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.
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.
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.
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.
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.