Key Highlights from Report
Which Is the Highest-Grossing Electric Cargo Bike Market?
Rising investments in e-mobility and urban transportation is creating significant growth opportunities for the electric cargo bike in Germany. It currently leads the global market, with its valuation forecast to reach US$ 545.2 Mn by 2031.
Which is the Top-selling Electric Cargo Bike Type?
Two-wheeled bikes will remain the top-selling product category in the market, accounting for over 50% of the revenue generated by 2031. The increasing use of electric cargo bikes in recreational activities is another factor estimated to augment the growth of the global market.
Which are Some of the Leading Companies Manufacturing Electric Cargo Bikes?
Some of the leading companies in the landscape are Accell Group N.V. (Carqon), Jiangsu Xinri E-Vehicle Co., Ltd., Xtracycle Inc., Jinhua Jobo Technology Co., Ltd., Gemeinnützige Werkstätten und Wohnstätten GmbH (XCYC), Mobility Holdings, Ltd. (Tern Bicycles), BODO Vehicle Group Co., Ltd. (LUXMEA), XYZ CARGO, Riese & Müller GmbH, and others. As per FMI, over 66% of the market share is currently covered by the top 9 players.
Who is the Leading End User of Electric Cargo Bikes?
Courier and parcel service providers are expected to dominate the market over the forecast period. Demand in the segment is expected to rise at over 12% CAGR by 2031. This can be attributed to the expansion of the e-commerce and logistic industries.
Key Points Covered in Electric Cargo Bike Market Study
- Market estimates and forecast 2015-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Electric Cargo Bikes Market and How to Navigate
- Recommendation on Key Winning Strategies
2016-2020 Electric Cargo Bike Market Outlook Compared to 2021-2031 Forecast
Driven by the growing requirement for transportation infrastructure in E-commerce for delivery purposes, the electric cargo bikes market rose at 7.7% CAGR registered during 2016-2020.
Consumers with high purchasing power have fuelled the expansion of traditional and high-end electric cargo bikes on the road. A number of governments have taken steps to reduce pollution levels by placing limitations on the use of conventional motorbikes, in addition to tariffs. Regulators are also taking advantage of hybrid and electric freight bikes by providing owners with lucrative subsidies and incentives.
The use of electric cargo bikes for personal transportation and commodity deliveries has generated interest in research and development (R&D) towards performance improvements including traveling range.
Several new features by emerging companies are likely to attract more e-commerce and logistic and supply chain companies, which is a driving factor for demand and sales of electric cargo bikes. Companies around the world are following this trend to keep pace with the dynamic market environment. According to the FMI analysis, the market will expand at 11.4% CAGR between 2021 and 2031.
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What is the Commercial Potential for Electric Cargo Bikes?
With increasing investment in product development, several high-performance, low-maintenance, and high load-carrying capacity electric cargo bikes are anticipated to be introduced in the coming decade, which will benefit manufacturers.
Two wheeled cargo bikes are projected to grow rapidly, due to the ability of these cargo bikes to cover long distances with a high load carrying capacity. The number of e-commerce delivery and ride sharing rental companies is expected to expand exponentially.
Europe is expected to display a higher consumption rate for electric cargo bikes due to strict government regulations over the use of IC engine powered two wheelers particularly in the European Union.
Which Recent Trends are Impacting Electric Cargo Bike Sales?
Major manufacturers of electric cargo bikes are involved in the production of cost-effective and lightweight vehicles to improve the overall performance parameters. Electric cargo bikes have compact bicycle frames, are light in weight and are easy to handle.
When carton blocks are unloaded onto electric cargo bike, drivers can adjust the position of the bike manually. The driver can also lift the frontal portion of the electric cargo bike to facilitate easier loading of cargo.
With the technological race in the automotive sector, electric cargo bikes are also geared to gain pace in the paddle-assisted, electric mobility vehicle segment. A tilting system provides a smooth, responsive, and agile ride at the time of carrying goods, or people.
The tilting mechanism is mainly seen in three-wheeled electric cargo bikes in order to improve the turn-ability and steering of these vehicles.
What Is the Impact Of COVID-19 Crisis On the Electric Cargo Bike Market?
Lockdowns imposed across various countries have negatively impacted the market. Limited production and transportation-related delays owing to travel restrictions have created obstacles. With the consecutive waves of the novel coronavirus impacting the industry, recovery is likely to be gradual through 2021.
Nonetheless, several e-commerce and logistics companies continue to invest in deliveries for essential goods to customers by increasing their electric cargo bike fleet sizes to accommodate the need of the customers.
