Electric Cargo Bike Market Analysis
The global electric
cargo bike market will grow at a 20%
CAGR by 2030, states the latest Market Research Future (MRFR) report.
Drivers
Growing Need for Transportation
Infrastructure in E-Commerce to Boost Market Growth
The growing need for transportation infrastructure
in e-commerce especially for delivery purpose will boost market growth over the
forecast period.
Opportunities
Rising Environmental Concern to
offer Robust Opportunities
The rising environmental consciousness
across the globe will offer robust opportunities for the market over the
forecast period. Electric cargo bikes work on batteries that do not emit any
harmful gases in the environment. The rising government investments for
encouraging the adoption of renewable sources of energy & eco-friendly
alternatives are also adding market growth.
Restraints and
Challenges
High Price to act as Market
Restraint
High price of electric cargo bikes,
issues with battery size, lack of regulatory policies, inefficient
infrastructure, difficulty to find repair shops, and lack of secure parking,
safe cycle lanes, and adapted infrastructure may act as market restraints over
the forecast period.
Market Segmentation
The global electric
cargo bikes market is bifurcated based on end
use, battery type, and product type.
By product type, the two-wheeler
segment will lead the market over the forecast period.
By battery type, the li-on segment will
dominate the market over the forecast period.
By end use, the courier and parcel
service providers will spearhead the market over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak possessed a mixed
impact on the electric bikes cargo market. On the one hand, lockdowns had a
negative impact due to limited production as well as transportation related
delays because of travel restrictions. On the other, several logistics and
e-commerce companies continue in investing in deliveries for essential goods to
customers via increasing their sizes of electric cargo bike fleet for
accommodating the customer’s needs thus boosting market growth.
Regional Analysis
Europe to Sway Electric Bikes
Cargo Market
Europe will sway the electric bikes
cargo market over the forecast period. The presence of a well-established
infrastructure, the presence of key players in the region, collective efforts
taken by the authorities in the region to control increasing air pollution
levels and also offer support in the likes of schemes, subsidies, and
incentives to encourage the manufacturing as well as sale of electric cars,
increasing adoption in Germany, rising concerns over carbon footprints, and
increasing national population, and increasing traffic are adding to the global
electric bikes cargo market growth in the region. Germany has the utmost market
share.
Key Players
Eminent industry players in the
global electric cargo bikes market report include Rad Power Bikes LLC (US), Jiangsu Xinri
E-Vehicle Co., Ltd(China), Cero Electric Cargo Bikes(US), Yuba Electric Cargo
Bikes (US), Kocass Technology Co., Ltd.(China), Douze Factory SAS(France) and
Xtracycle(US), Worksman Cycles(US), Riese & Müller GmbH(Germany) and
Butchers & Bicycles(Denmark).
Industry Updates
TVS Motor Co. Ltd has acquired leading
Swiss technology company EGO that offers connected, smart mobility solutions
through a pipeline of e-cargo bikes, e-scooters, and e-bikes to build an
inspirational product portfolio.
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