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The global electric cargo bikes market size reached approximately USD 2645.34 million in 2023. The market is projected to grow at a CAGR of 34.9% between 2024 and 2032, reaching a value of around USD 39168.96 million by 2032.
Electric cargo bikes refer to battery-operated bikes and bicycles. These bikes are operated and powered by portable batteries like lithium-ion and nickel-based batteries. Electric cargo bikes are highly versatile and offer smooth rides as they are light in weight. They can serve as an efficient method of transport for carrying packages, cargo, food, and more. Further, the demand for these vehicles is increasing as they are environment friendly and have a low running cost.
The growing environmental consciousness around the globe is one of the major factors driving the electric cargo bikes market growth. The increasing government investments to encourage the adoption of renewable energy sources and environment-friendly alternatives have also significantly contributed to the market expansion. Moreover, with increased congestion in urban areas, electric bikes serve as an efficient means of transport for short-distance deliveries as the riders can use bike lanes to avoid heavy traffic to reach the destination quickly. The rapid technological advancements and innovations to develop affordable and low-emission transport alternatives are also expected to bode well for market growth in the coming years.
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Expansion of electric vehicles worldwide; diverse models of e-bikes; innovations in technology; and net-zero transition and growing government support are the major trends in the electric cargo bikes market
Date | Company | Event |
Feb 2024 | Tern | Announced the expansion of its electric cargo range with the launch of an electric adventure cargo bike called Orox, which possesses 1,600Wh battery capacity. |
Feb 2024 | Gocycle | Launched a new lineup of electric cargo bikes called the CX lineup, which features a foldable design and adjustable handlebar. |
Dec 2023 | Amazon | Announced that it will be leveraging electric cargo bikes for the delivery of packages in Croydan, England to contribute to the decarbonisation initiative in the UK. |
Sep 2023 | Maxion Wheels | Announced its partnership with Antric, an electric cargo bike provider to offer advanced mobility service through its inexpensive steel wheel design. |
Trends | Impact |
Expansion of electric vehicles worldwide | Electric vehicles are gradually establishing their presence in areas of the Asia Pacific and North America due to growing traffic congestion and environmental issues, thereby favouring the market for electric cargo bikes |
Diverse models of e-bikes | The market players are manufacturing diverse models of electric bikes which cater to specific cargo services such as the transport of heavy goods or food delivery. |
Innovations in technology | Technological advancements to increase battery life and range as well as enhance the charging speed are leading to the market development. |
Transition towards net-zero emissions and favourable government initiatives | Increasing focus on net zero-transition and favourable government initiatives, such as the construction of bike lanes and parking facilities for electric bikes are expected to boost adoption. |
One of the prominent trends supporting the electric cargo bikes market development includes advancements in battery technology and charging efficiency of electric cargo bikes. Manufacturers are incorporating lithium-ion batteries with longer lifespans into modern bikes so they can last for a longer period of time. These batteries, apart from facilitating short charging time in modern bikes, offer more power without any significant increase in the weight or size of batteries due to their energy-dense nature.
The key market players are increasingly focusing on innovating their existing range and addressing challenges associated with battery technology. In February 2024, Tern announced to expand its electric cargo range with the launch of an electric adventure cargo bike called Orox. The bike, available in two specifications, possesses 1,600Wh battery capacity, can carry up to 210 kg of load, and promises to offer a range of over 300 km.
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“Electric Cargo Bikes Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup | Categories |
Product Type | Two Wheeled, Three Wheeled, Four Wheeled |
Battery Type | Lithium Ion, Others |
End Use | Residential, Commercial |
Region | North America, Europe, Asia Pacific, Rest of the World |
The commercial segment is further divided, based on application, into courier and parcel service provider, service delivery, and retail supplier, among others.
Lithium-ion batteries account for a major electric cargo bikes market share due to their high energy density and longer lifespan
Lithium-ion batteries occupy a major share of the market as they possess high energy density compared to other battery types. This allows electric cargo bikes to travel long distances without charging the battery. These batteries also possess long life compared to other battery types and can last for years without any degradation in their efficiency and capacity. Additionally, their high efficiency in terms of charging makes them a viable option for electric cargo bikes.
Other battery types include battery technologies like lead-acid. Lead-acid batteries are generally preferred due to their cost-effective price, easy-to-manufacture design, and low discharge rate.
The commercial sector maintains its dominance in the electric cargo bikes market due to the rising adoption of these bikes for delivery purposes
The electric cargo bikes market is supported by the growing usage of these bikes in the commercial sector due to the rise of e-commerce. Electric cargo bikes have gained prominence as the last-mile delivery solution for quick and hassle-free delivery. They are also being readily used for food delivery services to facilitate quick delivery as they can avoid heavy traffic by travelling through bike lanes.
Meanwhile, the residential sector is also anticipated to contribute to the demand for electric cargo bikes in the coming years due to growing environmental awareness among individuals. This has led to an increase in demand for eco-friendly transport options such as electric cargo bikes compared to traditional cars and bikes.
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The market players are increasing their collaboration efforts and are launching improved vehicle range to gain a competitive edge in the market
Company | Founded | Headquarters | Product Range/Operations |
Rad Power Bikes Inc | 2007 | Washington, United States | Electric vehicles and electric bikes/scooters |
Yuba Bicycles LLC | 2007 | California, United States | Cargo bikes for families and businesses- FastRack, Kombi, Spicy Curry, Mundo EP8, Supercargo |
Amsterdam Bicycle Company BV | 2017 | Delaware, United States | E-bikes, cargo bikes, and electric cargo bikes |
Babboe BV | 2005 | Amersfoort, Netherlands | Cargo bikes, accessories, and spares |
Other players in the electric cargo bikes market are Worksman Cycles Company Inc., and DOUZE Factory SAS, among others. The market players are focused on developing advanced electric cargo bikes with enhanced performance and efficiency.
