The Global Electric Cargo Bike Market Size accounted for USD 647 Million in 2021 and is estimated to achieve a market size of USD 2,042 Million by 2030 growing at a CAGR of 13.7% from 2022 to 2030. The rapid surge towards electrification of vehicles primarily fuels the electric cargo bike market share. Increasing environmental concerns, growing prices of fuels and rising awareness among consumers are some leading aspects that are thriving the electric cargo bike market growth. Robust technological advancements in the electric bikes is one of the trends in electric cargo bike that is supporting the industry growth.
Electric Cargo Bike Market Report Key Highlights
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.
Global Electric Cargo Bike Market Dynamics
Electric Cargo Bikes Market Report Coverage
|Market||Electric Cargo Bike Market|
|Electric Cargo Bike Market Size 2021||USD 647 Million|
|Electric Cargo Bike Market Forecast 2030||USD 2,042 Million|
|Electric Cargo Bike Market CAGR During 2022 - 2030||13.7%|
|Electric Cargo Bike Market Analysis Period||2018 - 2030|
|Electric Cargo Bike Market Base Year||2021|
|Electric Cargo Bike Market Forecast Data||2022 - 2030|
|Segments Covered||By Product Type, By Battery Type, By End-Use, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Butchers & Bicycles, Cero Electric Cargo Bikes, Douze Factory SAS, Jiangsu Xinri E-Vehicle Co. Ltd., Kocass Industrial Limited., Rad Power Bikes LLC, Riese & Müller GmbH, Worksman Cycles, Xtracycle, Yuba Electric Cargo Bikes, and others.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Electric Cargo Bike Market Insights
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 the 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 2022 to 2030. Furthermore, the shifting consumer preference toward electric cargo bikes in developed economies is projected to create potential opportunities over the forecast timeframe from 2022 to 2030.
On the other side, the high prices of electric cargo bikes, as well as the lack of regulatory policies and inefficient infrastructure, are the factors projected to hinder the growth to an extent over the forecast.
Electric Cargo Bike Market Segmentation
The worldwide electric cargo bike market is split based on product type, battery type, end-use, and geography.
Electric Cargo Bike Market By Product Type
According to our electric cargo bike industry analysis, the two-wheeler accounted for maximum market share from 2022 to 2030. Apart from that, the three-wheeler electric cargo bike gathered the second largest market share in 2021. Both the sub-segments acccounted for over 90% of the product type segment in 2021. This is credited to the robust demand for two-wheeler and three-wheeler is Asian developing countries such as China, India, Thailand, Malaysia, and Indonesia among others.
Electric Cargo Bike Market By Battery Type
In 2021, lithium-ion segment by the battery type has registered utmost revenue in the global industry. The use of lithium-ion batteries that charge quickly reduces the amount of time the bike is connected to a charging station. Lithium-ion batteries give superior performance, lower maintenance costs, and are also environmentally friendly, which is why they are being used in electric cargo bikes and are projected to sell well in the next years.
Electric Cargo Bike Market By End-Use
According to our electric cargo bike market forecast, courier and parcel service providers generated prominent market shares from 2022 to 2030. The worldwide expansion of e-commerce business and rising transportation and logistics industry are the leading factors to drive the couries and parcel service providers in the end-use industry. The segmental share is estimated to be more than 45% by 2030.
Electric Cargo Bike Market Regional Outlook
The Middle East & Africa (MEA)
Europe accounted for the maximum revenue share (%) in the global market
In 2021, 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% in 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 2022 to 2030 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 Asia-Pacific electric cargo bike market value.
Electric Cargo Bike Market Players
Some of the top electric cargo bike companies offered in the professional report include Butchers & Bicycles, Cero Electric Cargo Bikes, Douze Factory SAS, Jiangsu Xinri E-Vehicle Co. Ltd., Kocass Industrial Limited., Rad Power Bikes LLC, Riese & Müller GmbH, Worksman Cycles, Xtracycle, Yuba Electric Cargo Bikes, and others.
The market size of electric cargo bike market in 2021 was accounted to be USD 647 Million.
The projected CAGR of electric cargo bike market during the analysis period of 2022 to 2030 is 13.7%.
The prominent players of the global electric cargo bike market are Butchers & Bicycles, Cero Electric Cargo Bikes, Douze Factory SAS, Jiangsu Xinri E-Vehicle Co. Ltd., Kocass Industrial Limited., Rad Power Bikes LLC, Riese & Müller GmbH, Worksman Cycles, Xtracycle, Yuba Electric Cargo Bikes, and others.
Europe held the dominating electric cargo bike during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for electric cargo bike during the analysis period of 2022 to 2030.
Increasing adoption of environment-friendly transportation, growing preference for electric vehicles, and surging fuel prices drives the growth of global electric cargo bike market.
Based on product type, two-wheeler segment is expected to hold the maximum share electric cargo bike market.