According to Future Market Insights (FMI), the global electric cargo bike market is projected to expand exponentially at CAGR of around 12% over the forecast period. Sales of electric cargo bikes is likely to exceed a valuation of US$ 545.2 Million by year 2031.
As transportation infrastructure is expanded to meet the growing demands of the world’s population, the market for electric cargo bikes is predicted to grow at an impressive rate. Electric cargo bikes are increasingly being used for logistics and supply chain applications in countries with developed transportation infrastructures.
Positive market prospects are being created for the foreseeable future as a result of the pressure on manufacturers to invest in production capacity due to the high performance and low maintenance requirements in the logistics industry as well as the need to minimise carbon footprints for environmental protection.
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Rising urbanisation investments and the quantity of last-mile deliveries done by logistics companies both contribute to the use of electric cargo bikes. Low operating costs, minimal environmental effect, low levels of rider fatigue, and increasing public acceptability are expected to support demand over the long term.
On the other hand, electric cargo bikes have limited range and payload carrying capabilities. Market leaders are taking a number of significant factors into consideration, such as marketing campaigns aimed at regional expansion and initiatives to enhance performance capabilities through research and development.
Increased financial and non-financial incentives are encouraging people to utilise electric cargo bikes that are powered by batteries. The demand for modern transportation and sustainable urban mobility solutions is another factor driving the transition from conventional to electric modes of transportation. E-cargo bikes are expected to enhance both energy security and air quality. Regulations that are aimed at net zero emissions and climate protection agreements will determine how future markets develop.
Key Takeaway from Market Study
- Lithium-ion batteries are expected to hold more than 84% of the market owing to their high charging efficiency, charge density, and low-weight compared to lead and nickel-based alternatives
- Two-wheeled electric cargo bikes are anticipated to remain one of the fastest growing segments exhibiting a CAGR of 12.2%
- Germany is expected to account for a dominant share of 39% in Europe backed by the presence of some of the key manufacturing facilities and government incentives.
- The U.S. will hold the lead in North America, accounting for over 90% of the regional industry owing to developments in transport infrastructure.
- Brazil is likely to generate lucrative opportunities, reflecting a CAGR of over 8% through the end of 2031.
“Market players are looking to offer eco-friendlier updates to cater to the changing consumer preference. Besides this, there is immense focus on expanding their product portfolio to gain competitive edge,” says a lead FMI analyst.
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Competition Landscape
The global electric 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 are occupying a hefty share in terms of revenue.
With compliance to governmental standard and regulations, these companies have a global brand presence. Leading manufacturers are also updating their technologies to improve their market share.
Key Companies Profiled
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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Electric Cargo Bike Market by Category
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
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