A recent market study published by Future Market Insights on the electric cargo bike market includes global industry analysis for 2016-2020 & opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most import market dynamics. After conducting thorough research on historical and current growth parameters of the electric cargo bike market, the growth prospects of the market are obtained with maximum precision.
With increasing investments in the expansion of transport infrastructure to meet the growing need of the global population, the electric cargo bikes market is anticipated to surge at an impressive pace. According to Future Market Insights (FMI), the global electric cargo bike market is projected to expand exponentially at CAGR of around 11% over the forecast period 2021-2031.
The use of electric cargo bike for logistics and supply chain applications are currently gaining traction in countries with matured transportation systems. The increasingly important requirement to reduce the carbon footprints for environmental protection, along with high performance and low maintenance characteristics in the logistics industry, are compelling manufacturers to invest production capacity, therefore creating promising market prospects for the foreseeable future.
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Key Points Covered in Electric Cargo Bike Market Study
- Market estimates and forecast 2015-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Electric Cargo Bikes Market and How to Navigate
- Recommendation on Key Winning Strategies
With increasing investments in urbanization, increasing volume of deliveries being conducted by logistics companies in terms of last-mile operations is a key factor that supports the adoption of electric cargo bikes. Minimal fatigue to riders, low operational costs, minimal environmental impact, and growing levels of social acceptance are expected to drive demand in the long-term.
On the other hand, electric cargo bikes are limited in terms of payload carrying capacity and range of operations. Efforts to bolster performance capabilities through research and development and marketing operations aimed towards geographical expansion are key factors being considered by market leaders.
Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated electric cargo bikes. Moreover, the need for sustainable urban mobility solutions and modern transportation is driving the transition from conventional to electric modes of transport. E-cargo bikes are anticipated to have a positive influence on energy security and air quality. Regulations aimed towards net zero emissions and climate protection agreements are proving important to future market developments.
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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.
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.
Some of the key players included in the report are Accell Group N.V. (Carqon), Jiangsu Xinri E-Vehicle Co. Ltd., 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.
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
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Key Highlights from Report
- Which Is the Highest-Grossing Electric Cargo Bike Market?
Rising investments in e-mobility and urban transportation is creating significant growth opportunities for the electric cargo bike in Germany. It currently leads the global market, with its valuation forecast to reach US$ 545.2 Mn by 2031.
- Which is the Top-selling Electric Cargo Bike Type?
Two-wheeled bikes will remain the top-selling product category in the market, accounting for over 50% of the revenue generated by 2031. The increasing use of electric cargo bikes in recreational activities is another factor estimated to augment the growth of the global market.
- Which are Some of the Leading Companies Manufacturing Electric Cargo Bikes?
Some of the leading companies in the landscape are Accell Group N.V. (Carqon), Jiangsu Xinri E-Vehicle Co., Ltd., Xtracycle Inc., Jinhua Jobo Technology Co., Ltd., Gemeinnützige Werkstätten und Wohnstätten GmbH (XCYC), Mobility Holdings, Ltd. (Tern Bicycles), BODO Vehicle Group Co., Ltd. (LUXMEA), XYZ CARGO, Riese & Müller GmbH, and others. As per FMI, over 66% of the market share is currently covered by the top 9 players.
- Who is the Leading End User of Electric Cargo Bikes?
Courier and parcel service providers are expected to dominate the market over the forecast period. Demand in the segment is expected to rise at over 12% CAGR by 2031. This can be attributed to the expansion of the e-commerce and logistic industries.