The global electric cargo bike market is anticipated to expand at CAGR of 10% during the forecast period, between 2021 and 2028. Electric cargo bikes are the type of bicycles that are produced to hold cargo or people. The electric cargo bike enables the person to bear large heavy articles, which can be hard to carry without electric power enhancing the human power input. Hence, to reduce the unfavourable social, ecological, and financial effects, a mode transfer from burning engine vehicles to electric cargo bikes has been recommended. The electric cargo bike with lightweight structure makes it extremely smooth and steady ride.
Market Trends, Drivers, Restraints, and Opportunities:
- The presence of government subsidies and tax reductions on electric bikes is anticipated to boost the market growth.
- Growing awareness about benefits of electric bikes such as less running costs and decrease in delivery times with no impact on the environment is estimated to drive the growth of the market.
- The lack of personalized infrastructure and requirement of safe parking and repair houses can hinder the growth of the global electric cargo bike market.
- The reduction in traffic and mobility and also slow manufacture of automobiles has resulted in decline in the growth of the electric cargo bike market.
- The changing consumer inclination for electric bikes and rising innovative technological innovations are major factors that can propel the growth of the global electric cargo bike market.
Scope of the report:
The report on electric cargo bike market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Electric Cargo Bike Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018 & 2019
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Forecast Period
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2021–2028
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Segmentation
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Product Types (Two-wheelers, Three-wheelers, and Four-wheelers), Battery Types (Lithium-ion, Lead-based, and Nickel-based) and End-users (Courier & Parcel Service Providers, Service Deliveries, Personal Uses, Large Retail Suppliers, Waste Municipal Services, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered
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Rad Power Bikes LLC , Jiangsu Xinri E-Vehicle Co., Ltd., Cero Electric Cargo Bikes, Yuba Electric Cargo Bikes , Kocass Technology Co. Ltd., Douze Factory SAS and Xtracycle, Worksman Cycles, Riese & Müller GmbH, and Butchers & Bicycles
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Electric Cargo Bike Market Segment Insights:
Two-wheelers segment to dominate the market
In the terms of product types, the market can be divided into two-wheelers, three-wheelers, and four-wheelers. The two-wheelers segment is expected to lead the global market as they are easily accessible to use in the traffic. Moreover, high demand for bikes is expected to drive the growth.
Lithium-ion batteries segment to hold a significant share
Based on battery types, the electric cargo bike market can be fragmented into lithium-ion, lead-based and nickel-based. The lithium-ion based batteries segment is anticipated to hold substantial share in the global market as it reduces the amount of time taken by the bike to stay connected to a charging station. Moreover, lithium-ion based batteries can also be charged when the equipments are not in use, hence, dropping machine downtime.
Courier & parcel service providers segment to lead the market
On the basis of end-users, the electric cargo bike market can be segregated into courier & parcel service providers, service deliveries, personal uses, large retail suppliers, waste municipal services and others. The courier & parcel service providers segment to dominate the global market owing to rising number of e-commerce deliveries.
North America to grow at a significant rate during the forecast period
In terms of regions, the global electric cargo bike market can be split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America to expand at a substantial pace in the future owing to awareness and benefits of EVs in the region. Moreover, the rising pollution is boosting the demand for electric cargo bikes, mainly in the industrialized areas such as the US, New York, Mexico, and Canada.
Segments
By Product Types:
- Two-wheelers
- Three-wheelers
- Four-wheelers
By Battery Types:
- Lithium-ion
- Lead-based
- Nickel-based
By End-users:
- Courier & Parcel Service Providers
- Service Deliveries
- Personal Uses
- Large Retail Suppliers
- Waste Municipal Services
- Others
By Regions:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
By Key Players
- Rad Power Bikes LLC
- Jiangsu Xinri E-Vehicle Co., Ltd.
- Cero Electric Cargo Bikes
- Yuba Electric Cargo Bikes
- Kocass Technology Co. Ltd.
- Douze Factory SAS and Xtracycle
- Worksman Cycles
- Riese & Müller GmbH
- Butchers & Bicycles
Competitive Landscape
Key players in the electric cargo bike market include Rad Power Bikes LLC , Jiangsu Xinri E-Vehicle Co., Ltd., Cero Electric Cargo Bikes, Yuba Electric Cargo Bikes , Kocass Technology Co. Ltd., Douze Factory SAS and Xtracycle, Worksman Cycles, Riese & Müller GmbH, and Butchers & Bicycles. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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