Dublin, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The "Global Electric Cargo Bikes Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global electric cargo bikes market witnessed a value of USD 1976 million in 2022, driven by the increasing adoption of eco-friendly and sustainable transportation solutions. The market is projected to exhibit significant growth with a Compound Annual Growth Rate (CAGR) of 34.7% between 2023 and 2028, reaching a value of USD 11864.07 million by 2028.
Electric cargo bikes, also known as e-cargo bikes or pedelec cargo bikes, are bicycles equipped with an electric motor that assists the rider in pedalling. These bikes are designed to carry goods, packages, or passengers and provide a cost-effective, efficient, and environmentally friendly alternative to traditional transportation methods. The growing popularity of electric cargo bikes in urban areas, their ability to navigate traffic congestion, reduce delivery times, and minimize carbon emissions, are key drivers of market expansion.
Key Growth Drivers
The electric cargo bikes market is experiencing robust growth due to several factors:
- Environmental Concerns: Escalating concerns about air pollution and greenhouse gas emissions have led governments worldwide to implement stringent regulations and promote eco-friendly transportation options. Electric cargo bikes offer a sustainable and efficient solution for transporting goods and passengers in urban areas, aligning with these regulatory efforts.
- Urbanization and E-commerce: Rapid urbanization and the growth of e-commerce have spurred demand for quick, eco-friendly delivery solutions. Electric cargo bikes, designed to navigate congested urban areas and provide faster delivery times compared to conventional vehicles, are well-suited for last-mile deliveries in the e-commerce sector.
- Advancements in Battery Technology: The development of advanced battery technology has significantly improved the performance, range, and durability of electric cargo bikes, further boosting their adoption. Decreasing costs of lithium-ion batteries, along with financial incentives and subsidies for electric vehicles, have made electric cargo bikes more accessible and affordable.
Market Segmentation
The electric cargo bikes market is segmented based on product type, battery type, end use, and region.
- Product Type: The market includes two-wheeled, three-wheeled, and four-wheeled electric cargo bikes.
- Battery Type: Electric cargo bikes are powered by lithium-ion batteries or other battery types.
- End Use: The market serves residential and commercial sectors.
- Application: End-use applications include courier and parcel service providers, service delivery, retail suppliers, and others.
- Region: The market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
Competitive Landscape
The report provides insights into the competitive landscape of the global electric cargo bikes market, including market shares, plant turnarounds, capacities, investments, acquisitions, and mergers. Key players explored in the report include:
- Rad Power Bikes Inc
- Yuba Bicycles LLC
- Worksman Cycles Company Inc
- DOUZE Factory SAS
- Amsterdam Bicycle Company BV
- Babboe BV
- Others
For a comprehensive analysis of trends, growth drivers, challenges, and opportunities within the electric cargo bikes market, refer to the complete report.
Research Methodology
The report's analysis involves extensive research phases, including secondary research, primary research, and expert panel review. The comprehensive data triangulation ensures accuracy and consistency of quantitative data. The report includes quantitative market estimations, qualitative analysis, and insights into emerging trends, industry dynamics, and market players.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 99 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2676.6 Million |
| Forecasted Market Value (USD) by 2028 | $11864.07 Million |
| Compound Annual Growth Rate | 34.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/qs3ce0
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