Newark, June 16, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global cargo bike market is expected to grow from USD 1.2 billion in 2021 to USD 3.8 billion by 2030, at a CAGR of 13.7% during the forecast period 2022-2030.
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The popularity of home-delivered goods and services has increased due to the e-commerce boom and the pandemic. Similarly, industries and commercial units are expanding their investments in transportation and logistics to reduce downtime, minimize costs, and improve the customer experience. Traffic congestion has increased as the metropolitan population and number of vehicles on the road have grown, obstructing and slowing the movement of commodities. Cargo bikes are an excellent way to avoid traffic and deliver products and services on time. As people become more aware of how environmentally friendly, cost-effective, and speedy cargo bikes are, they are becoming more popular in various industries for moving goods that will drive the cargo bike market. Governments are also establishing friendly laws for the cargo bike sector to increase its demand, which will help to reduce carbon emissions and limit global warming. Government initiatives will provide lucrative opportunities for the market players in the forecast period. The availability of alternatives and the inability to carry heavy loads over long distances could hamper the market growth. However, technological advancements will increase the payload capacity and commute distances of cargo bikes, overcoming the market restraints of the market.
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Competitive Strategy
To enhance their market position in the global cargo bike market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Rad Power Bikes released the latest version of its versatile RadWagon Cargo Bike in May 2020. The improved strength, stability, and versatility of the RadWagon 4 electric cargo bike will aid Rad Power Bikes in expanding its market footprint.
Market Growth & Trends
The rising use of cargo bikes in the logistics, shipping, and delivery services sector to improve supply chain management and enable faster delivery time in an eco-friendly manner will aid in developing the cargo bike market. An upsurge in consumer demand for electric bikes to evade urban traffic, reduce pollution, and stay healthy will also facilitate the growth of the global cargo bike market. Growing investments in developing better cargo bikes are driving the cargo bike market; the requirement to improve service quality for clients is likely to provide an impetus for innovative cargo bikes. Favorable government initiatives are also another significant factor contributing to the market’s growth. China and India's large populations boost consumer demand for various items, including food, beverages, consumer goods, and healthcare. The smooth operation of logistics has become a vital goal due to the increase in demand. Using cargo bikes for logistics and shipping is a great way to quickly get goods and services to customers. Other developing countries are also witnessing a similar e-commerce boom, which would fuel the demand for cargo bikes.
Key Findings
• In 2021, the three-wheeled segment dominated the market with the largest market share of 49% and a market revenue of 0.58 billion in 2021.
The product type segment is divided into four-wheeled, three-wheeled, and two-wheeled. In 2021, the three-wheeled segment dominated the market with the largest market share of 49% and market revenue of 0.58 billion.
• The electric segment is expected to grow at the fastest CAGR of 15.6% over the forecast period.
The propulsion segment is divided into conventional and electric. Over the forecast period, the electric segment is expected to grow at the fastest CAGR of 15.6%.
• In 2021, the courier & parcel service provider segment accounted for the largest share of the market, with 52% and market revenue of 0.62 billion.
The application segment is divided into large retail suppliers, personal transportation, courier & parcel service provider, service delivery, municipal services, & others. In 2021, the courier & parcel service provider segment accounted for the largest share of the market, with 52% and market revenue of 0.62 billion.
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Regional Segment Analysis of the Cargo Bike Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the European region emerged as the largest market for the global cargo bike market, with a market share of around 44% and 0.52 billion of market revenue in 2021. Concerns about climate change have prompted European countries to enact policies to lower carbon emissions. Transport vehicle emissions are a substantial component of the region's overall carbon footprints, and freight carriers make up many of these transport vehicles. As a result, European governments have made significant investments in developing efficient and affordable cargo bikes that are environmentally friendly, thereby decreasing regional carbon emissions. Several measures, such as a tax break on cargo bike purchases, have been implemented in the region to increase consumer demand and promote the growth of the cargo bike market.
Key players operating in the global cargo bike market are:
• Butchers & Bicycles
• Urban Arrow
• BODO Vehicles Group Co. Ltd.
• Jiangsu Xinri E-Vehicles Co. Ltd.
• Riese & Muller GmbH
• Yuba Electric Cargo Bikes
• Rad Power Bikes LLC
• Worksman Cycles Company Inc.
• CERO ELECTRIC CARGO BIKES
• DOUZE Factory SAS
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global cargo bike market based on the below-mentioned segments:
Global Cargo Bike Market by Product Type:
• Four-Wheeled
• Third-Wheeled
• Two-Wheeled
Global Cargo Bike Market by Propulsion:
• Conventional
• Electric
Global Cargo Bike Market by Application:
• Large Retail Supplier
• Personal Transportation
• Courier & Parcel Service Provider
• Service Delivery
• Municipal Services
• Others
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About the report:
The global cargo bike market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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