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 demand for last-mile delivery services that the expansion of e-commerce has prompted can be met by electric cargo bikes. In large cities where parking and traffic congestion may be an issue, electric cargo bikes offer a practical substitute for delivery vans or trucks. These bicycles assist in delivering things more swiftly and economically while navigating the challenges of congested urban environments. Future growth in e-commerce is expected to boost demand for electric freight bikes.
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The market for electric cargo bikes is anticipated to rise as a result of more investments from important companies driven by the growing e-commerce sector. For instance, on November 24, 2022, the world’s largest online retailer Amazon announced plans to boost the number of its electric cargo bikes in the United Kingdom. This project aims to enhance foot-based deliveries, reducing the carbon footprint of the nation’s package distribution system.
Due to the rise of e-commerce and the impacts of the epidemic, home delivery of goods and services is becoming increasingly common. To reduce downtime, reduce costs, and improve customer satisfaction, organisations and sectors are investing more in bettering 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.
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.
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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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