The use of electric cargo bike for logistics and supply chain applications are currently gaining traction in countries with matured transportation systems. The increasingly important requirement to reduce the carbon footprints for environmental protection, along with high performance and low maintenance characteristics in the logistics industry, are compelling manufacturers to invest production capacity, therefore creating promising market prospects for the foreseeable future.
Cargo bicycles market is presently valued at USD 2,406.9 million and is expected to amplify at a CAGR of 22.3% over 2022-2030, thereby accumulating USD 12,061.0 million by end of the forecast period.
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Due to the epidemic and advancements in e-commerce, home deliveries of goods and services have grown in favour. Similarly, in order to decrease downtime, save money, and boost customer satisfaction, organisations and sectors are investing more money in improving logistics and transportation. The movement of goods has been hampered by increased traffic congestion brought on by an increase in the number of vehicles on the road and the urban population. Using cargo bikes is the most efficient way to avoid traffic and deliver products and services on time. As more people become aware of the environmental advantages and economic viability of cargo bikes, their use for first- and last-mile delivery of goods is rising across industries.
On the other hand, the range and payload carrying capacity of electric cargo bikes are constrained. Market leaders are taking into account a number of important variables, including initiatives to improve performance capabilities through research and development and marketing initiatives focused on regional expansion.
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Cargo Bicycles Market- Segmental Assessment
By Product
- Two-Wheeled
- Three-Wheeled
- Four-Wheeled
By Type
- Electric
- Non-electric
By Wheel Size
- Below 20’’
- 20’’-24’’
- 25’’-28’’
- Above 28’’
By Application
- Personal
- Commercial
- Others
Prominent Market Players:
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, Pashley Cycles, Worksman Cycles, Jinhua Jobo Technology Co., Ltd., Cero Electric Cargo Bikes, and Nijland Cycling.
COVID-19 Impact on Cargo Bike Market
Lockdowns that have been imposed in a number of countries have hurt the market. Challenges include limited manufacturing and transportation-related delays brought on by travel restrictions. Up to 2021, recovery is anticipated to be sluggish as the new coronavirus continues to decimate the sector.
To meet demand, several e-commerce and logistics companies are increasing the fleet size of their cargo bikes, continuing to invest in the necessary product delivery. The economies are progressively recovering from the pandemic despite the challenges. Given this, it is unlikely that the pandemic will affect the cargo bike industry in the long run.
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