Wilmington, Delaware, Feb. 14, 2024 (GLOBE NEWSWIRE) — Allied Market Research released a report, titled, “Electric Cargo Bike Market by Type (Front Loader, Long Tail), Application (Personal Use, Delivery & Courier, Waste & Municipal Services, and Others), and Range (Less than 50km, and More than 50km): Opportunities Global Industry Analysis and Forecast, 2023-2032”.
According to the report, the world electric cargo bike market size was valued at $2,385.5 million in 2022, and is expected to reach $7,228.2 million by 2032, registering a CAGR of 11.7% from 2023 to 2032.
(We provide an E-cargo bicycle industry report according to your research requirement, including the latest analysis of industry developments, potential and the impact of the Russia-Ukraine war)
- 123 – Tables
- 45 – Charts
- 218 – Pages
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Primary determinants of growth
The global electric cargo bike market has experienced significant growth and transformation, driven by increasing sustainability and environmental awareness to reduce carbon emissions, increasing demand for electric cargo bikes to reduce traffic congestion and the rise of e-commerce and last-mile delivery. However, lack of infrastructure and challenges related to charging and high initial cost are restraining the growth of the market. In addition, favorable government initiatives and regulatory support, and technological advances present new opportunities in the coming years.
Report coverage and details:
| Report Coverage | Details |
| Forecast period | 2023-2032 |
| Base Year | 2022 |
| Market size in 2022 | $2.3 trillion |
| Market size in 2032 | $7.2 trillion |
| CAGR | 11.7% |
| No. of Pages In Report | 218 |
| Covered segments | Type, Application, Range and Region. |
| Drivers | Increasing demand for electric cargo bikes to reduce traffic congestion.
Surge in Sustainability and Environmental Awareness to Reduce Carbon Emissions. Rise of E-Commerce and Last Mile Delivery. |
| Opportunity | Favorable government initiatives and regulatory support.
Technological advances. |
| Restrictions | Lack of Infrastructure and Load-Related Challenges.
High initial cost. |
The front loader segment to maintain its leadership status throughout the forecast period
Based on type, the front loader segment held the highest market share in 2022, and is estimated to maintain its leadership status throughout the forecast period, due to the increase in integration of advanced functions such as adaptive electric assistance, an anti-theft system, an alarm, geolocation by bike, real-time navigation, weather forecast, and others. However, the longtail segment is projected to achieve the highest CAGR of 12.4% from 2023 to 2032, owing to its affordable and eco-friendly nature. It is also considered as an alternative for traditional cars and SUVs. This, in turn, is expected to drive the growth of the segment in the market.
Key developments in the electric cargo bike industry:
Leading companies are executing strategic maneuvers such as acquisitions, agreements, expansions, partnerships, contracts and product launches to strengthen their market position.
- In July 2023, Xtracycle Cargo Bikes introduced an off-road electric bike, capable of carrying up to three passengers. Its extended rear rack serves dual purpose as a cargo platform and child carrier.
- June 2023 saw Tern launch the updated HSD compact cargo bike, with enhanced capabilities and smart features compared to the previous model. The new iteration incorporates the advanced Bosch Smart System.
- May 2023 marked a strategic partnership between Pon, through its subsidiary Urban Arrow, and Zoomo. This collaboration aims to extend Zoomo’s hardware offering on its platform, responding to the evolving needs of the urban logistics sector. Diversified vehicle types include Urban Arrow e-cargo bikes, such as Cargo L and XL Cargo Line Rohloff.
- In February 2023, Aventon Bikes introduced the Abound electric cargo bike, with a 750-watt motor, a range of accessories, and a robust weight capacity of 440 lbs (199.5 kg), priced at $2,199 .
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The personal use segment to maintain its leadership status throughout the forecast period
Based on the application, the personal use segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, as it is equipped with specially designed seats or compartments to transport children safely, with additional customizable components provided by different manufacturers. However, the delivery and courier segment is expected to achieve the highest CAGR of 12.7% from 2023 to 2032, due to its demand in companies that aim to optimize their operations and allocate additional time to enhance customer value by using electric cargo bikes for deliveries. Cargo bikes eliminate reliance on third-party logistics companies and alleviate the challenges associated with package loss, damage, refunds and high packaging costs.
The segment of less than 50 Km to maintain its leading position during the forecast period
Based on autonomy, the segment of less than 50 Km accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to its ability to transport children or other passengers as a practical alternative to car trips for school. and other trips. However, the more than 50 Km segment is expected to achieve the highest CAGR of 12.4% from 2023 to 2032, as the growing recognition of environmental concerns and the increasing need to decrease carbon emissions is expected to encourage individuals and businesses to embrace greener transportation alternatives. . Electric cargo bikes, which do not generate tailpipe emissions, are increasingly used in the transport sector. Additionally, the expansion of e-commerce and digital retailing has led to an increased demand for efficient last-mile delivery solutions, which is expected to drive the market growth during the forecast period.
Asia-Pacific will maintain its dominance from 2032
Based on the region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Increased awareness of air pollution and climate change has prompted governments and consumers in the Asia-Pacific region to adopt cleaner transportation alternatives such as electric cargo bikes, which are expected to to drive market growth in the region. However, LAMEA is expected to achieve the highest CAGR of 14.4% from 2023 to 2032, as the growth of the electric bicycle market in the LAMEA region is influenced by a combination of factors, including economic conditions, urbanization, concerns environmental, technological advances. , and government policies. Many cities in the LAMEA region experience significant traffic congestion and limited parking space.
Highlight the highlights:
- The comprehensive study covers regions that include North America, LAMEA, Europe and Asia-Pacific. It conducts a meticulous regional and segment analysis of each country, outlining the values in millions of dollars for the forecast period from 2023 to 2032.
- Using robust methodology, the research integrates first-rate data, expert opinion, in-depth analysis and critical independent perspectives. This approach is meticulously designed to provide a well-rounded perspective of global markets, enabling stakeholders to make informed decisions that align with their ambitious growth objectives.
- The research included an in-depth review of more than 3,700 product catalogs, annual reports, industry statements and similar materials sourced from major industry participants. This exhaustive review was done to gather deep insights and improve understanding of market dynamics.
Get Full Research Report (PDF with Qualitative and Quantitative Data, Insights, Statistics, Tables, Graphs, Figures) – https://www.alliedmarketresearch.com/electric-cargo-bike-market/purchase-options
Major Market Players:-
- Riese & Müller GmbH
- Xtracycle Cargo Bikes
- Butchers & Bicycles
- Rad Power Bikes Inc.
- Yuba Bicycles
- Tern
- Aventon Bikes
- Amsterdam Bicycle Company
- Mon
- Bunch Bikes
The report provides a detailed analysis of these key players in the global electric bicycle market. These players have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, agreements and others to increase their market share and maintain the dominant share in various regions. The report is valuable in highlighting the company performance, operating segments, product portfolio and strategic moves of the market players to show the competitive landscape.
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Allied Market Research (AMR) is a full service market research and business consulting firm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research offers global companies and small and medium-sized businesses an unmatched quality of “Market research reports” and “Business Intelligence Solutions.” AMR has a focused view to provide business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us to dig the market data which helps us to generate accurate research data tables and confirms the maximum accuracy in our market forecast. The CEO of Allied Market Research, Pawan Kumar, is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help clients in every possible way to achieve success. All data presented in the reports published by us are extracted through primary interviews with the main officials of the main companies of the domain concerned. Our secondary data acquisition methodology includes in-depth online and offline research and discussions with industry experts and analysts.
