Market Size of e-cargo bike Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 2.01 Billion |
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Market Size (2029) | USD 2.92 Billion |
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Largest Share by Propulsion Type | Pedal Assisted |
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CAGR (2024 - 2029) | 7.73 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
E-cargo Bike Market Analysis
The E-cargo Bike Market size is estimated at 2.01 billion USD in 2024, and is expected to reach 2.92 billion USD by 2029, growing at a CAGR of 7.73% during the forecast period (2024-2029).
2.01 Billion
Market Size in 2024 (USD)
2.92 Billion
Market Size in 2029 (USD)
17.16 %
CAGR (2017-2023)
7.73 %
CAGR (2024-2029)
Largest Segment by Propulsion Type
74.83 %
value share, Pedal Assisted, 2023
Factors like easy buying, high load capacity, less tiredness, less maintenance, and no license requirement make pedal assist the largest segment for cargo bikes.
Fastest Segment by Propulsion Type
10.01 %
Projected CAGR, Speed Pedelec, 2024-2029
Speed pedelecs e-bikes are the fastest growing among all e-bike categories owing to their advantages like faster durability and the ability to commute long distances faster than their counterparts.
Largest Segment by Battery Type
76.40 %
value share, Lithium-ion Battery, 2023
The rising usage of lithium-ion batteries in e-bicycles is due to factors like cutting-edge technology, higher range options, long battery lifespan, and quick charging features.
Largest Country
40.07 %
value share, China, 2023
With strong government support in terms of policy and financing, deploying e-cargo bikes for various uses has made China the largest country for e-bikes.
Leading Market Player
12.52 %
market share, Aima Technology Group Co. Ltd, 2022
Aima is the global market leader in the cargo/utility e bike category due to its strong brand awareness, wide product offering including cargo/utility e bikes along with great supply chain network.
Propulsion Segment Market Overview
- Electric cargo bike sales recorded a CAGR of 17.16% between 2017 and 2023, with developed nations like Germany, the United Kingdom, France, and the United States accounting for a sizable percentage of the worldwide market. As cities struggle with traffic congestion that causes noise and air pollution, the electric cargo bike and bicycle logistic 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.
- North America is the fastest-growing e-commerce market in the world and presents special logistics challenges compared to other regions due to its fraught geography and sprawling urban landscapes. The Mexican e-commerce market reached USD 37.99 billion in 2022. However, companies like Mexican transportation and logistics Estafeta implemented its "green deliveries" in late 2017, featuring e-bikes for last-mile deliveries in certain cities. Such steps are expected to increase the usage of the e-cargo bike in recent years.
- An increase in online orders is driving the growth of the last-mile delivery business. Governments should welcome technological innovation and change to reduce reliance and become more sustainable in the future. Because of the tremendously dense population in Asian countries such as China, India, and Japan, e-cargo bikes are expected to be the most practical and eco-friendly option in the future.
Understand The Key Trends Shaping This Market
Country Level Overview
- The global e-cargo bike market is projected to witness a CAGR of 7.73% during the forecast period, mainly due to the increasing adoption of e-bikes as a daily mode of transportation globally. The market has witnessed an upsurge in the unit sales of e-bikes due to their beneficial characteristics, such as health benefits, economic mobility options, and convenience in riding.
- In Asia-Pacific China, Japan, and Indonesia accounted for a major share of the overall unit sales during the historical period. China held over 90% volume share in the global e-bike market in 2022. However, it has witnessed stagnant growth since, and the market is almost at a saturation point.
- In Europe, e-bike sales skyrocketed in recent years, with countries including Germany, Belgium, and the Netherlands selling major units of e-bikes. This is due to the growing preference for using e-bikes for transportation, sports, and leisure activities. Additionally, the subsidies and tax incentives programs on e-bikes in Sweden, Belgium, and France are anticipated to further support the significant growth of the European e-bike market during the forecast period.
- In North America, the e-bike market is emerging as the preference for using low-speed two-wheelers has grown in recent years. The increased inclusion of more e-bikes by various bike-sharing operators as part of their fleet expansion is expected to support the sales growth of these bikes in the near future.
