Electric Cargo Bike Market to top US$ 1.1 Bn by 2031, Parcel Service and Personal Transport to be Highly Attractive End User: PMR
NEW YORK, Sept. 7, 2021 /PRNewswire/ -- The global electric cargo bike market is expected to surge at a CAGR of 11.4% and top a valuation of US$ 1.1 Bn by 2031. The electric cargo bike industry is predicted to develop as customer preferences for electric bikes rise and new technological advances emerge.
Electric cargo bikes are the pinnacle of bicycles designed to transport freight, or in some cases, people. Electric cargo bikes enable riders to move huge, heavy things that would be impossible to transport without the assistance of electric power As a result, switching from gasoline-powered cars or conventional cargo bikes to electric cargo bikes has been recommended as a way to mitigate negative environmental, social, and economic consequences.
Market expansion is predicted to be fueled by improvements in the global economy and the rising automotive sector in emerging economies, which will encourage players to offer new products across regions.
In April 2021, Amazon Inc. revealed that it is pursuing the usage of electric cargo bikes for last-mile delivery. This is a huge shift for the distribution and logistics industry, as other businesses will be looking to figure out how to sort and deliver products to clients more quickly in highly populated metropolises.
In December 2020, Smartron unveiled the tbike flex, an electric bike and cargo delivery platform intended for last-mile delivery operations using the company's proprietary AIoT platform.
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Key Takeaways from Market Study
- With a CAGR of 12.7%, electric cargo bikes with two wheels are expected to be one of the fastest expanding segments, because of their widespread use in courier delivery and personal transportation
- Courier & parcel services and personal transportation are likely to be two of the most important end-use segments of electric cargo bikes.
- With easy availability of raw materials and increasing government incentives for the production and sale of electric cargo bikes, Europe, with nearly 68% market share in 2020, is expected to remain one of the fastest-expanding markets.
- With a market share of more than 82% in 2020, the lithium-ion battery segment is projected to be the most lucrative because of its greater efficiency and quick charging capabilities.
"Advantages of electric cargo bikes such as reduced operating costs and environmentally friendly transportation, as well as technological developments, particularly in electric vehicle production, and a growing desire for electric vehicles as a low-emission mode of transportation, are primarily driving the market," says a Persistence Market Research analyst.
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Market Landscape Identified to Be Fairly Competitive
The global electric cargo bike market is fiercely competitive on a regional, national, and global scale, and it is extremely fragmented.
Some of the key players included in the report are Accell Group N.V. (Carqon), Jiangsu Xinri E-Vehicle Co. Ltd., Jinhua Jobo Technology Co., Ltd., BODO Vehicle Group Co., Ltd. (LUXMEA), Chongqing Mobimax Technology Co., Ltd., Mobility Holdings, Ltd. (Tern Bicycles), Riese & Müller GmbH, Urban Arrow, Worksman Cycles, Yuba Electric Cargo Bikes, and Rad Power Bikes Inc.
Key players are concentrating on research and innovation to develop better products in order to expand their market reach. Manufacturers are exploring strategic alliances with regional end consumers, distributors, and other market players to suit the needs of an expanding client base.
Conclusion
The adoption of battery-powered electric cargo bikes is being aided by increasing monetary and non-monetary incentives. Transition from conventional to electric modes of transportation is being driven by demand for sustainable urban mobility and modern transportation. The impact of e-cargo bikes on energy security and air quality is expected to be good.
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Want to Know More?
Persistence Market Research, a research and consulting firm, has published a revised market research report on the electric cargo bike market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides in-depth analysis of the market through different segments, namely, product type, battery type, end use, and region.
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