The global electric cargo bike market 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.
The rise of e-commerce has sparked an increased need for last-mile delivery services, a demand that electric cargo bikes are well-positioned to meet. In urban areas, where congestion and limited parking spaces can hinder delivery vans or trucks, electric cargo bikes offer an efficient solution. These bikes enable quicker and more cost-effective deliveries, addressing the challenges of congested urban environments. With the continued growth of e-commerce, the demand for electric cargo bikes is expected to rise further.
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The demand for electric cargo bikes is anticipated to rise due to increased investments from key players driven by the growing e-commerce industry. For example, on November 24, 2022, Amazon, specializing in e-commerce, announced plans to expand its United Kingdom electric-cargo bike fleet in the coming years. This expansion aims to enhance foot-based deliveries, contributing to the decarbonization of the transportation network used for package deliveries across the country.
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.
“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.
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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.
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.
Key Segments Profiled in the Electric Cargo Bike Industry Survey
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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