Electric Cargo Bikes Market in terms of value is estimated to register 20% CAGR during the forecast period.
New York, United States - February 8, 2022 /MarketersMedia/ —
The Cargo Bikes global market expected to witness rapid growth during the forecast period. Europe is expected to dominate the market. The existing infrastructure and major players in this region provide the market in Europe with ample opportunities for significant growth in the forecast period. Moreover, authorities in Europe are taking collective efforts towards controlling rising air pollution levels and provide support in the form of incentives, subsides, and schemes to encourage the manufacturing and sale of electric vehicles. Also, in the framework of the National Development Plan for Electric Mobility, the Federal Government is preparing to establish Germany as a leading market with at least a million vehicles by 2020, creating opportunities for the electric cargo bike market in Germany.
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In 2018, Asia-Pacific held the second largest market share in the global market. The Asia-Pacific market held the second largest market share in the global market. Asia-Pacific has witnessed rapid growth in the recent times owing to as the key players in the region are heavily investing in electric cargo bikes by developing advanced electric cargo bikes to increase the adoption of such vehicles. The effective initiatives taken by the governments of countries such as China, Japan, India, and Singapore for the development of electric vehicle charging stations by focusing on investing in development of the charging infrastructure is expected to drive the electric cargo bike market. Collaborations between the electric cargo bike OEMs and technology providers in the aftermarket is expected to add to the growth of the electric cargo bike market.
Major Key players:
The Key Players of the Global Electric Cargo Bikes Market are
Rad Power Bikes LLC (US)
Jiangsu Xinri E-Vehicle Co.
Ltd(China)
Cero Electric Cargo Bikes(US)
Yuba Electric Cargo Bikes (US)
Kocass Technology Co.
Ltd.(China)
Douze Factory SAS(France) and Xtracycle(US)
Worksman Cycles(US)
Riese & Müller GmbH(Germany) and Butchers & Bicycles(Denmark).
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North America is expected to witness an excellent growth and was the leading market with a market value of USD 4BN. The regional market value is expected to reach USD 4BN by 2025 with an impressive 20% CAGR during the forecast period. North America is one of the prominent markets in the global electric cargo bikes market. The electric cargo bike market is driven due to the government initiatives to encourage the adoption of all-electric cargo bikes for passenger and material transport. According to the official US government source for fuel economy information, the government has directed a regulation that offers a federal income tax credit to the owners of electric cargo bikes that are purchased after 2010, based on the capacity of the battery used to power the vehicle. Moreover, this region is known for the quick adoption of new technologies and has witnessed significant growth in the demand for electric cargo bikes in the past few years.
The US electric cargo bike market is growing due to the large potential consumer base, high investment in research & development, support from the government, and rapid electrification of the domestic automobile industry. The federal government is capitalizing on the opportunity to retrain workers and increasing the investment stimulus fund in the domestic industry. Such investments and the favorable environment policies, introduced by the government bodies, will make the US, a major market in the electric cargo bike market.
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Segmentation
The Global Electric Cargo Bikes Market is segmented based on product Type, Battery Type, and End Use. On the basis of product type, the two-wheeler segment is expected to dominate the global market. The two-wheeler electric cargo bikes are usually standing/self-balancing bikes, which can be driven around for 120 km in a single charge depending on the weight that the bike carries. Generally, two-wheeler electric cargo bikes have a weight carrying capacity up to 100 kgs and are designed for hassle-free rides for both residential and commercial applications.
By battery type, the Li-ion segment is expected to dominate the market. The batteries are widely use and are lightweight and efficient with high densities. The li-ion batteries have superior power density and cycling ability, playing an important role compared to other two types of batteries.
On the basis of end use, the courier & parcel service providers segment is expected to dominate the market. Electric cargo bikes are used in this segment for sorting the parcels, collecting couriers/parcels, and transferring the parcels to the closest depot to the delivery location. The couriers/parcels are then delivered to the desired destination.
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