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Electric Cargo Bikes Market (Product Type - Two Wheeled, Three Wheeled, and Four Wheeled; Battery Type - Lithium-ion, Lead-based, and Nickel-based; End-user - Courier and Parcel Service Provider, Retail Supplier, Service Delivery, Municipal Services, Personal Use, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : January, 2022

  • Rep Id : AT00238

  • Category : Automotive, Aerospace & Defence

  • Status : Published

A recent report published by Infinium Global Research on the electric cargo bikes market provides in-depth analysis of segments and sub-segments in the global as well as regional electric cargo bikes market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional electric cargo bikes market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global electric cargo bikes market. According to the report, the global electric cargo bikes market is projected to reach USD 1286.8 million by 2027 from USD 623.9 million in 2021, growing at a CAGR of 12.82% over the forecast period of 2021-2027.

 

Market Insight

Electric cargo bikes are generally powered by small batteries such as lithium-ion and nickel-based batteries. These bikes are multipurpose and provide a smooth ride as they are light in weight. Electric cargo bikes are more efficient compared to fuel-powered bikes to carry packages, cargo, food, and other goods. The users can carry heavy goods with the help of electric cargo bikes, which would be difficult to transport with only human efforts. Electric cargo bikes are lightweight, offering a smooth and stable riding experience. Further, these bikes are environmentally friendly and have less running cost. Thus, electric cargo bikes are widely considered to minimize adverse ecological, social, and economic effects, shifting from internal combustion engine vehicles.

 

The concern over the COVID-19 caused many governments around the world to focus more on healthcare infrastructure, compared to other industries. Many countries in the world imposed stay-at-shelter orders. These restrictions affected manufacturing around the world. Manufacturing units of various industries were shut down in many countries. This pandemic had a serious impact on the electric cargo bikes market. The market registered lower sales and demand over the period of the pandemic. End-users spent less on vehicles and related products during the pandemic period. The government restrictions coupled with a shortage of labor during the pandemic resulted in lower production. However, the majority of bike manufacturers and service providers resumed the limited production, after it recovered from the plunge suffered during the COVID-19 pandemic. 

 

One of the key factors driving the electric cargo bikes market is the continuous rise in the prices of fossil fuels. Electric bikes are powered by electricity, which diminishes the cost of fuel along with being environmentally friendly and reduces pollution. Furthermore, many governments are heavily investing in the charging infrastructure installation and collaborating with multiple oil and gas companies for establishing and developing charging stations. However, the limited range and low speed of electric cargo bikes are anticipated to be major challenges for the electric cargo bikes market. Due to such challenges, many end-users prefer combustion engine vehicles over electric cargo bikes. Nevertheless, the advent of connected vehicles and modern technologies such as IoT and 5G is likely to boost the growth of the electric cargo bikes market over the forecast period.

 

Geographically, Asia Pacific is leading the electric cargo bikes market value as well as volume, followed by Europe, North America, the Middle East, Africa, and Latin America. The Asia Pacific market is majorly driven by the healthy growth in EV sales and improving charging infrastructure in China. The growing demand for EVs for personal and commercial use is augmenting the demand for electric cargo bikes in the Asia Pacific. Europe holds the second-largest share in the market owing to the presence of the key players in this region. Countries such as the UK, France, Germany, Netherlands front running countries for electric cargo bikes and EVs. North America is predicted to show promising growth in this market. Other regions such as South America the Middle East and Africa are witnessing healthy growth in the market due to improving technologies and government funding towards EVs and electric cargo bikes.

 

global-electric-cargo-bikes-market


Segment Covered

The report on global electric cargo bikes market covers segments such as product type, battery type, and end-user. On the basis of product type, the sub-markets include two wheeled, three wheeled, and four wheeled. On the basis of battery type, the sub-markets include lithium-ion, lead-based, and nickel-based. On the basis of end-user, the sub-markets include courier and parcel service provider, retail supplier, service delivery, municipal services, personal use, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Rad Power Bikes Inc., Jiangsu Xinri E-Vehicle Co. Ltd., Yuba Electric Cargo Bikes, Riese & Müller GmbH, Jinhua Jobo Technology Co., Ltd., CERO Inc., Douze Factory SAS, Butchers & Bicycles ApS, Worksman Cycles Company Inc., and Babboe BV.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the electric cargo bikes market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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