related delays caused by travel restrictions. Many manufacturers were compelled to cut production. Growing e-commerce and food delivery firms around the world, on the other hand, had a positive impact on market growth. Despite the challenges, economies are gradually recovering from the pandemic. As distribution and supply networks rebuild, the company’s activities have begun to expand.
Electric Cargo Bike Market Dynamics
Increasing investment in product development to develop high-performance, high-load carrying capacity, and low-maintenance bikes is driving the global electric cargo bikes market growth. Rising technological advancements in bikes are one of the electric cargo bike market trends that are strengthening the industry’s growth. However, the limited range and slow speed of these bikes are two of the major restraints that are limiting the electric cargo bikes’ market share. Furthermore, increasing environmental regulations in the European region will create significant growth opportunities for the market during the forecasted timeframe from 2022 to 2030.
Electric Cargo Bikes Market Segmentation
The global electric cargo bike market is segmented on the basis of product type, battery type, end-use, and geography.
By product type, electric cargo bikes are divided into two-wheelers, three-wheelers, and four-wheelers. According to our electric cargo bike industry analysis, the two-wheeler sub-segment generated the largest revenue accounting for more than half of the market share in 2021, and is likely to do so in the coming future. The high growth in the segment is credited to the growing demand for electric cargo bikes in recreational activities.
Based on the battery type, the market is bifurcated into lithium-ion, lead-based, and nickel-based batteries. According to our electric cargo bike market forecast, lithium-ion would dominate the market from 2022 to 2030. Electric vehicles use lithium-ion batteries for electricity. Consumer acceptance of EVs has aided the market for these energy-saving, pollution-reducing vehicles. The COVID-19 outbreak and propagation have affected the energy industry supply chain, particularly battery energy storage systems, and renewable energy technologies.
Additionally, the end-use of electric cargo bikes includes courier and parcel service providers, service delivery, personal use, large retail suppliers, waste municipal services, and others. In 2021, courier and parcel service providers occupied a significant electric cargo bike market share owing to the rising e-commerce industry in emerging countries and the emergence of the COVID-19 pandemic that flourished online deliveries.
Electric Cargo Bike Market Regional Outlook
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the electric cargo bike industry.
In 2021, Europe held the major share (%) in terms of revenue in the global electric cargo bike market. The early adoption of electric cargo bikes for end-use is primarily contributing to the regional market value. The ongoing investment in the development and deployment of advanced eco-transportation solutions in the region for meeting its sustainable development goals is further boosting the regional market value. According to the European Cyclclogists project, an astonishing 174 models of cargo bikes are currently available, while nearly fifty brands competing for attention in Berlin. Furthermore, Amazon (an online-based retail company) has started using cargo bikes for deliveries in major countries of Europe.
Furthermore, Asia Pacific is anticipated to experience the fastest growth over the forecast period from 2022 to 2030. The region is likely to gain potential growth on account of its emerging or rapidly developing economies. The rising awareness about eco-friendly and low-emission transportation alternatives to combat the increasing environmental concern is supporting regional market growth.
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Electric Cargo Bike Market Players
Some of the electric cargo bike industry players are Butchers & Bicycles, Cero Electric Cargo Bikes, Douze Factory SAS, Jiangsu Xinri E-Vehicle Co. Ltd., Kocass Technology Co. Ltd., Rad Power Bikes LLC, Riese & Müller GmbH, Worksman Cycles, Xtracycle, and Yuba Electric Cargo Bikes. Electric cargo bike companies have announced mergers and acquisitions, partnerships & collaborations, and new product development to uplift their position in the electric cargo bike industry. Besides that, major players are also moving into new regions with their advanced technologies for gaining a competitive advantage.
Questions Answered By This Report
- What was the market size of Electric Cargo Bike Market in 2021?
- What will be the CAGR of Electric Cargo Bike Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Electric Cargo Bike Market?
- Which region held the largest share in Electric Cargo Bike Market in 2021?
- What are the key market drivers of Electric Cargo Bike Market?
- Who is the largest end user of Electric Cargo Bike Market?
- What will be the Electric Cargo Bike Market value in 2030?
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