Over 62% of the Electric Cargo Bikes Sold Through 2031 are expected to Be Two-wheeled: FMI Study

May 31,2021 | Automotive

With increasing investments in the expansion of transport infrastructure to meet the growing need of the global population, the electric cargo bikes market is anticipated to surge at an impressive pace. According to Future Market Insights (FMI), the global electric cargo bike market is projected to expand exponentially at CAGR of around 11% over the forecast period 2021-2031.

Electric Cargo Bikes Market

A recent market study published by Future Market Insights on the electric cargo bike marke...

Electric Cargo Bikes Market

The use of electric cargo bike for logistics and supply chain applications are currently gaining traction in countries with matured transportation systems. The increasingly important requirement to reduce the carbon footprints for environmental protection, along with high performance and low maintenance characteristics in the logistics industry, are compelling manufacturers to invest production capacity, therefore creating promising market prospects for the foreseeable future.

With increasing investments in urbanization, increasing volume of deliveries being conducted by logistics companies in terms of last-mile operations is a key factor that supports the adoption of electric cargo bikes. Minimal fatigue to riders, low operational costs, minimal environmental impact, and growing levels of social acceptance are expected to drive demand in the long-term.

On the other hand, electric cargo bikes are limited in terms of payload carrying capacity and range of operations. Efforts to bolster performance capabilities through research and development and marketing operations aimed towards geographical expansion are key factors being considered by market leaders.

Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated electric cargo bikes. Moreover, the need for sustainable urban mobility solutions and modern transportation is driving the transition from conventional to electric modes of transport. E-cargo bikes are anticipated to have a positive influence on energy security and air quality. Regulations aimed towards net zero emissions and climate protection agreements are proving important to future market developments.

Key Takeaway from Market Study

  • Lithium-ion batteries are expected to hold more than 84% of the market owing to their high charging efficiency, charge density, and low-weight compared to lead and nickel-based alternatives
  • Two-wheeled electric cargo bikes are anticipated to remain one of the fastest growing segments exhibiting a CAGR of 12.2%
  • Germany is expected to account for a dominant share of 39% in Europe backed by the presence of some of the key manufacturing facilities and government incentives.
  • The U.S. will hold the lead in North America, accounting for over 90% of the regional industry owing to developments in transport infrastructure.
  • Brazil is likely to generate lucrative opportunities, reflecting a CAGR of over 8% through the end of 2031.

"Market players are looking to offer eco-friendlier updates to cater to the changing consumer preference. Besides this, there is immense focus on expanding their product portfolio to gain competitive edge," says a lead FMI analyst.

Competition Landscape

The global electric cargo bike market is highly competitive at regional, country, as well as global level, and highly fragmented in nature. Top companies operating in the market are occupying a hefty share in terms of revenue.

With compliance to governmental standard and regulations, these companies have a global brand presence. Leading manufacturers are also updating their technologies to improve their market share.

Some of the key players included in the report are Accell Group N.V. (Carqon), Jiangsu Xinri E-Vehicle Co. Ltd., Jinhua Jobo Technology Co., Ltd., BODO Vehicle Group Co., Ltd. (LUXMEA), Chongqing Mobimax Technology Co., Ltd., Mobility Holdings, Ltd. (Tern Bicycles), Riese & Müller GmbH, Urban Arrow, Worksman Cycles, Yuba Electric Cargo Bikes, Rad Power Bikes Inc., and others.

Find More Valuable Insights

The research report analyze demand for electric cargo bike. The market has been analyzed with the COVID-19 impact, macroeconomic factors, market trends, and market background. As per Future Market Insights scope, the market has been analyzed on the basis of product type, battery type, end use, and region. The report gives qualitative and quantitative information on various players in this space. It also tracks the market by both, supply side and demand side.

About the Automotive Division of FMI

The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.