Reliable Data You Can Trust
Reliable Data You Can Trust
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 global electric cargo
bikes market. According to the report, the global electric cargo bikes market
is projected to grow at a CAGR of nearly 13% over the forecast period of
2022-2028.
The revenue generated by the
market was about USD 700 million in 2022 and is expected to reach over USD 1400
million in 2028 with a CAGR of nearly 13% over the forecast period. 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.
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 reducing 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.
The concern over 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 severe 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 pandemic resulted in lower production. However, the majority of bike
manufacturers and service providers resumed limited production, after they
recovered from the plunge suffered during the COVID-19 pandemic.
Geographically, Asia Pacific is
leading the electric cargo bikes market, 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 the 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 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 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 2022-2028. 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.
Please Choose One of them.