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Electric Cargo Bikes Market

Global Electric Cargo Bikes Market Size, Share, Growth: By Product Type: Two Wheeled, Three Wheeled, Four Wheeled; By Battery Type: Lithium Ion, Others; By End Use: Residential, Commercial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Value Chain Analysis; Competitive Landscape; 2024-2032

Global Electric Cargo Bikes Market Outlook

The global electric cargo bikes market size reached approximately USD 2645.34 million in 2023. The market is projected to grow at a CAGR of 34.9% between 2024 and 2032, reaching a value of around USD 39168.96 million by 2032.

 

Key Takeaways

  • Growing efforts for decarbonisation in the transport sector have increased the adoption of electric cargo bikes.
  • Electric cargo bikes are becoming extremely popular for last-mile delivery solutions in densely populated urban areas.
  • These bikes are readily gaining traction in the Asia Pacific region due to rising sustainability efforts.

 

Electric cargo bikes refer to battery-operated bikes and bicycles. These bikes are operated and powered by portable batteries like lithium-ion and nickel-based batteries. Electric cargo bikes are highly versatile and offer smooth rides as they are light in weight. They can serve as an efficient method of transport for carrying packages, cargo, food, and more. Further, the demand for these vehicles is increasing as they are environment friendly and have a low running cost.

 

The growing environmental consciousness around the globe is one of the major factors driving the electric cargo bikes market growth. The increasing government investments to encourage the adoption of renewable energy sources and environment-friendly alternatives have also significantly contributed to the market expansion. Moreover, with increased congestion in urban areas, electric bikes serve as an efficient means of transport for short-distance deliveries as the riders can use bike lanes to avoid heavy traffic to reach the destination quickly. The rapid technological advancements and innovations to develop affordable and low-emission transport alternatives are also expected to bode well for market growth in the coming years.

 

Global Electric Cargo Bikes Market

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Key Trends and Developments

Expansion of electric vehicles worldwide; diverse models of e-bikes; innovations in technology; and net-zero transition and growing government support are the major trends in the electric cargo bikes market

 

Date Company Event
Feb 2024 Tern Announced the expansion of its electric cargo range with the launch of an electric adventure cargo bike called Orox, which possesses 1,600Wh battery capacity.
Feb 2024 Gocycle Launched a new lineup of electric cargo bikes called the CX lineup, which features a foldable design and adjustable handlebar.
Dec 2023 Amazon Announced that it will be leveraging electric cargo bikes for the delivery of packages in Croydan, England to contribute to the decarbonisation initiative in the UK.
Sep 2023 Maxion Wheels Announced its partnership with Antric, an electric cargo bike provider to offer advanced mobility service through its inexpensive steel wheel design.

 

 

Trends Impact
Expansion of electric vehicles worldwide Electric vehicles are gradually establishing their presence in areas of the Asia Pacific and North America due to growing traffic congestion and environmental issues, thereby favouring the market for electric cargo bikes
Diverse models of e-bikes The market players are manufacturing diverse models of electric bikes which cater to specific cargo services such as the transport of heavy goods or food delivery.
Innovations in technology Technological advancements to increase battery life and range as well as enhance the charging speed are leading to the market development.
Transition towards net-zero emissions and favourable government initiatives Increasing focus on net zero-transition and favourable government initiatives, such as the construction of bike lanes and parking facilities for electric bikes are expected to boost adoption.

 

Electric Cargo Bikes Market Trends

One of the prominent trends supporting the electric cargo bikes market development includes advancements in battery technology and charging efficiency of electric cargo bikes. Manufacturers are incorporating lithium-ion batteries with longer lifespans into modern bikes so they can last for a longer period of time. These batteries, apart from facilitating short charging time in modern bikes, offer more power without any significant increase in the weight or size of batteries due to their energy-dense nature.

 

The key market players are increasingly focusing on innovating their existing range and addressing challenges associated with battery technology. In February 2024, Tern announced to expand its electric cargo range with the launch of an electric adventure cargo bike called Orox. The bike, available in two specifications, possesses 1,600Wh battery capacity, can carry up to 210 kg of load, and promises to offer a range of over 300 km.

 

Global Electric Cargo Bikes Market By End Use

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Market Segmentation

“Electric Cargo Bikes Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

 

Market Breakup Categories
Product Type Two Wheeled, Three Wheeled, Four Wheeled
Battery Type Lithium Ion, Others
End Use Residential, Commercial
Region North America, Europe, Asia Pacific, Rest of the World

 

The commercial segment is further divided, based on application, into courier and parcel service provider, service delivery, and retail supplier, among others.

 

Lithium-ion batteries account for a major electric cargo bikes market share due to their high energy density and longer lifespan

Lithium-ion batteries occupy a major share of the market as they possess high energy density compared to other battery types. This allows electric cargo bikes to travel long distances without charging the battery. These batteries also possess long life compared to other battery types and can last for years without any degradation in their efficiency and capacity. Additionally, their high efficiency in terms of charging makes them a viable option for electric cargo bikes.

