The global electric cargo bike market Size is expected to attain a valuation of US$ 2.1 billion in 2023 and is projected to reach US$ 6.2 billion by 2033, expected to rise at a CAGR of 11.4% during the forecast period.
Key Takeaways
- 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.
Electric cargo bikes are well positioned to meet the need for last-mile delivery services that the growth of e-commerce has sparked. Electric cargo bikes provide a practical option for metropolitan regions where traffic jams and a lack of parking spots make it difficult for delivery vans or trucks to operate. These bikes help deliver goods more quickly and affordably, overcoming the difficulties of crowded urban areas. Electric cargo bikes are projected to become even more popular as e-commerce expands in the future.
Due to increased expenditures from key businesses motivated by the expanding e-commerce industry, it is projected that demand for electric cargo bikes would increase. For instance, e-commerce giant Amazon announced plans to increase the number of its electric cargo bikes in the United Kingdom on November 24, 2022. The goal of this development is to improve foot-based deliveries, which will help the nation’s package delivery network become less carbon-intensive.
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The rise in e-commerce and the impact of the pandemic have led to an increased demand for home deliveries of products and services. In response, businesses and industries are investing more in improving logistics and transportation to minimize downtime, save costs, and enhance customer satisfaction.To reduce downtime, reduce costs, and improve customer satisfaction, organisations and sectors are investing more in enhancing logistics and transportation.
“The thriving e-commerce industry and use of electric cargo bikes for fast parcel deliveries are expected to drive market growth during the forecast period,” comments an FMI analyst.
Competitive Landscape
The market for electric cargo bike 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.
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Some recent developments in the electric cargo bike market are:
- 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 their 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 passenger.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global electric cargo bike market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the electric cargo bike market, the market is segmented on the basis of product type, battery type, end-use and region.
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