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North America Electric Cargo Bikes Market Size, Analysis: 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; Competitive Landscape; 2024-2032
North America Electric Cargo Bikes Market Outlook
The North America electric cargo bikes market size was valued at USD 0.44 billion in 2023. The market is further projected to grow at a CAGR of 37.7% between 2024 and 2032, reaching a value of USD 8.29 billion by 2032.
Key Takeaways
- North America electric cargo bikes market growth is driven by factors such as the lower running costs, faster delivery facilitated by new technological advancements, and the increased adoption of electric cargo bikes for personal use.
- In North America, the United States is recognised as a primary market with a 9.5% CAGR expected during the forecast period, supported by well-developed infrastructure, government backing, and high levels of expenditure in the e-mobility sector.
- As per industry reports, the market in the USA is expected to exhibit high demand for electric cargo bikes, with rising research activities, presence of major players, and increasing investments contributing to its growth.
The market is experiencing a rapid surge towards the electrification of vehicles, which is primarily fuelling the North America electric cargo bike market share. This trend is driven by increasing environmental concerns, rising fuel prices, and growing consumer awareness. For example, companies like Rad Power Bikes and Tern Bicycles are offering a range of electric cargo bikes with advanced features and efficient designs.
Moreover, there is a growing demand for sustainable transportation solutions, driving the adoption of electric cargo bikes in e-commerce and logistics. For example, companies like Amazon and UPS are using electric cargo bikes for last-mile deliveries in urban areas, reducing their carbon footprint and improving their sustainability credentials.
Residential use of electric cargo bikes in North America is on the rise, driven by the growing trend of urban living and rising fuel prices. Individuals are increasingly turning to electric cargo bikes for personal transportation, grocery shopping, and running errands within their neighbourhoods. Brands like Rad Power Bikes offer models like the RadWagon, designed with cargo racks and baskets to cater to residential needs. These bikes are popular for short distance commuting in urban areas where traffic congestion and parking limitations are common.
As per the North America electric cargo bike market analysis, commercial electric cargo bikes are designed for durability and efficiency, with features like large cargo compartments, sturdy frames, and long battery life. The commercial segment is poised for significant growth, driven by the expansion of e-commerce activities, the need for faster and greener delivery options, and the focus on reducing carbon emissions in logistics operations. Brands like Tern Bicycles with their GSD model and Riese & Müller with the Load series are examples of companies catering to both residential and commercial electric cargo bike markets, showcasing the diverse applications and potential of this evolving industry.
Market Segmentation
North America Electric Cargo Bikes Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments
Market Breakup by Product Type
- Two Wheeled
- Three Wheeled
- Four Wheeled
Market Breakup by Battery Type
- Lithium Ion
- Others
Market Breakup by End Use
- Residential
- Commercial
- Courier and Parcel Service Provider
- Service Delivery
- Retail Supplier
- Others
Market Breakup by Region
- United States of America
- Canada
Competitive Landscape
Players are focusing on expanding their product offerings, increasing their market share, and improving their distribution networks to meet the growing demand for electric cargo bikes in North America.
- Giant Bicycle, Inc.
- Rad Power Bikes Inc.
- Pedego Inc.
- Riese & Müller GmbH
- Hawley LLC (Yubabikes)
- Amsterdam Bicycle Company LLC
- Worksman Cycles Co. Inc.
- Priority Outdoor Products, LLC (Xtracycle)
- Mobility Holdings, Ltd. (Tern)
- Bunch Bikes, Inc.
- Others
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:
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| Breakup by Product Type |
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| Breakup by Battery Type |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*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 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Electric Cargo Bikes Market Overview
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 Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Electric Cargo Bikes Market Overview
9.1 Key Industry Highlights
9.2 North America Electric Cargo Bikes Historical Market (2018-2023)
9.3 North America Electric Cargo Bikes Market Forecast (2024-2032)
10 North America Electric Cargo Bikes Market by Product Type
10.1 Two Wheeled
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Three Wheeled
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Four Wheeled
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 North America Electric Cargo Bikes Market by Battery Type
11.1 Lithium Ion
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Others
12 North America Electric Cargo Bikes Market by End Use
12.1 Residential
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.2.3 Breakup by Type
12.2.3.1 Courier and Parcel Service Provider
12.2.3.2 Service Delivery
12.2.3.3 Retail Supplier
12.2.3.4 Others
13 North America Electric Cargo Bikes Market by Country
13.1 United States of America
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Canada
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators of Demand
14.4 Key Indicators of Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Giant Bicycle, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Rad Power Bikes Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Pedego Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Riese & Müller GmbH
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Hawley LLC (Yubabikes)
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Amsterdam Bicycle Company LLC
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Worksman Cycles Co. Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Priority Outdoor Products, LLC (Xtracycle)
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Mobility Holdings, Ltd. (Tern)
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Bunch Bikes, Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 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. North America Electric Cargo Bikes Market: Key Industry Highlights, 2018 and 2032
3. North America Electric Cargo Bikes Historical Market: Breakup by Product Type (USD Billion), 2018-2023
4. North America Electric Cargo Bikes Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
5. North America Electric Cargo Bikes Historical Market: Breakup by Battery Type (USD Billion), 2018-2023
6. North America Electric Cargo Bikes Market Forecast: Breakup by Battery Type (USD Billion), 2024-2032
7. North America Electric Cargo Bikes Historical Market: Breakup by End Use (USD Billion), 2018-2023
8. North America Electric Cargo Bikes Market Forecast: Breakup by End Use (USD Billion), 2024-2032
9. North America Electric Cargo Bikes Historical Market: Breakup by Country (USD Billion), 2018-2023
10. North America Electric Cargo Bikes Market Forecast: Breakup by Country (USD Billion), 2024-2032
11. North America Electric Cargo Bikes Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 0.44 billion.
The market is expected to grow at a CAGR of 37.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 8.29 billion by 2032.
The market is driven by factors such as increase in demand for electric cargo bikes to reduce traffic congestion, surge in sustainability and environmental awareness to reduce carbon emission, and developments in e-commerce and last-mile delivery.
Key trends aiding the market expansion include favourable government initiatives, regulatory support, and technological advancements in electric cargo bikes.
Countries considered in the market are United States of America and Canada.
Based on end use, the market segmentations include residential and commercial, which includes courier and parcel service provider, service delivery, and retail supplier, among others.
Two wheeled, three wheeled, and four wheeled electric cargo bikes are considered in the report.
Key players in the market are Giant Bicycle, Inc., Rad Power Bikes Inc., Pedego Inc., Riese & Müller GmbH, Hawley LLC (Yubabikes), Amsterdam Bicycle Company LLC, Worksman Cycles Co. Inc., Priority Outdoor Products, LLC (Xtracycle), Mobility Holdings, Ltd. (Tern), and Bunch Bikes, Inc., among others.
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