Wilmington, Delaware, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Electric Cargo Bike Market by Type (Front Loader, Long Tail), Application (Personal Use, Delivery and Courier, Waste and Municipal Services, and Others), and Range (Less than 50 km, and More than 50 km): Global Opportunity Analysis and Industry Forecast, 2023-2032”.
According to the report, the global electric cargo bike market size was valued at $2,385.5 million in 2022, and is projected to reach $7,228.2 million by 2032, registering a CAGR of 11.7% from 2023 to 2032.
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- 123 - Tables
- 45 - Charts
- 218 – Pages
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Prime Determinants of Growth
The global electric cargo bike market has experienced significant growth and transformation, driven by surge in sustainability and environmental awareness to reduce carbon emission, increase in demand for electric cargo bikes to reduce traffic congestion and rise of e-commerce and last mile delivery. However, lack of infrastructure and challenges related to charging and high initial cost restricts the market growth. Moreover, favorable government initiatives and regulatory support, and technological advancements presents new opportunities in the coming years.
Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $2.3 Billion |
| Market Size In 2032 | $7.2 Billion |
| CAGR | 11.7% |
| No. Of Pages In Report | 218 |
| Segments Covered | Type, Application, Range, And Region. |
| Drivers | Increase In Demand for Electric Cargo Bikes to Reduce Traffic Congestion. Surge In Sustainability and Environmental Awareness to Reduce Carbon Emission. Rise Of E-Commerce and Last Mile Delivery. |
| Opportunities | Favorable Government Initiatives and Regulatory Support. Technological Advancements. |
| Restraints | Lack Of Infrastructure and Challenges Related to Charging. High Initial Cost. |
The front loader segment to maintain its leadership status throughout the forecast period
Based on type, the front loader segment held the highest market share in 2022, and is estimated to maintain its leadership status throughout the forecast period, owing to rise in the integration of advanced features such as adaptive electric assistance, an anti-theft system, an alarm, bike geolocation, real-time navigation, weather forecast, and others. However, the longtail segment is projected to attain the highest CAGR of 12.4% from 2023 to 2032, owing to its affordable and eco-friendly nature. It is also considered as an alternative for traditional cars and SUVs. This, in turn, is expected to drive the growth of the segment in the market.
Key Developments in the Electric Cargo Bike Industry:
Leading companies are executing strategic maneuvers such as acquisition, agreement, expansion, partnership, contracts, and product launches to fortify their market standing.
- In July 2023, Xtracycle Cargo Bikes introduced an off-road electric cargo bike, capable of carrying up to three passengers. Its extended rear rack serves a dual purpose as both a cargo platform and a child carrier.
- June 2023 witnessed Tern launching the upgraded HSD compact cargo bike, featuring enhanced capabilities and smart functionalities compared to the previous model. The new iteration incorporates the advanced Bosch Smart System.
- May 2023 marked a strategic partnership between Pon, through its subsidiary Urban Arrow, and Zoomo. This collaboration aims to broaden Zoomo's hardware offerings on its platform, catering to the evolving needs of the urban logistics delivery sector. The diversified vehicle types include Urban Arrow e-cargo bikes, such as the Cargo L and XL Cargo Line Rohloff.
- In February 2023, Aventon Bikes unveiled the Abound electric cargo bike, featuring a 750-watt motor, a range of accessories, and a robust weight capacity of 440 lbs (199.5 kg), priced at $2,199.
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The personal use segment to maintain its leadership status throughout the forecast period
Based on application, the personal use segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, as it is equipped with specially designed seats or compartments for carrying children safely, with the additional customizable components provided by the various manufacturers. However, the delivery and courier segment is projected to attain the highest CAGR of 12.7% from 2023 to 2032, owing to its demand in businesses which aim to optimize their operations and allocate additional time to enhance customer value by utilizing electric cargo bikes for deliveries. Cargo bikes eliminate the dependence on third-party logistics firms and alleviate challenges associated with package losses, damages, refunds, and elevated packaging expenses.
The less than 50 Km segment to maintain its lead position during the forecast period
Based on range, the less than 50 Km segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to its ability for transporting children or other passengers as a practical alternative to car journeys for school runs and other trips. However, the more than 50 Km segment is projected to attain the highest CAGR of 12.4% from 2023 to 2032, as growing recognition of environmental concerns and rise in the need to decrease carbon emissions is expected to encourage individuals and businesses to embrace greener transportation alternatives. Electric cargo bikes, which generate no tailpipe emissions, are increasingly used in the transportation sector. Moreover, the expansion of e-commerce and digital retail has led to increased demand for effective last-mile delivery solutions, which is anticipated to drive the growth of the market during the forecast period.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Surge in awareness of air pollution and climate change has prompted governments and consumers in the Asia-Pacific region to adopt cleaner transportation alternatives such as electric cargo bikes, which is expected to drive the growth of the market in the region. However, LAMEA is projected to attain the highest CAGR of 14.4% from 2023 to 2032, as the growth of the electric cargo bike market in the LAMEA region is influenced by a combination of factors, including economic conditions, urbanization, environmental concerns, technological advancements, and government policies. Many cities in the LAMEA region experience significant traffic congestion and limited parking space.
Report Key Highlights:
- The comprehensive study spans regions encompassing North America, LAMEA, Europe, and Asia-Pacific. It conducts a meticulous regional and segment analysis of each country, delineating values in millions of dollars for the anticipated period from 2023 to 2032.
- Employing a robust methodology, the research integrates top-tier data, expert opinions, in-depth analysis, and critical independent perspectives. This approach is meticulously designed to furnish a well-rounded perspective of global markets, empowering stakeholders to make informed decisions that align with their ambitious growth objectives.
- The research delved into a thorough examination of over 3,700 product catalogs, annual reports, industry statements, and analogous materials sourced from major industry participants. This exhaustive review was undertaken to glean profound insights and enhance comprehension of the market dynamics.
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Leading Market Players: -
- Riese & Mller GmbH
- Xtracycle Cargo Bikes
- Butchers & Bicycles
- Rad Power Bikes Inc.
- Yuba Bikes
- Tern
- Aventon Bikes
- Amsterdam Bicycle Company
- Pon
- Bunch Bikes
The report provides a detailed analysis of these key players in the global electric cargo bike market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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