Europe is the leading region in the market and is expected to maintain its dominance in the forecast period as well. The market growth in Europe can be attributed to the thriving cargo bikes sector, the increasing adoption of electric vehicles (EVs), and the increasing usage of cargo bikes for private and commercial use in the region. The favourable government initiatives to promote clean transport are also significantly contributing to the market growth. Furthermore, Germany accounts for a major share of the European electric cargo bikes market and the country recorded sales of 15,000 e-cargo bikes in 2016. Besides Germany, Denmark, the United Kingdom, and the Netherlands are the other significant national markets in Europe.
Meanwhile, North America is expected to witness considerable growth in the forecast period. The growing focus on improving air quality, decarbonising transport, and regaining public street space is expected to favour the market growth in the coming years.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Battery Type |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric Cargo Bikes Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric Cargo Bikes Historical Market (2018-2023)
8.3 Global Electric Cargo Bikes Market Forecast (2024-2032)
8.4 Global Electric Cargo Bikes Market by Product Type
8.4.1 Two Wheeled
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Three Wheeled
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Four Wheeled
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Electric Cargo Bikes Market by Battery Type
8.5.1 Lithium Ion
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Electric Cargo Bikes Market by End Use
8.6.1 Residential
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Commercial
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.2.3 Breakup by Application
8.6.2.3.1 Courier and Parcel Service Provider
8.6.2.3.1.1 Historical Trend (2018-2023)
8.6.2.3.1.2 Forecast Trend (2024-2032)
8.6.2.3.2 Service Delivery
8.6.2.3.2.1 Historical Trend (2018-2023)
8.6.2.3.2.2 Forecast Trend (2024-2032)
8.6.2.3.3 Retail Supplier
8.6.2.3.3.1 Historical Trend (2018-2023)
8.6.2.3.3.2 Forecast Trend (2024-2032)
8.6.2.3.4 Others
8.7 Global Electric Cargo Bikes Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Rest of the World
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
9 North America Electric Cargo Bikes Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electric Cargo Bikes Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Netherlands
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Denmark
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 Market Dynamics
11.1 SWOT Analysis
11.1.1 Strengths
11.1.2 Weaknesses
11.1.3 Opportunities
11.1.4 Threats
11.2 Porter’s Five Forces Analysis
11.2.1 Supplier’s Power
11.2.2 Buyer’s Power
11.2.3 Threat of New Entrants
11.2.4 Degree of Rivalry
11.2.5 Threat of Substitutes
11.3 Key Indicators for Demand
11.4 Key Indicators for Price
12 Value Chain Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Rad Power Bikes Inc.
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Yuba Bicycles LLC
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Worksman Cycles Company Inc.
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 DOUZE Factory SAS
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Amsterdam Bicycle Company BV
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 Babboe BV
13.2.6.1 Company Overview
13.2.6.2 Product Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Cargo Bikes Market: Key Industry Highlights, 2018 and 2032
2. Global Electric Cargo Bikes Historical Market: Breakup by Product Type (USD Billion), 2018-2023
3. Global Electric Cargo Bikes Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
4. Global Electric Cargo Bikes Historical Market: Breakup by Battery Type (USD Billion), 2018-2023
5. Global Electric Cargo Bikes Market Forecast: Breakup by Battery Type (USD Billion), 2024-2032
6. Global Electric Cargo Bikes Historical Market: Breakup by End Use (USD Billion), 2018-2023
7. Global Electric Cargo Bikes Market Forecast: Breakup by End Use (USD Billion), 2024-2032
8. Global Electric Cargo Bikes Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Electric Cargo Bikes Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Electric Cargo Bikes Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Electric Cargo Bikes Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Electric Cargo Bikes Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Electric Cargo Bikes Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Electric Cargo Bikes Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Electric Cargo Bikes Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Electric Cargo Bikes Market Structure
In 2023, the global electric cargo bikes market attained a value of nearly USD 2645.34 million.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 39168.96 million by 2032.
The market is projected to grow at a CAGR of 34.9% between 2024 and 2032.
The market is being driven by the increasing preference of sustainable two-wheelers and favourable policies of various governments to promote green energy.
The key trend bolstering the market expansion include the rising environmental consciousness worldwide.
The major regions in the industry are North America, Europe, Asia Pacific and the rest of the world.
The different product types include two wheeled, three wheeled, and four wheeled.
The significant battery types include lithium ion, and others.
The major end uses include residential and commercial. Commercial is further segmented into courier and parcel service provider, service delivery, retail supplier, among others.
The major players in the market are Rad Power Bikes Inc., Yuba Bicycles LLC, Worksman Cycles Company Inc., DOUZE Factory SAS, Amsterdam Bicycle Company BV, and Babboe BV, among others.
The global electric cargo bikes market attained a value of USD 2645.34 million in 2023, driven by the rising environmental consciousness worldwide. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 34.9%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product type, the global electric cargo bikes industry can be segmented into two wheeled, three wheeled, and four wheeled. By battery type, the industry can be divided into lithium ion, and others. Based on end use, the industry can be classified into residential and commercial. Commercial end use is further divided into courier and parcel service provider, service delivery, retail supplier, and others. The major regional markets for electric cargo bikes are North America, Europe, Asia Pacific and the rest of the world. The key players in the above market include Rad Power Bikes Inc., Yuba Bicycles LLC, Worksman Cycles Company Inc., DOUZE Factory SAS, Amsterdam Bicycle Company BV, Babboe BV, and others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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