Electric Cargo Bike Market 2022
Starting with the overview of Electric Cargo Bike Market, it presents an overall analysis of the latest trends that are prevalent in the industry. The report begins with the description of the market surroundings and the analysis of the size and forecast of product or service based on regions and applications. In addition to it, the report also introduces the market competitive landscape among the vendors and manufacturers that contribute to the growth of the product or service. The company profiling and market price analysis in relation to the value chain features is also covered in the report. The data experts have examined and scrutinized the industry trends in the key regions. 2022 has been considered as the base year, with the forecast period extending to 2030.
The global electric cargo bike market is expected to surge at a CAGR of 11.4% and top a revenue 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.
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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.
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
- Jiangsu Xinri E-Vehicle Co. Ltd.
- Jinhua Jobo Technology Co., Ltd.
- ZERO ELECTRIC CARGO BIKES
- Worksman Cycles
- DOUZE Factory SAS
- XYZ CARGO
- Butchers & Bicycles ApS
- NIHOLA
- Babboe
- Yuba Electric Cargo Bikes
- BODO Vehicle Group Co., Ltd. (LUXMEA)
- Chongqing Mobimax Technology Co., Ltd.
- Carqon (Accell Group N.V.)
- XCYC (Non-profit workshops and dwellings GmbH)
- Riese & Mueller GmbH
- Urban Arrow
- Rad Power Bikes Inc.
- Tern Bicycles (Mobility Holdings, Ltd.)
- Pedego Electric Bikes
- Xtracycle Inc.
- Amsterdam Bicycle Company
- Triobike
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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Key Questions Answered in the Electric Cargo Bike Market Report
How is the Electric Cargo Bike market expected to grow over the projected period?
What direction is the Electric Cargo Bike market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Electric Cargo Bike market in future?
What are the key market drivers in the Electric Cargo Bike market?
What are significant opportunities and improvement areas for Electric Cargo Bike manufacturers?
What are the key developments and trends taking over the Electric Cargo Bike market?
Which are the emerging countries that are expected to create significant growth opportunities in the Electric Cargo Bike market?
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