The electric cargo bike market size has experienced significant growth in recent years, projected to rise from $1.69 billion in 2023 to $1.88 billion in 2024, achieving a compound annual growth rate (CAGR) of 11.8%. Factors contributing to this growth during the historic period include heightened environmental awareness, increased investments in fuel-efficient products and infrastructure, urban congestion, and a boost in funding for the e-mobility sector. Looking ahead, the electric cargo bike market is anticipated to continue its upward trajectory, reaching $2.95 billion in 2028 with a CAGR of 11.9%. This expected growth is driven by a growing emphasis on health and fitness, rising consumer awareness and adoption, changing consumer preferences, improvements in battery life and efficiency, and enhanced safety features. Major trends anticipated during this forecast period include the exponential expansion of e-commerce, the growth of bike-sharing programs, and a focus on infrastructure development and corporate sustainability initiatives.
Global Electric Cargo Bike Market Key Driver
The expansion of e-commerce is expected to boost the electric cargo bike market's growth. As e-commerce continues to thrive due to the convenience of online shopping and the widespread use of mobile devices and internet access, electric cargo bikes are becoming increasingly popular for last-mile delivery. They offer an eco-friendly solution to reduce congestion and emissions in urban areas. For example, in May 2024, the Census Bureau of the U.S. Department of Commerce reported that U.S. retail e-commerce sales reached $289.2 billion in the first quarter of 2024, reflecting a 2.1% increase from the previous quarter. Consequently, the rise of e-commerce is set to drive the electric cargo bike market's growth in 2023 and beyond.
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Global Electric Cargo Bike Market Segments
The electric cargo bike market covered in this report is segmented –
1) By Product: Two-Wheeled, Three-Wheeled, Four-Wheeled
2) By Battery Type: Li-Ion, Lead Based, Nickel Based
3) By Range: Less Than 50 Km, More Than 50 Km
4) By End Use: Courier And Parcel Service Providers, Large Retail Suppliers, Personal Transportation, Service Delivery, Waste, Municipal Services
By Geography:The regions covered in the electric cargo bike market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the electric cargo bike market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Electric Cargo Bike Industry Players
Pon Holdings B.V., Giant Manufacturing Co. Ltd., Rad Power Bikes Inc., Accell Group N.V., Derby Cycle Werke GmbH, Brompton Bicycle Ltd., Riese & Müller GmbH, Pedego Electric Bikes LLC, Tern Bicycles Pte. Ltd., Worksman Cycles Inc., Urban Arrow B.V., Hero Cycles Ltd., Triobike ApS, Royal Dutch Gazelle, Babboe B.V., Kleuster B.V., Winora Group GmbH, Amsterdam Bicycle Company B.V., Benno Bikes Inc., Bunch Bikes Inc., Butchers & Bicycles ApS, Christiania Bikes ApS, Surly Bikes, Xtracycle Inc., Yuba Bicycles LLC
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Electric Cargo Bike Market Overview
An electric cargo bike is a bicycle equipped with an electric motor to assist with pedaling, designed to carry heavy loads or multiple passengers. It features a sturdy frame, large cargo capacity, and often includes additional storage solutions, making it ideal for urban deliveries and eco-friendly transportation of goods and people.
Electric Cargo Bike Global Market Report 2023 provides data on the global electric cargo bike market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The electric cargo bike market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