 

Other battery types include battery technologies like lead-acid. Lead-acid batteries are generally preferred due to their cost-effective price, easy-to-manufacture design, and low discharge rate.

 

The commercial sector maintains its dominance in the electric cargo bikes market due to the rising adoption of these bikes for delivery purposes

The electric cargo bikes market is supported by the growing usage of these bikes in the commercial sector due to the rise of e-commerce. Electric cargo bikes have gained prominence as the last-mile delivery solution for quick and hassle-free delivery. They are also being readily used for food delivery services to facilitate quick delivery as they can avoid heavy traffic by travelling through bike lanes.

 

Meanwhile, the residential sector is also anticipated to contribute to the demand for electric cargo bikes in the coming years due to growing environmental awareness among individuals. This has led to an increase in demand for eco-friendly transport options such as electric cargo bikes compared to traditional cars and bikes.

 

Global Electric Cargo Bikes Market By Region

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Competitive Landscape

The market players are increasing their collaboration efforts and are launching improved vehicle range to gain a competitive edge in the market

 

Company Founded Headquarters Product Range/Operations
Rad Power Bikes Inc 2007 Washington, United States Electric vehicles and electric bikes/scooters
Yuba Bicycles LLC 2007 California, United States Cargo bikes for families and businesses- FastRack, Kombi, Spicy Curry, Mundo EP8, Supercargo
Amsterdam Bicycle Company BV 2017 Delaware, United States E-bikes, cargo bikes, and electric cargo bikes
Babboe BV 2005 Amersfoort, Netherlands Cargo bikes, accessories, and spares

 

Other players in the electric cargo bikes market are Worksman Cycles Company Inc., and DOUZE Factory SAS, among others. The market players are focused on developing advanced electric cargo bikes with enhanced performance and efficiency.

 

Electric Cargo Bikes Market Analysis by Region

Europe is the leading region in the market and is expected to maintain its dominance in the forecast period as well. The market growth in Europe can be attributed to the thriving cargo bikes sector, the increasing adoption of electric vehicles (EVs), and the increasing usage of cargo bikes for private and commercial use in the region. The favourable government initiatives to promote clean transport are also significantly contributing to the market growth. Furthermore, Germany accounts for a major share of the European electric cargo bikes market and the country recorded sales of 15,000 e-cargo bikes in 2016. Besides Germany, Denmark, the United Kingdom, and the Netherlands are the other significant national markets in Europe.

 

Meanwhile, North America is expected to witness considerable growth in the forecast period. The growing focus on improving air quality, decarbonising transport, and regaining public street space is expected to favour the market growth in the coming years.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product Type
  • Battery Type
  • End Use
  • Region
Breakup by Product Type
  • Two Wheeled 
  • Three Wheeled
  • Four Wheeled
Breakup by Battery Type
  • Lithium Ion
  • Others
Breakup by End Use
  • Residential
  • Commercial
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Rad Power Bikes Inc.
  • Yuba Bicycles LLC
  • Worksman Cycles Company Inc.
  • DOUZE Factory SAS
  • Amsterdam Bicycle Company BV
  • Babboe BV
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

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Electric Cargo Bikes Market Report Snapshots

Electric Cargo Bikes Market Size

Electric Cargo Bikes Market Trends

Electric Cargo Bikes Companies

Electric Cargo Bikes Market Regional Analysis

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Electric Cargo Bikes Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Electric Cargo Bikes Historical Market (2018-2023) 
    8.3    Global Electric Cargo Bikes Market Forecast (2024-2032)
    8.4    Global Electric Cargo Bikes Market by Product Type
        8.4.1    Two Wheeled
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Three Wheeled
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Four Wheeled
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
    8.5    Global Electric Cargo Bikes Market by Battery Type
        8.5.1    Lithium Ion
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.4    Others
    8.6    Global Electric Cargo Bikes Market by End Use
        8.6.1    Residential
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Commercial
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
            8.6.2.3    Breakup by Application
                8.6.2.3.1    Courier and Parcel Service Provider
                    8.6.2.3.1.1    Historical Trend (2018-2023)
                    8.6.2.3.1.2    Forecast Trend (2024-2032)
                8.6.2.3.2    Service Delivery
                    8.6.2.3.2.1    Historical Trend (2018-2023)
                    8.6.2.3.2.2    Forecast Trend (2024-2032)
                8.6.2.3.3    Retail Supplier
                    8.6.2.3.3.1    Historical Trend (2018-2023)
                    8.6.2.3.3.2    Forecast Trend (2024-2032)
                8.6.2.3.4    Others    
    8.7    Global Electric Cargo Bikes Market by Region
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2023) 
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2023) 
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2023) 
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Rest of the World
            8.7.4.1    Historical Trend (2018-2023) 
            8.7.4.2    Forecast Trend (2024-2032)
9    North America Electric Cargo Bikes Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe  Electric Cargo Bikes Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Netherlands
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Denmark
        10.5.1    Historical Trend (2018-2023) 
        10.5.2    Forecast Trend (2024-2032)
    10.6    Others
11    Market Dynamics
    11.1    SWOT Analysis
        11.1.1    Strengths
        11.1.2    Weaknesses
        11.1.3    Opportunities
        11.1.4    Threats
    11.2    Porter’s Five Forces Analysis
        11.2.1    Supplier’s Power
        11.2.2    Buyer’s Power
        11.2.3    Threat of New Entrants
        11.2.4    Degree of Rivalry
        11.2.5    Threat of Substitutes
    11.3    Key Indicators for Demand
    11.4    Key Indicators for Price
12    Value Chain Analysis
13    Competitive Landscape

