The market for electric cargo bike is expected to grow at a CAGR of around 13.7% from 2020 to 2027 and expected to reach the market value of around US$ 1,362.2 Mn by 2027.
Electric cargo bikes are specially designed for carrying large and heavy loads and were first introduced in Denmark. These bikes come into two different configurations including front-loader bikes also known as bakfiets or Long Johns and the other is a longtail, which extends the rear end of the bicycle. The front-loader bike suspends a cargo box between the rider and the front wheel and fulfills the need for garage or storage space.
The features associated with electric cargo bikes such as low running cost and environment-friendly transportation are primarily driving the market growth. Technological advancements, especially in electric vehicle manufacturing and growing preference for electric vehicles being a low emission transport alternative are factors supporting the market growth. The growing e-commerce platforms on account of increasing interest in e-commerce in developing economies are further expected to create demand over the forecast period from 2020 to 2027. Furthermore, the shifting consumer preference towards electric cargo bikes in developed economies is projected to create potential opportunities over the forecast timeframe from 2020 to 2027.
On the other side, the high prices of electric cargo bikes, as well as lack of regulatory policies and inefficient infrastructure, are the factors projected to hinder the growth to an extent over the forecast.
Segment Instance of Global Electric Cargo Bike Market
Europe accounted for the maximum revenue share (%) in the global market
In 2019, Europe has the potential share (%) in the electric cargo bike market on account of its major economies including Germany, France, Netherlands, Denmark, and the UK. The region is the pioneer in the electric cargo bike market and the region is continuously experiencing the increased demand year on year. The European Environment Agency’s (EEA) report on “the first and last mile,” highlights that “walking or cycling the first, last or only mile provides the greatest societal benefits”. The report is inclusively recommending a model of shifting towards environmentally friendly delivery modes like cargo bikes in the region. The recommended strategy is conceived to relieve some of the environmental burdens of the e-commerce sector.
The sales of electric cargo bikes are up by 53% over last year i.e. 2019 in Europe. The European Union and organizations like CityChangerCargoBike specifies that the cargo bikes can improve the image and general levels of cycling, can replace over 50% of urban transport-related trips, as well as enhance safety levels, air quality, and liveability of urban areas.
Asia Pacific is projected to exhibit lucrative growth over the estimated period
The Asia Pacific region along with its emerging economies is anticipated to exhibit the fastest growth over the forecast period from 2020 to 2027 due to a rising focus towards environment-friendly alternatives for the existing fuel based transportation vehicles. The emerging economies including China and India are going to be the major contributors to the growth of the region. The developing infrastructure and inclining focus of major players in the region is further bolstering the regional market value.
Key Market Players
The players profiled in the report include Butchers & Bicycles, Cero Electric Cargo Bikes, Douze Factory SAS, Jiangsu Xinri E-Vehicle Co. Ltd., Kocass End-Use Co. Ltd., Rad Power Bikes LLC, Riese & Müller GmbH, Worksman Cycles, Xtracycle, Yuba Electric Cargo Bikes, and others.
Market By Product Type
Market By Battery Type
Market By End-use
Courier and Parcel Service Providers
Large Retail Suppliers
Waste Municipal Services
Market By Geography
Middle East & Africa
The market for electric cargo bike is expected to reach a market value of around US$ 1,362.2 Mn by 2027.
The electric cargo bike market is expected to grow at a CAGR of around 13.7% from 2020 to 2027.
Lithium-ion, Lead-based, and Nickel-based battery are the segments by battery type in the electric cargo bike market
The features associated with the electric cargo bikes such as low running cost and environment-friendly transportation, Technological advancements, especially in the electric vehicles manufacturing and growing preference for electric vehicles and growing e-commerce platforms on account of increasing interest towards e-commerce in developing economies are some of the major factors driving the market growth.
Butchers & Bicycles, Cero Electric Cargo Bikes, Douze Factory SAS, Jiangsu Xinri E-Vehicle Co. Ltd., Kocass End-Use Co. Ltd., Rad Power Bikes LLC, Riese & Müller GmbH, Worksman Cycles, Xtracycle, and Yuba Electric Cargo Bikes are some of the prominent players in the market.
Europe held the highest market share (%) in the electric cargo bike market
Asia Pacific is expected to be the fastest growing market over the forecast period