Charging Ahead: Electric Cargo Bike Market to Achieve USD 6.2 Billion by 2033, with a CAGR of 11.4%

Posted on 2024-08-08 by Future Market Insights in Automotive // 0 Comments

The global electric cargo bike market is projected to reach a valuation of USD 2.1 billion in 2023 and is expected to grow to USD 6.2 billion by 2033, with a compound annual growth rate (CAGR) of 11.4% during this period.

The rapid expansion of e-commerce has fueled a growing need for efficient last-mile delivery solutions, a demand that electric cargo bikes are well-suited to fulfill. In densely populated urban areas, where traffic congestion and limited parking space can impede traditional delivery vehicles like vans and trucks, electric cargo bikes provide a more efficient alternative. These bikes facilitate faster and more cost-effective deliveries, effectively navigating the challenges of crowded city environments. As e-commerce continues to expand, the demand for electric cargo bikes is expected to rise accordingly.

Increased investment from major industry players, driven by the expanding e-commerce sector, is also contributing to the growth of the electric cargo bike market. For instance, on November 24, 2022, Amazon, a leader in e-commerce, announced plans to significantly expand its electric cargo bike fleet in the United Kingdom over the coming years. This expansion is aimed at enhancing foot-based deliveries and supporting the decarbonization of the transportation network used for package deliveries across the country.

The surge in e-commerce, coupled with the effects of the pandemic, has led to a heightened demand for home deliveries of goods and services. In response, businesses are increasingly investing in logistics and transportation improvements to reduce downtime, lower costs, and boost customer satisfaction, further driving the demand for electric cargo bikes.

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Key Takeaways

The United States electric cargo bike market is expected to grow with a CAGR of 9.5% during the forecast period.
The demand for electric cargo bikes in Australia is expected to grow with a CAGR of 11.5% during the forecast period.
By battery type, the lithium-ion battery segment is projected to grow with an impressive CAGR of 12% during the forecast period.
The market in Germany is expected to grow with a significant CAGR of 11.6% throughout the forecast period.

“The thriving e-commerce industry and use of electric cargo bikes for fast parcel deliveries are expected to drive market growth during the forecast period,” – comments an FMI analyst.

Competitive Landscape

The market for electric cargo bike is highly competitive, with numerous prominent industry players making substantial investments in their production.

The key industry players are Jiangsu Xinri E-Vehicle Co. Ltd., Jinhua Jobo Technology Co., Ltd., CERO 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 (Gemeinnützige Werkstätten und Wohnstätten GmbH ), Riese & Müller GmbH, Urban Arrow, Rad Power Bikes Inc., Tern Bicycles (Mobility Holdings, Ltd.), Pedego Electric Bikes, Xtracycle Inc, Amsterdam Bicycle Company, Triobike.

Some recent developments in the electric cargo bike market are:

In October 2022, French company Douze Cycles introduced a series of cargo bikes comprising four models, three of which feature electric assistance. These bikes offer an impressive hauling capacity of up to 205 kg.
In June 2022, Tern unveiled NBD, a low-step e-bike capable of supporting a maximum gross vehicle weight of 140 kg. It features a rear rack with a capacity of up to 27 kg and a front rack that can handle up to 20 kg.
DOUZE Factory SAS, a French company specializing in cargo bike design and manufacturing, revealed a collaboration with Toyota on March 8, 2023. Together, they will co-develop and launch a new lineup of electric cargo bikes.
On November 3, 2022, Yuba Bikes from California introduced their popular non-motorized ‘longtail’ bicycles. These bikes have an extended deck for carrying cargo or passengers. Yuba expanded their cargo bike range with the new Fastrack model, featuring a patent-pending integrated Dual Rack System that can be adjusted in four ways to accommodate different cargo or passenger.

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More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global electric cargo bike market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the electric cargo bike market, the market is segmented on the basis of product type, battery type, end-use and region.

Key Segments Profiled in the Electric Cargo Bike Industry Survey

By Product Type:

Two Wheeled
Three Wheeled
Four Wheeled

By Battery Type:

Lead-Based
Nickel Based
Lithium Ion

By End-Use:

Courier & Parcel Service Provider
Large Retail Supplier
Personal Transportation
Service Delivery
Waste & Municipal Services

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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