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Electric Cargo Bikes Market is Expected to be Valued at USD 3,683.1 Million by 2025 :

Pune, India, December 2019, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Electric Cargo Bikes Market.


Overview


The Electric Cargo Bikes Market is expected to be valued at USD 3,683.1 Million by 2025, with a CAGR of 28.96% during the forecast period (2019–2025).


The report covers segmentation and market dynamics for a better glimpse of the market in the coming years. Electric cargo bikes are electric powered that are specially designed to carry goods and persons. Two-wheeler, three-wheeler, and four-wheeler are some various types of electric bikes. The bikes can be used in cycleways and roads with electric pedal assistance, providing an easy and quick way to transport goods. Such bikes are equipped with trolley or front carrier with wider widths, full suspensions, powerful brakes, battery, and an electric motor to offer noise-free operations.


Competitive Analysis


Some of the Prominent Industry Participants in the Global Electric Cargo Bikes Market are Worksman Cycles(US), Riese & Müller GmbH (Germany), Butchers & Bicycles(Denmark), 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 focuses on increasing its number of products in the US market to meet the demand for electric cargo bikes for personal use and services. The company also aims for the long-term collaboration and partnership with the large retailers in the domestic market to enhance the financial capability for the company. It strategizes to enhance product awareness among the US millennials and strengthen its adoption across the residential applications.


Riese & Müller GmbH strategizes to become the most sustainable company in the global market by 2025. The company further aims to enhance its global operations and its partner network to increase the sales of electric cargo bikes. It is investing in the innovation and development of the e-bikes and electric cargo bikes to meet the demand for improved technologies from the end users. Moreover, it focuses on increasing the workforce by employing more than 300 professionals in the next few years to meet the manufacturing targets.


Segmental Analysis


The Global Market for Electric Cargo Bikes 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 collecting couriers/parcels, transferring the parcels, and sorting the parcels to the closest depot to the delivery location. The couriers/parcels are then delivered to the desired destination. The electric cargo bikes used by courier and parcel service providers are designed and manufactured with high speeds as these service providers have strict delivery schedules.


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Regional Analysis


Geographic analysis of the global electric cargo bikes market spans across North America, Europe, Asia-Pacific (APAC), and Rest of the World.


In 2018, Europe was the leading market with a market value of USD 252.4 Million. The regional market value is expected to reach USD 960.4 Million by 2025 with an impressive 21.02% CAGR during the forecast period. Europe is one of the prominent markets in the global electric cargo bikes 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, Europe is taking collective efforts towards controlling rising air pollution levels and is providing support in the form of subsides, incentives, and schemes to encourage the manufacturing and sale of electric vehicles.


In 2018, the Asia-Pacific market held the second largest market share in the electric cargo bikes 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.


Moreover, China has dominated in this region and substantially grown, owing to the efforts taken by the Chinese government to control the gas emission rates by introducing new regulations for the automotive OEMs. In 2018, the regional market was valued at USD 156.2 Million, which is expected to reach USD 1,869.0 Million by 2025 with a 36.78% CAGR during the forecast period.


North America is one of the significant markets for global electric cargo bikes owing to the presence of 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 increasing focus of leading electric cargo bike manufacturers on developing technologically advanced products with better performance and price competitiveness are some factors expected to lead to the growth of the electric cargo bikes market in North America during the forecast period. The regional electric cargo bikes market is expected to be valued at USD 730.8 Million by 2025 at a CAGR of 28.74% during the forecast period.