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.
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.
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.
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.
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.
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.
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).
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.