USD 1.7 billion
Global Electric Cargo Bike Market Size, Share, Growth Analysis, By Type(Front Loader, and Longtail), By Application(Personal Use, Delivery and Courier), By Range(Less than 50 km, and more than 50 km) - Industry Forecast 2024-2031
Report ID:
SQMIG25D2012 |
Region:
Global |
Published Date: March, 2024
Pages:
174
|
Tables:
89 |
Figures:
77
Global Electric Cargo Bike Market Insights
Global Electric Cargo Bike Market size was valued at USD 1.7 billion in 2022 and is poised to grow from USD 2.04 billion in 2023 to USD 8.79 billion by 2031, growing at a CAGR of 20.03% in the forecast period (2024-2031).
An electric bike designed to transport cargo and heavy loads is known as electric cargo bike. Rapidly expanding e-commerce activity around the world coupled with growing popularity of electric vehicles are projected to boost sales of electric cargo bikes across the forecast period. Easy maneuverability and high efficiency are key features of electric cargo bikes that make them a preferred choice for any kind of transportation in urban as well as rural settings. Growing demand for last mile delivery and increasing number of online shoppers are also slated to favor electric cargo bike market growth potential going forward. Advancements in battery technology are also slated to create new opportunities for electric cargo bike companies as it would allow for products with longer range and better efficiency. However, regulatory and infrastructure challenges could slow down electric cargo bike market growth scope in the future.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Front Loader
Fastest Growth
Longtail
Growth Rate
20.03% CAGR
Global Electric Cargo Bike Market ($ Bn)
Country Share for North America Region (%)
Global Electric Cargo Bike Market By Type ($ Bn)
Global Electric Cargo Bike Market By Type (%)
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Global Electric Cargo Bike Market Segmental Analysis
The global electric cargo bike market is segmented based on type, application, range, and region. In terms of type, the market is segmented into front loader and longtail. Based on range, the market is bifurcated into less than 50 km and more than 50 km. In terms of application, the market is segmented into personal use, delivery and courier, waste and municipal services, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
Currently front loader electric cargo bikes account for a dominant share of the global marketplace. This can be attributed to the ease of use and familiarity with moped bikes. A growing number of delivery agents for different delivery services are opting for front loader electric cargo bikes owing to their better loading capacity and ease of use allowing this segment to hold a dominant stance.
Meanwhile, the demand for longtail electric cargo bikes is slated to increase at a notable pace over the coming years. Longtail electric cargo bikes can handle more cargo and products and have a much bigger capacity than front loader bikes. Increasing volume of deliveries and high investments in expansion of cargo fleets by logistics and delivery companies are also slated to bolster market growth via this segment going forward.
Analysis by Application
Delivery and courier applications account for a dominant share of the global electric cargo bike marketplace at present and are slated to maintain a similar stance across the forecast period. The growing number of online orders, the rapidly expanding e-commerce industry, and high demand for quicker delivery are key factors that are slated to bolster the sales of electric cargo bikes in delivery and courier applications over the coming years.
Meanwhile, the use of electric cargo bikes for waste and municipal services is projected to increase at a good pace across the forecast period. Increasing focus on sustainability and efforts of governments to reduce vehicle emissions while effectively managing waste are predicted to create highly attractive moneymaking opportunities for electric cargo bike suppliers in the long run.
Global Electric Cargo Bike Market By Type, 2022 (%)
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Global Electric Cargo Bike Market Regional Insights
North America is projected to account for a major chunk of the global electric cargo bike market share through 2031. Growing focus on sustainability and rising adoption of electric vehicles are key factors that are slated to bolster market growth in this region. The presence of a well-developed electric vehicle infrastructure as compared to other regions of the world is also boosting the adoption of electric cargo bikes in this region. The United States and Canada are estimated to be the most rewarding markets for electric cargo bike vendors operating in North America.
Developing countries of the Asia Pacific region are slated to help this region become the fastest expanding one in the world for electric cargo bike companies. India, China, and Japan are estimated to be the top markets for electric cargo bike suppliers in this region. Growing traffic congestion in highly populated countries such as China and India is boosting the demand for efficient and easily maneuverable cargo delivery solutions, which in turn, is benefiting market growth scope. Increasing penetration of internet in this region has also boosted e-commerce activity and thereby the demand for electric cargo bike for last-mile delivery as well.
