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Electric cargo bikes are the type of cargo-carrying bikes that run on battery, electric cargo bikes permit the rider to transport heavy items which is difficult to transport by human power. These bikes are light in weight and it comes with a sleek design which makes them lot more stable and smooth. Also, the electric cargo bikes are eco-friendly, they are a specific speed limit, which ensures the safety from damages to the cargo. They have less running cost and it can travel faster in the cities which maker them the best alternative for short term cargo delivery vehicle.
The lower running costs and faster delivery with new technological advancements are some of the major factors driving the growth of the market. Also, the increased adoption of electric cargo bikes for personal use are expected to drive the market growth significantly. However, some of the factors such as lack of availability of adapted infrastructure and lack of repair shops and secure parking are expected to hamper the market growth.
Key Market Driver -
the lower running costs and faster delivery with new technological advancements are some of the major factors driving the growth of the market
Key Market Restraint -
Some of the factors such as lack of availability of adapted infrastructure and lack of repair shops and secure parking are expected to hamper the market growth.
The global electric cargo bike market is segmented by product type, by battery type, by end-user and by geography. Based on product type the market is further sub-segmented into two-wheeler, three-wheeler and four-wheeler. Among these, the two-wheel segment is expected to account for the largest market share in the year 2020 and it is expected to continue its dominance over the forecast period. The factors such as excessive application and scope of end-use in large volume deliveries ad increased personal transportation are some of the major factors driving the growth of the market.
Based on battery type the market is segmented into lithium-ion, lead-based and nickel-based. The lithium-ion battery segment accounted for the largest market share and it is expected to dominate the market during the forecast period with a steady CAGR. The increased charging and discharging efficiency, lightweight as compared to other battery types and high charge density are some of the major factors driving the growth of the market. Lithium-ion batteries have low maintenance costs and better performance.
Based on end-user the market is segmented into service delivery, courier and parcel service providers, large retail suppliers, personal use, waste municipal services and among others. The courier and parcel segment accounted for the largest market share in the year 2020 and it is estimated to dominate the market in the coming years with a rapid CAGR. The rapid adoption of the e-commerce sector in developing nations and the factors such as faster short distance parcel deliveries are projected to drive the market growth.
Major players operating in the electric cargo bike market include Jiangsu Xinran E-Vehicle Co., Ltd., Rad Power Bikes LLC, Douze Factory SAS Yuba Electric Cargo Bikes, Kocass Technology Co. Ltd., Butchers & Bicycles, Cero Electric Cargo Bikes, Müller GmbH, Xtracycle, and Worksman Cycles, Riese among others.
Geographically, the electric cargo bike market is segmented into Asia Pacific, Europe, North America, and the rest of the world. Europe held the largest share of the market in 2020 and it is expected to dominate the market during the forecast period with the highest CAGR. The increased demand for electric bikes for courier and parcel deliveries due to the rapid adoption of e-commerce, and increased environmental concerns in the region are some of the key factors driving the market growth.
North America is projected to be the second-largest region for the market and it is projected to grow steadily in the coming years. The increased focus on improving the decarbonising transport system, air quality with the rapid adoption of electric vehicles in the region and rise in demand for faster delivery are some of the key factors driving the market growth.
Asia-Pacific is expected to account for a considerable share in the market and it is expected to grow rapidly over the forecast period the factors such as increased demand for fast and cheap cargo delivery vehicles due to the rise in the e-commerce sector especially in the developing countries such as China and India and increased investments of the governments in the implementation of electric vehicles are some of the major factors driving the growth of the market.
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