Future Market Insights (FMI) projects the cargo bike market size to grow at 11.6% CAGR during forecast period. The cargo bike market is set to reach US$ 2,829.5 Million by the end of 2031.
The demand for cargo bikes is increasing as more people are looking for alternative modes of transportation to reduce traffic congestion and carbon emissions in cities. Here are some details about the demand for cargo bikes:
- Urbanization: As more people move to cities, the demand for cargo bikes is increasing. Cargo bikes are an efficient way to move goods in urban areas where traffic congestion and parking limitations can make it challenging for delivery trucks to operate.
- Sustainability: Cargo bikes are environmentally friendly, producing zero emissions and reducing the carbon footprint of deliveries. This is particularly important as more consumers demand environmentally conscious products and services.
- Convenience and flexibility: Cargo bikes offer a high degree of convenience and flexibility, as they can access areas where motorized vehicles cannot go, such as narrow alleys and pedestrian zones. This makes them ideal for delivering goods to businesses and homes in urban areas.
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Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated cargo bikes. Moreover, the need for sustainable urban mobility and modern transportation is driving the transition from conventional fuel bikes to paddle assisted and battery assisted cargo bike for mode of transport.
FMI projects demand among courier and parcel services providers to rise at 11.8% over the assessment period. Focus on curbing carbon footprint by the industry will remain a chief growth driver. Cargo bikes are anticipated to have a positive influence on energy security and air quality.
Key Takeaways from Cargo Bike Market Study
- Three wheeled cargo bikes are anticipated to account for 423 Mn by the end of 2021, owing to courier delivery, personal transport, and warehouse transport applications.
- US$ 3,501-6,000 price range segment sales accounted for US$ 414 Mn supported by availability of electric and conventional cargo bikes.
- Germany leads the Europe market with a US$ 253.8 Mn sales figure in 2021 because of ease availability of raw material and government incentives.
- The U.S. will hold around 92% of the North America market through 2031, supported by the presence of major logistics players in the country.
- In 2021, the Brazil cargo bike market will rise at steady 6.1% CAGR, with investments into low cost logistics gaining ground in the country.
“The global rise in traffic congestion coupled with growing demand from the logistics sector, especially following the outbreak of the COVID-19 pandemic is expected to drive the market for cargo bikes, through the end of 2031” says a Future Market Insights analyst.
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Competitive Landscape
The global cargo bike market is highly competitive at regional, country, as well as global level, and highly fragmented in nature. Top companies operating in the market contribute notably to revenue generation. With compliance to governmental standards and regulations, these companies have a global brand presence.
Some of the key players included in the report are:
Accell Group N.V. (Carqon), Jinhua Jobo Technology Co., Ltd., BODO Vehicle Group Co., Ltd. (LUXMEA), Chongqing Mobimax Technology Co., Ltd., Mobility Holdings, Ltd. (Tern Bicycles), Riese & Müller GmbH, Urban Arrow, Worksman Cycles, Yuba Electric Cargo Bikes, Rad Power Bikes Inc., and others.
Cargo Bike Market by Category
By Product Type:
- Two Wheeled
- Three Wheeled
- Four Wheeled
By Propulsion:
- Conventional
- Electric
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By Price:
- Below US$ 1,500
- US$ 1,500-3,500
- US$ 3,501-6000
- Above US$ 6,000
By Wheel Size:
- Below 20″
- 20″-24″
- 26″
- 27.5″
- Others
By End Use:
- Courier & Parcel Service Provider
- Large Retail Supplier
- Personal Transportation
- Service Delivery
- Waste, Municipal Services
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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