Global Electric Cargo Bikes Market -market Size & Forecast To 2032

Global Electric Cargo Bikes Market -market Size & Forecast To 2032

The global electric cargo bikes market is estimated to be worth of USD 2.39 billion in 2023 and is growing at a CAGR of 32.78% during the forecast period from 2023 to 2032. The electric cargo bikes market research report discusses the importance of the segments as well as the regional markets. An accurate overview for different segments and regions has been prepared on the basis of the market size as well as the growth rate (CAGR). The market research offers a growth map of the global electric cargo bikes market to help clients design the required strategies to meet their business goals.

Electric cargo bikes are the kind of bikes used for hauling cargo that are powered by batteries. They enable the user to move big objects that are challenging to move manually. These bikes are lightweight and have a streamlined design, which increases their stability and smoothness. Moreover, electric cargo bikes are environmentally sustainable, have a set speed restriction, and protect the goods from harm. They are the greatest solution for short-term goods delivery vehicles since they have lower operating costs and can move more quickly through urban areas.

Manufacturers and governments are supporting the use of alternatives like electric cargo bikes, which are significantly more fuel-efficient than traditional cargo bikes, in an effort to lower this global consumption. As cities struggle with traffic congestion that causes noise and air pollution, the electric cargo bike and bicycle logistics sectors are emerging as a useful, sustainable, non-congested, and inclusive alternative for first- and last-mile deliveries, general logistical service provision, and family vehicles.

Some of the key drivers boosting the market's expansion are the new technology developments' lower operating costs and quicker delivery times. Also, it is anticipated that greater personal adoption of electric cargo bikes would considerably fuel market growth. However, some of the obstacles, such as the absence of adaptable infrastructure, repair facilities, and safe parking, are anticipated to restrain market expansion.

With many companies competing everywhere, the market for electric cargo bikes is fairly competitive on a global scale. Leading players are expanding their businesses and securing a bigger share of the market. Throughout the anticipated term, market players are expected to increase their geographic reach through acquisitions. Improvements in the global economy and the growing automotive industry in emerging economies are expected to fuel market expansion and motivate companies to provide new products in various regions.

Key market players profiled for business electric cargo bikes are Accell Group N.V. (Netherland), Amcargobikes (Denmark) , Amsterdam Bicycle Company BV (Netherland), BIZZ ON WHEELS (Romania), Butchers & Bicycles Ltd. (Denmark), CERO Inc. (US), Christiania Bikes (Denmark), Derby Cycle AG (Germany), EAV (UK), Giant Bicycles (Taiwan), Hero MotoCorp Limited (India), LECTRICEBIKES (US), Nikola (US), Okinawa Autotech International Private Limited (India), Rad Power Bikes Inc. (US), Riese & Müller GmbH (Germany), Worksman Cycles (US), Xtracycle Cargo Bikes (US), XYZ CARGO (US), YUBA BICYCLES LLC (US).The electric cargo bikes market report has been segmented by product, battery type, power, speed, capacity, range, end use and region.

Based on product, the market is segregated into two wheeler, three wheeler and four wheeler

The two-wheel segment is anticipated to hold the biggest market share and to keep leading throughout the projection period. One of the main reasons propelling the market's expansion is the excessive applicability and scope of end-use in high volume deliveries as well as rising personal transportation.

On the basis of battery type, the market is bifurcated lithium ion, lead-based and nickel-based

The amount of time the bike needs to be connected to a charging station is reduced thanks to the use of lithium-ion batteries that charge quickly. Moreover, lithium-ion batteries can be charged even when the apparatus is not in use, minimizing downtime. There is no longer a need for cleaning procedures to take into consideration the requirement for a battery to fully charge between usages.

Based on by power, the market is segregated into less than 250 watt, between 250 to 500 watt and above 500 watt

The segment that is expected to grow the most in electric cargo bikes by power is between 250 to 500 watts. Electric cargo bikes with a power output of less than 250 watts are typically classified as electric bicycles and are subject to less stringent regulations than higher-powered models. As a result, these bikes are often limited in terms of speed and carrying capacity, making them less suitable for commercial or heavy-duty applications.

Based on speed, the market is segregated into less than 20 kph, between 20 to 30 kph and above 30kph

The segment of electric cargo bikes that will likely experience the most growth depends on several factors such as the intended use, local regulations, and consumer preferences in different regions. However, based on current trends and market research, the segment of electric cargo bikes with a maximum speed of between 20 to 30 kph is expected to grow the most.

This segment offers a balance between speed and safety, making it suitable for various applications such as last-mile deliveries, urban commuting, and light cargo transportation. Additionally, many countries have regulations that limit the maximum speed of electric bikes to 25 kph, which falls within this range. Hence, electric cargo bikes in this speed range are more likely to comply with regulations, making them more widely available and appealing to consumers.

Based on capacity, the market is segregated less than 50kg, between 50-150kg, between 150-300kg and above 300kg.

The segment of electric cargo bikes with a capacity of less than 50kg is experiencing the highest growth rate. This is because these bikes are more affordable, easier to maneuver, and can be used for a variety of last-mile delivery services such as food delivery, courier services, and e-commerce. Additionally, the increasing demand for sustainable transportation and the growth of the e-commerce industry are also contributing to the growth of this segment. However, with the rise of urbanization and the need for efficient and sustainable transportation, other segments such as between 50-150kg and between 150-300kg are also expected to grow in the coming years.

Based on by range, the market is segregated into below 50 km, between 50-100 km and above 100 km

Based on current market trends and consumer needs, the segment that is likely to grow the most in electric cargo bikes by range is the between 50-100 km range. This is because electric cargo bikes with a range between 50-100 km can serve a wide range of use cases and offer the best balance between range and battery size.

Cargo bikes with a range below 50 km may not be suitable for longer distance deliveries or commutes, while cargo bikes with a range above 100 km may have larger batteries that are heavier and more expensive. Therefore, cargo bikes with a range between 50-100 km are likely to offer the most practical and cost-effective solution for most users, while also meeting their range requirements.

Based on by end use, the market is segregated into personal use and commercial use

The commercial use segment is further segregated into courier & parcel service providers, service delivery, large retail supplier and others

In terms of personal use, electric cargo bikes provide a convenient and eco-friendly transportation option for individuals and families. They can be used for running errands, commuting, and recreational purposes. With the increasing popularity of e-commerce, electric cargo bikes can also be used for parcel delivery to residential areas.

The commercial segments hold the maximum market share as Providers of courier and package services generated significant market shares. The primary drivers of courier and parcel service providers in the end-use industry are the global expansion of e-commerce and the growing transportation and logistics sector.

Based on region, the electric cargo bikes market has been segmented into North America, Europe, Asia pacific, Middle East & Africa, and South America. In 2022, the Europe accounted for the significant share xx.xx% in the global Electric cargo bikes market. This region was valued at USD xx.xx million in 2022, and it is projected to grow at a CAGR of xx.xx% during the forecast period, reaching USD xx.xx million by 2032.

Europe will continue to be one of the most alluring markets for electric cargo bikes during the forecast period. Germany is anticipated to dominate the European market during the projection period, according to the study. For each cargo bike with a weight (cargo and rider) of at least 150 kg and a 1 m3 capacity, the German Federal Government provides a subsidy. Additionally, Germany continues to be one of the world's major markets for e-mobility, making it a prosperous market for producers of electric cargo bikes. In addition, growing national populations, more transportation in Europe, and growing national concerns about carbon footprints will all contribute to market expansion.