Selbyville, Delaware, Nov. 02, 2022 (GLOBE NEWSWIRE) --
The cargo bike market is expected to record a valuation of USD 2 billion by 2032, according to a new research report by Global Market Insights Inc.
A steady shift in consumer preference towards personal mobility for daily commutes will generate new business scope for cargo bike manufacturers. In recent years, the mobility choices of consumers have changed significantly with the entry of more innovative and futuristic vehicles. The integration of automated technologies and swappable/removable battery systems has allowed manufacturers to develop e-mobility solutions that offer enhanced portability and accessibility. Increasing costs of cabs, volatile fuel prices, and surging traffic congestion will elevate the demand for electric cargo bikes.
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In terms of type, the three-wheeled segment accounted for more than 22% of cargo bike market share in 2022. Besides recreational use, these cargo bikes have a wide range of other applications. For example, they can be used in urban last-mile logistics to deliver small to medium-sized goods and packages. Small businesses also deploy three-wheeled cargo bikes for everyday operations right from waste collection and disposal and quick local deliveries. Growing investments in large warehouse facilities and manufacturing hubs will propel the demand for three-wheeled cargo bikes to transport raw materials or equipment over a shorter distance.
Cargo bike market share from the food delivery application is projected to exhibit around 8.9% CAGR between 2023 and 2032. Restaurants and cloud kitchens are utilizing cargo bikes for offering faster food delivery. These bikes help restaurants to deliver large orders on time without any delay caused due to traffic. Cargo bikes can easily get around traffic bottlenecks by cutting through closed streets. Increasing focus on utilizing sustainable mobility alternatives will encourage businesses to replace conventional delivery vehicles with e-cargo bikes.
The offline sales channel segment in the cargo bike market is predicted to observe nearly 8.5% gains through 2032. Despite the gripping trend of online shopping, consumers are still preferring to purchase cargo bikes from offline stores as it provides a holistic shopping experience. Stores provide better scope for consumer engagement, allowing buyers to try the latest cargo bikes and trending products. Rising disposable income indicates significant consumer interest in high-end mobility solutions. The need to foster sales will inspire cargo bike manufacturers to make new investments in setting up offline stores.
Latin America cargo bike market size is poised to reach over USD 99 million by 2032. Increasing demand for cargo bikes in recreational applications will complement the regional industry outlook. The increasing prevalence of bike leasing services in countries such as Mexico and Brazil which observe a large number of tourist visits each year will fuel the demand for cargo bikes.
The expanding tourism sector will support the large-scale deployment of cargo bikes. In April 2022, the Inter-American Development Bank (IDB) approved a USD 33 million worth loan to boost nature tourism in Argentina. The fund will help modify infrastructures such as bike paths, shelters, viewpoints, and camping sites.
The competitive landscape of the cargo bike market is inclusive of companies such as Giant Bicycles, AIMA Technology Co., Accell Group, Rad Power Bikes, Trek Bicycles, Pedego Electric Bikes, Specialized Bicycle Components, and Electric Bike Technologies, Inc. These players are focusing on product innovation by integration next-generation technologies.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Cargo Bike Market Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Impact analysis of Russia-Ukraine war
3.4 Cargo Bike industry ecosystem analysis
3.5 Key initiatives & news
3.6 Patent analysis
3.7 Technology and innovation landscape
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Increasing deployment of cargo bikes in last mile delivery application
3.9.1.2 Growing manufacturing and export of cargo bikes in Europe
3.9.1.3 Growing usage of cargo bicycles due to rising traffic congestion across globe
3.9.1.4 Growing inclination towards recreational activities in Latin America and MEA
3.9.1.5 Shifting focus of commuters toward personal mobility solutions in North America
3.9.2 Industry pitfalls & challenges
3.9.2.1 High initial cost of electric cargo bikes
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