    13.1    Market Structure
    13.2    Company Profiles
        13.2.1    Rad Power Bikes Inc.
            13.2.1.1    Company Overview
            13.2.1.2    Product Portfolio
            13.2.1.3    Demographic Reach and Achievements
            13.2.1.4    Certifications
        13.2.2    Yuba Bicycles LLC
            13.2.2.1    Company Overview
            13.2.2.2    Product Portfolio
            13.2.2.3    Demographic Reach and Achievements
            13.2.2.4    Certifications
        13.2.3    Worksman Cycles Company Inc.
            13.2.3.1    Company Overview
            13.2.3.2    Product Portfolio
            13.2.3.3    Demographic Reach and Achievements
            13.2.3.4    Certifications
        13.2.4    DOUZE Factory SAS
            13.2.4.1    Company Overview
            13.2.4.2    Product Portfolio
            13.2.4.3    Demographic Reach and Achievements
            13.2.4.4    Certifications
        13.2.5    Amsterdam Bicycle Company BV
            13.2.5.1    Company Overview
            13.2.5.2    Product Portfolio
            13.2.5.3    Demographic Reach and Achievements
            13.2.5.4    Certifications
        13.2.6    Babboe BV
            13.2.6.1    Company Overview
            13.2.6.2    Product Portfolio
            13.2.6.3    Demographic Reach and Achievements
            13.2.6.4    Certifications
        13.2.7    Others
14    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Electric Cargo Bikes Market: Key Industry Highlights, 2018 and 2032
2.    Global Electric Cargo Bikes Historical Market: Breakup by Product Type (USD Billion), 2018-2023
3.    Global Electric Cargo Bikes Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
4.    Global Electric Cargo Bikes Historical Market: Breakup by Battery Type (USD Billion), 2018-2023
5.    Global Electric Cargo Bikes Market Forecast: Breakup by Battery Type (USD Billion), 2024-2032
6.    Global Electric Cargo Bikes Historical Market: Breakup by End Use (USD Billion), 2018-2023
7.    Global Electric Cargo Bikes Market Forecast: Breakup by End Use (USD Billion), 2024-2032
8.    Global Electric Cargo Bikes Historical Market: Breakup by Region (USD Billion), 2018-2023
9.    Global Electric Cargo Bikes Market Forecast: Breakup by Region (USD Billion), 2024-2032
10.    North America Electric Cargo Bikes Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    North America Electric Cargo Bikes Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Europe Electric Cargo Bikes Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    Europe Electric Cargo Bikes Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Asia Pacific Electric Cargo Bikes Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Asia Pacific Electric Cargo Bikes Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Global Electric Cargo Bikes Market Structure

Key Questions Answered in the Report

In 2023, the global electric cargo bikes market attained a value of nearly USD 2645.34 million.

The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 39168.96 million by 2032.

The market is projected to grow at a CAGR of 34.9% between 2024 and 2032.

The market is being driven by the increasing preference of sustainable two-wheelers and favourable policies of various governments to promote green energy.

The key trend bolstering the market expansion include the rising environmental consciousness worldwide.

The major regions in the industry are North America, Europe, Asia Pacific and the rest of the world.

The different product types include two wheeled, three wheeled, and four wheeled.

The significant battery types include lithium ion, and others.

The major end uses include residential and commercial. Commercial is further segmented into courier and parcel service provider, service delivery, retail supplier, among others.

The major players in the market are Rad Power Bikes Inc., Yuba Bicycles LLC, Worksman Cycles Company Inc., DOUZE Factory SAS, Amsterdam Bicycle Company BV, and Babboe BV, among others.

Analyst Review

The global electric cargo bikes market attained a value of USD 2645.34 million in 2023, driven by the rising environmental consciousness worldwide. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 34.9%.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product type, the global electric cargo bikes industry can be segmented into two wheeled, three wheeled, and four wheeled. By battery type, the industry can be divided into lithium ion, and others. Based on end use, the industry can be classified into residential and commercial. Commercial end use is further divided into courier and parcel service provider, service delivery, retail supplier, and others. The major regional markets for electric cargo bikes are North America, Europe, Asia Pacific and the rest of the world. The key players in the above market include Rad Power Bikes Inc., Yuba Bicycles LLC, Worksman Cycles Company Inc., DOUZE Factory SAS, Amsterdam Bicycle Company BV, Babboe BV, and others.

 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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