Electric Cargo Bike Market Segmented By Two Wheeled, Three Wheeled, Four Wheeled with Lead Based, Nickel Based, Lithium Ion Battery
Industry: Automotive
Published Date: October-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 280
Report ID: PMRREP25447
Persistence Market Research (PMR) has forecasted the global market for electric cargo bike to surge ahead at a CAGR of 11.9% and reach a market value of US$ 2.14 Bn by the end of 2032. Sales of electric cargo bikes accounted for 66.2% share of the global cargo bike market at the end of 2021.
From 2017 to 2021, sales of electric cargo bikes increased at 6.7% CAGR, with developed countries such as Germany, the U.K., France, and the U.S. accounting for a large portion of the global market.
In electric cargo bikes, batteries contain chemical energy that is used to store electrical energy. Fuel costs have increased as a result of the sharp depletion of non-renewable petroleum supplies brought on by developments in the automobile and transportation sectors. Over the coming years, this increase is anticipated to be exponential as crude oil reserves deplete further, creating high demand and opening the door for the development of vehicles powered by alternative energy sources.
Additionally, the consumption of petroleum products as fuel in the automotive sector is increasing day by day. To reduce this global consumption, manufacturers and governments are promoting the use of alternatives such as electric cargo bikes, which are far more fuel-efficient as compared to conventional cargo bikes.
The electric cargo bike and bicycle logistics sectors are emerging as a practical, sustainable, non-congested, and inclusive alternative for first- and last-mile deliveries, general logistical service provision, and family vehicles, as cities struggle with traffic congestion that is resulting in noise and air pollution.
Governments and non-governing bodies have increased their efforts in recent years to address several issues related to transportation and its environmental impact, especially in developed countries. Around the world, several organizations are attempting to promote cargo bikes as a viable choice for urban logistics transportation. Cargo bikes are rapidly gaining huge popularity around the world as seen by the increase in their use for private and commercial logistics, as well as semi-stationary applications.
The global electric cargo bike market is fairly competitive with a large number of competitors competing across the landscape. Major players are taking steps to grow their operations and gain a larger piece of the market.
Market players are projected to expand their footprint across regions through acquisitions during the predicted period. Market expansion is predicted to be fuelled by improvements in the global economy and the rising automotive sector in emerging economies, which will encourage players to offer new products across regions.
| Attributes | Key Insights |
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Market Size (2021A) |
US$ 630 Mn |
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Estimated Market Size (2022E) |
US$ 690 Mn |
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Projected Market Value (2032F) |
US$ 2.14 Bn |
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Value CAGR (2022-2032) |
11.9% |
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Collective Value Share: Top 5 Countries (2022) |
40.2% |
“Fuel-Efficiency and Improvements in Charging Infrastructure Lending Traction to Electric Cargo Bike Sales”
According to Persistence Market Research, electric cargo bikes that are both fuel-efficient and environment-friendly are the most sought-after, Customers are also likely to seek out electric cargo bikes that are long-lasting and fuel-efficient. To gain a competitive advantage in the electric cargo bike market, emissions will be reduced, product offers will be expanded, and long-term supply agreements with manufacturing firms and distribution channel players will be formed.
Demand growth for electric cargo bikes worldwide is dependent on the availability of quick and reliable charging stations. This is due to the higher flexibility of conventional vehicles when it comes to refueling. A conventional vehicle takes a few minutes to refuel completely, while a hybrid or an electric cargo bike, on average, takes more than a couple of hours to recharge the batteries for the same driving range. This charging time can now be minimized and brought to under one hour if a direct current is provided to recharge the batteries. Most charging stations for electric vehicles in the present scenario provide alternating current sourced directly from the overhead grid line network.
“Europe Handsomely Leads Global Electric Cargo Bike Sales”
Due to the expansion of automobile manufacturing in European countries and their prominent use, Europe is considered to be the most prominent regional market for electric cargo bikes. Factors such as rising technical breakthroughs, increasing vehicle sales, and growing demand for fuel-efficient and lightweight vehicles are contributing to the region's market growth.
Numerous such initiatives in Europe are anticipated to positively affect the sales of electric cargo bikes over the course of the forecast period. It is anticipated that the large expansion of these programs will enhance awareness among stakeholders in the public, private, and commercial sectors.
Europe is estimated to dominate the global electric cargo bike market with more than 67% market share, valued at US$ 479.4 Mn in 2022. This regional market is expected to expand rapidly at a value CAGR of 13.5% over the forecast period.