Global Electric Cargo Bike Market By Region, 2024-2031
- Largest
- Fastest
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Global Electric Cargo Bike Market Dynamics
Drivers
The Rise of e-Commerce
- Increasing internet penetration and high availability of different e-commerce options to choose from has led to boom in the e-commerce space. Growing demand for delivery services from the e-commerce space is driving electric cargo bike market development.
Adoption of Sustainable Mobility
- High emphasis on sustainability around the world has resulted in widespread adoption of sustainable mobility solutions such as electric vehicles and hydrogen-powered vehicles around the world. Logistics and delivery companies are also veering towards this trend and boosting sales of electric cargo bikes.
Restraints
Absence of Charging Infrastructure
- Electric vehicles are still a relatively new concept to the world, and this is why most places in the world don’t have adequate EV charging infrastructure. This absence of charging infrastructure could impede electric cargo bike market development scope in the future.
Affordability Concerns
- Electric cargo bikes are more expensive as compared to their gas-powered counterparts that have been around for decades. Although they provide a long-term cost benefit people are still hesitant to initially spend more on the purchase of electric cargo bikes, which slows down market growth.
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Global Electric Cargo Bike Market Competitive Landscape
Electric cargo bike manufacturers should invest heavily in research and development to maximize the range of their products and enhance battery efficiency as well. Companies should also focus on developing charging infrastructure to support the adoption of their products. Electric cargo bike market players can collaborate and partner with energy providers and governments to create a sustainable charging infrastructure around the world. Electric cargo bike providers can also develop products that are specific to different delivery applications such as food delivery, parcel delivery, and courier delivery.
Top Player’s Company Profiles
- Jinhua Jobo Technology Co., Ltd.
- Butchers & Bicycles ApS
- Triobike
- Pedego Electric Bikes
- Yuba Electric Cargo Bikes
- CERO ELECTRIC CARGO BIKES
- Rad Power Bikes Inc.
- Chongqing Mobimax Technology Co., Ltd.
- Worksman Cycles
- DOUZE Factory SAS
- Xtracycle Inc.
- NIHOLA
- Babboe
- Carqon (Accell Group N.V.)
- Riese & Müller GmbH
- XYZ CARGO
- Urban Arrow
- Tern Bicycles (Mobility Holdings, Ltd.)
- Amsterdam Bicycle Company
- XCYC (Gemeinnützige Werkstätten und Wohnstätten GmbH )
- BODO Vehicle Group Co., Ltd. (LUXMEA)
Recent Developments
- In February 2024, Gocycle, a renowned supplier of electric bikes, announced the launch of its new electric cargo bike. The product came in two variants namely the CXi and the CX+.
- In September 2023, Amazon, a global leader in the e-commerce space started a micromobility hub in Glasgow, Scotland to start delivering using electric cargo bikes. This move is part of the company’s efforts to decarbonize and electrify its delivery services in the European region.
Global Electric Cargo Bike Key Market Trends
- Modular Design Approach: Electric cargo bike manufacturers can opt for a modular design approach that will allow users to customize the product as per their needs and improve the scope of sales in the long run. Offering electric cargo bikes with modular designs will allow companies to reach a wide range of industry verticals, which directly boosts revenue generation potential in the future.
Global Electric Cargo Bike Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing emphasis on sustainability and rising demand for faster delivery services around the world are slated to bolster the demand for electric cargo bikes over the coming years. Rapidly expanding e-commerce and online sales activity around the world will also promote the sales of electric cargo bikes in the future. However, lack of charging infrastructure in most parts of the world is slated to impede the global electric cargo bike market growth outlook across the forecast period and beyond. The Asia Pacific region is slated to witness a robust hike in demand for electric cargo bikes on the back of growing disposable income and high adoption of sustainability mobility solutions. Electric cargo bike companies can focus on opting for a modular design approach if they want to maximize their sales and revenue generation potential through 2031.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.7 billion |
| Market size value in 2031 | USD 8.79 billion |
| Growth Rate | 20.03% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Electric Cargo Bike Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Electric Cargo Bike Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Electric Cargo Bike Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Cargo Bike Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electric Cargo Bike Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Electric Cargo Bike Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Electric Cargo Bike Market Report Snapshots
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