Global Electric Cargo Bikes Market Report and Forecast 2023-2028

Global Electric Cargo Bikes Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global electric cargo bikes market attained a value of USD 1976 million in 2022. Aided by the increasing adoption of eco-friendly and sustainable transportation solutions, the market is projected to further grow at a CAGR of 34.7% between 2023 and 2028 to reach a value of USD 11864.07 million by 2028.

Electric cargo bikes, also known as e-cargo bikes or pedelec cargo bikes, are bicycles equipped with an electric motor that assists the rider in pedalling. These bikes are designed to carry goods, packages, or passengers and offer an efficient, cost-effective, and environmentally friendly alternative to traditional transportation methods. Electric cargo bikes have gained popularity in urban areas due to their ability to navigate through traffic congestion, reduce delivery times, and minimise carbon emissions. Such advantages are fuelling the growth of the electric cargo bikes market.

Growing concerns regarding air pollution and greenhouse gas emissions have prompted governments worldwide to implement strict regulations and promote eco-friendly transportation alternatives, aiding the growth of the electric cargo bikes market. The rising awareness of environmental issues has led to an increased adoption of electric cargo bikes as a sustainable and efficient solution for transporting goods and passengers in urban areas. Governments across the globe are implementing strict regulations to curb air pollution and promote the adoption of sustainable and eco-friendly transportation solutions. This has led to a surge in demand for electric cargo bikes as a viable alternative to conventional delivery vehicles.

Increasing urbanisation and the growth of e-commerce are additional factors propelling the expansion of the electric cargo bikes market. With more people living in cities, the demand for quick, efficient, and eco-friendly delivery solutions has risen. Electric cargo bikes offer the ability to navigate through congested urban areas and provide faster delivery times compared to traditional vehicles, making them an ideal solution for last-mile deliveries in the e-commerce sector.

Moreover, the development of advanced battery technology has significantly enhanced the performance, range, and durability of electric cargo bikes, further contributing to their adoption. The declining costs of lithium-ion batteries and the availability of various financial incentives and subsidies for electric vehicles have also made electric cargo bikes more accessible and affordable for consumers and businesses alike. These factors are expected to fuel the growth of the electric cargo bikes market over the forecast period.

Market Segmentation

The market can be divided on the basis of product type, battery type, end use, and region.

Market Division by Product Type:

• Two Wheeled
• Three Wheeled
• Four Wheeled

Market Segregation by Battery Type:

• Lithium Ion
• Others

Market Breakup by End Use:

• Residential
• Commercial
• Breakup by Application

Courier and Parcel Service Provider

Service Delivery

Retail Supplier

Others

Market Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Rest of the World

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global electric cargo bikes companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Rad Power Bikes Inc.
• Yuba Bicycles LLC
• Worksman Cycles Company Inc.
• DOUZE Factory SAS
• Amsterdam Bicycle Company BV
• Babboe BV
• Others

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.