What is the Demand Outlook for Electric Cargo Bikes in the U.S.?
“U.S. Sales of Electric Cargo Bikes to Increase at Volume CAGR of 8.1%”
The U.S. holds around 17% share of the global market for electric cargo bikes by volume.
The country's e-mobility industry is well-supported by the government and is backed by well-developed infrastructure. As a result, the U.S. accounts for the highest spending in North America. Rising research efforts, the existence of prominent companies, and increased investments in fuel-efficient products are all presenting great potential for the country's electric cargo bike market.
The U.S. is estimated to dominate the North American market for electric cargo bike with more than 90% share and is expected to expand at a value CAGR of 8.3% through 2032.
Why are Electric Cargo Bike Manufacturers Lining Up in China?
“China to Reach Market Value of US$ 18.5 Mn by 2032”
China is among the most profitable markets for manufacturers of electric cargo bikes. The market in China is projected to expand at a volume CAGR of 4.5% during the forecast period.
Changing economic rules in terms of pollution control would prove helpful for the market over the coming years, with increased investments in infrastructure to satisfy the demands of the country's enormous population.
To maximize the capacity of its manufacturing sector, China has been quickly deploying modern digital technology in manufacturing. Additionally, rising investments in the e-mobility sector, as well as continued advancements in battery technology to extend the range of electric vehicles, are expected to boost the demand for electric cargo bikes in the country.
Will Germany Be a Lucrative Market for Electric Cargo Bike Suppliers?
“Germany to Create Absolute Dollar Opportunity of US$ 416.6.2 Mn”
Germany is Europe's largest automotive market in terms of production and sales of all types of vehicles, accounting for around 20% of new registrations and over 30% of passenger vehicles. Germany also has Europe's highest concentration of OEM factories.
Germany is a key e-mobility market in the world, making it a valuable market for electric cargo bike makers. Also, rising concerns about carbon footprints, population expansion, and increased transportation in Germany will all contribute to market growth.
The market in Germany is expected to expand rapidly at a value CAGR of 13.5% between 2022 and 2032. According to this analysis, Germany would account for nearly 34% share of the European market by the end of 2032.
Which Product has the Most Potential for Growth in the Electric Cargo Bike Market?
“High Demand for Two-wheeled Electric Cargo Bikes”
The top product category is two-wheeled electric cargo bikes; this category is predicted to account for a market share of more than 57% by the end of 2032.
The broad range of end uses and applications in big delivery quantities and personal mobility has been identified as the driving force behind the rise of this segment.
The two-wheeled product segment is projected to expand at 12.4% CAGR by volume from 2022 to 2032.
Which Battery Type is Most Widely Used in Electric Cargo Bikes?
“Lithium-ion Batteries Preferred for Electric Cargo Bikes”
Lithium-ion batteries are projected to dominate and account for over 83% share of the global electric cargo bike market by 2032.
The use of fast-charging lithium-ion batteries minimizes the amount of time the bike needs to be connected to a charging station. Lithium-ion batteries can also be charged when the equipment is not in use, reducing downtime. Cleaning processes are no longer required to account for the necessity for a battery to fully charge between uses.
The lithium-ion battery segment is projected to expand at 11.7% CAGR by volume from 2022 to 2032.
| Attribute | Details |
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Forecast Period |
2022-2032 |
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Historical Data Available for |
2017-2021 |
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Market Analysis |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon Request |
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The global electric cargo bike market stands at US$ 692.4 Mn in 2022.
The global market for electric cargo bikes increased at 7.2% CAGR from 2017 to 2021.
Sales of electric cargo bikes are estimated to exhibit growth at 11.9% CAGR and reach US$ 2.14 Bn by 2032.
Demand for electric cargo bikes in China is expected to increase at 4.5% CAGR between 2022 and 2032.
Germany, the U.K., France, Italy, and the U.S. are huge markets for electric cargo bikes.
The market for electric cargo bikes in Europe is forecasted to surge ahead at 13.5% CAGR through 2032.
Accell Group N.V. (Carqon), Jiangsu Xinri E-Vehicle Co., Ltd, Xtracycle Inc., Jinhua Jobo Technology Co. Ltd., Gemeinnutzige GmbH (XCYC), and Mobility Holdings Ltd. (Tern Bicycle) account for around 60% market share.
