|Fastest Growing Market:||North America|
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The E-cargo bike market was valued at USD 1.45 Billion in 2021, and it is expected to reach USD 5.80 Billion in 2027. The market is projected to witness a CAGR of 26% in terms of revenue during the forecast period, 2022-2027.
The COVID-19 pandemic had a positive effect on the E-cargo bike market. Rise in online shopping during the lockdown, which is likely to increase demand for an electric cargo bikes. This was primarily attributed to an increase in application areas of e-cargo bikes, including food delivery, shopping, grocery delivery, and last-mile delivery in e-commerce.
Mobility plays a vital role in the current society. With the rising concern for preserving and sustaining the environment for future generations, protecting it poses a great challenge for both society and governments worldwide, especially due to the increasing scarcity of natural resources and environmental concerns. E-cargo bikes are a low-cost, eco-friendly way to transport a variety of goods. The cost of running e-cargo bikes is substantially lower than conventional fuel-powered vehicles and is even less compared to small electric vans.
Scope of the Report
The E-cargo bike market covers the segmentation based on type, application, and geography.
By type, the market is segmented into three-wheeler and two-wheeler. By application, the market is segmented into food delivery, postal services, bike sharing, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the Wolrd. The report covers the market size in USD billion for all the above segments.
|Rest of the World|
Key Market Trends
Government Initiatives and food delivery service enhance the demand
A rise in government initiatives to encourage electric vehicle manufacturing and sale is likely to drive the market during the forecast period. With strong support from the governments in terms of both policy and financing, the e-cargo bikes sector is anticipated to encourage players in the market. Tax breaks and purchase premiums open cycling to large groups of the population who used cars before, not only commuters and the elderly using electric bicycles, but also families and small businesses, which now can use cargo bikes for their logistics.
Growing food delivery and postal service provider across the world is likely to increase the demand for electric cargo bikes. With the increased availability of on-demand food delivery services, food couriers are increasing at a high rate in urban areas. Several key players are shifting toward electric bikes for food delivery to reduce carbon emissions and enhance operational costs to increase profitability. For instance, in May 2020, Giant bikes, in collaboration with ConnectBike, developed a pilot testing program for food delivery companies, which has been used by one of the largest food delivery chains in the world, Domino’s Pizza.
In 2021, Amazon Inc. announced that it was pushing into electric cargo bike uses for its last-mile deliveries. This move marks a significant shift for the distribution and logistics industry as other companies would also look to figure out how to sort and deliver packages to customers faster in a densely populated city.
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Europe is dominating the E-cargo bike market
Europe was dominating the E-cargo bike market in terms of revenue in 2021, and it is expected to witness major growth during the forecast period. With the growing concerns about global warming and carbon footprints, several players in the last-mile deliveries, food deliveries, and other cargo services are shifting their preference toward electric cargo bikes.
Based on country, Germany witnessed optimistic growth over the recent years owing to rising delivery traffic and interest among consumers over traditional means of transport to meet their daily needs. For instance, according to transport organization and data collector Zweirad Industrie Verband, in 2020, the e-cargo bike sales in Germany rose to 78,000 units from 54,400 units in 2019. In 2018, the sales of e-cargo bikes overwhelmed the new car registrations in Germany, with 39,200 e-cargo bikes and 36,062 new electric car registrations.
E-cargo bikes are also less dangerous and do not emit greenhouse gas emissions. E-cargo bikes are also often used by many businesses for a wide variety of activities as a replacement for cars and vans. For instance, in the Netherlands, DHL already makes 60% of inner-city deliveries by cargo bikes. Transport for Quality of Life estimated that e-cargo bikes could replace up to 8% of urban van trips by mileage.
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The E-cargo bike market is highly competitive as a large number of players have a presence in the market. The major players in the E-cargo bike market include Riese & Muller GmbH, Accel group NV, Yadea Technology Group Co. Ltd, and CREO Inc.
Growing mergers, acquisitions, and business expansions are witnessing significant growth in the E-cargo bike market. The rise in R&D activities to enhance the range of electric cargo bikes is also a key factor in propelling the E-cargo bike market.
- In January 2022, Fiido Electric Bikes introduced the T1 electric cargo bike. T1 uses a similar setup with 20″ wheels sporting fat tires, a non-suspension step-through frame, a rear rack integrated into the frame, tall handlebars, and accessory mounts on the headtube. It uses a similar 750W motor in the rear and also sports mechanical disc brakes. T1 hits a higher claimed top speed of 50 km/h (31 mph), though that would put it just higher than the legal limit of 45 km/h (28 mph) in the United States.
- In March 2021, Hero Cycles launched its first cargo electric bike, WINN. Winn is the first utility bike of the company to have intelligence sensor control. The bike is designed to enhance income opportunities. The front and back carrier can carry up to 70kg and 180 liters of load, which is much higher than any other two-wheelers. The bike runs on a 250w BLDC hub motor. The motor is powered by a 12.72Ah lithium-ion battery pack and has a maximum speed of 25 Kmph.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.2 By Application
5.2.1 Food Delivery
5.2.2 Postal Services
5.2.3 Bike Sharing
5.2.4 Other Applications
5.3 By Geography
5.3.1 North America
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Accell Group
6.2.2 Yadea Technology Group Co. Ltd
6.2.3 CERO Inc.
6.2.4 Yuba Bicycles LLC
6.2.5 Rad Power Bikes Inc.
6.2.6 Riese & Muller GmbH
6.2.7 Hero Electro
6.2.8 Worksman Cycle Company Inc.
6.2.9 RYTLE GmbH
6.2.10 Bunch Bikes
6.2.11 YUBA BICYCLES LLC
6.2.12 The Cargo Bike Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global E-Cargo Bike Market market is studied from 2018 - 2027.
What is the growth rate of Global E-Cargo Bike Market?
The Global E-Cargo Bike Market is growing at a CAGR of >26% over the next 5 years.
What is Global E-Cargo Bike Market size in 2018?
The Global E-Cargo Bike Market is valued at 1 Billion USD in 2018.
What is Global E-Cargo Bike Market size in 2027?
The Global E-Cargo Bike Market is valued at 5 Billion USD in 2027.
Which region has highest growth rate in Global E-Cargo Bike Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global E-Cargo Bike Market?
Europe holds highest share in 2021.
Who are the key players in Global E-Cargo Bike Market?
Accell Group, Riese & Müller GmbH, Rad Power Bikes Inc., Yadea Technology Group Co. Ltd, Cero Inc. are the major companies operating in Global E-Cargo Bike Market.