Despite the difficult situation, economies are steadily recovering from the pandemic. Company activities have begun to grow as supply and distribution networks recover. Against this backdrop, the pandemic is unlikely to have a long-term effect on the electric cargo bike market.
How Big is the Opportunity for Electric Cargo Bikes in Germany?
Europe is predicted to remain one of the most attractive markets for electric cargo bikes during the forecast period, according to Future Market Insights. According to the study, Germany is expected to account for over 38% of the Europe market through 2031.
The German Federal Government offers a subsidy of up to 25% or a maximum value of 2,500 Euros per cargo bike with a payload (cargo and rider) of at least 150kg, and 1m3 capacity.
Furthermore, Germany remains one of the world’s largest markets for e-mobility, making it a lucrative market for electric cargo bike manufacturers. Aside from this, rising concern over carbon footprints, growth of the national population and increasing traffic in Europe will drive growth in the market.
Why is the Demand for Electric Cargo Bikes Increasing in the U.S.?
Demand in the U.S. is expected to rise nearly 9% over the forecast period. The country’s e-mobility industry is backed by well-developed infrastructure and it is largely supported by the government. Consequently, the U.S. has the most elevated level of expenditure in North America.
As per the FMI report, the U.S. is recognized as a primary market, and it is expected to continue exhibiting high demand for electric cargo bikes through forecast period. Moreover, rising research activities, presence of major players, and increasing investments into product pipelines are creating attractive opportunities for the electric cargo bike market in the country.
How is China Faring in the Market for Electric Cargo Bikes?
China is one of the more lucrative countries for electric cargo bike manufacturers. By 2031, it is expected to account over 50% of electric cargo bike sales within East Asia.
China has been rapidly deploying advanced digital technologies in manufacturing to optimize the potential of its manufacturing sector. Furthermore, increased investment in e-mobility sector, growing development in the battery technology to increase the range of electric vehicles are likely to have a positive impact demand for electric cargo bikes in the country.
With growing investments into infrastructure to meet the needs of the country’s vast population, changing economic regulations in terms of emission control will prove beneficial for the regional market for electric cargo bikes over the coming years.
How are Government Initiatives Aiding Electric Cargo Bike Sales in Australia & New Zealand?
In 2021, Australia & New Zealand will account for over 67% of the market in the South Asia & Pacific region. Government initiatives undertaken to give incentives on buying electric vehicles are anticipated to supplement the development of Australia & New Zealand’s e-mobility sector.
Manufacturers in the country have a competitive advantage as they have access to cutting edge research to address previously unexplored challenges. Additionally, they are constantly investing to expand their production operations, which is resulting in a more promising product pipeline.
Which Product Holds the Highest Growth Potential for Electric Cargo Bikes?
Based on the product type, two-wheeled electric cargo bikes are the leading category, expected to account for nearly 50% of the market by the end of 2031.
The driving factor behind the growth has been linked to the extensive scope of end-use and applications in large delivery volumes and personal transportation. The market is likely to see an upward trend over the coming years.
Which Battery Type is Most Commonly Used for Electric Cargo Bikes?
Lithium-ion batteries are used majorly owing to high charging and discharging efficiency, high charge density, and light weight compared to lead based and nickel-based batteries. Of these, lithium-ion batteries are estimated to dominate and account for over 80% of the market by 2031.
Lithium-ion batteries provide better performance, low maintenance costs, and are also environment friendly, which is why these batteries are being incorporated in electric cargo bike and are expected to experience high sales figures over the coming years.
Which End User Exhibits Maximum Demand for Electric Cargo Bike?
The electric cargo bike is divided into various categories based on end-use, such as courier and parcel service providers, large retail suppliers, personal transportation, service delivery, and waste, municipal services.
The courier and parcel service provider segment is notably responsible for growth in e-mobility transportation. The industry is expected to contribute a maximum revenue share of more than 45%.
This can be attributed to the rising number of e-commerce delivery and logistics purposes which is expected to drive the need of electric cargo bikes on a global scale.
The worldwide electric cargo bike market is moderately competitive in nature, with the presence of numerous players operating in the landscape. Major players are taking steps to expand their businesses and their overall market share.
During the forecast period, foreign players are expected to expand their presence through acquisitions. Improvements in the global economic situation and the expanding automotive industry in emerging economies are expected to drive market growth, encouraging players to launch new products across regions.
In May 2021, Nexzu launched its new Roadlark range of electric cargo cycles for users in India. The bikes are set to be sold at a price of Rs. 42,000. The bike offers a carrying capacity of 50 kg and can reach speeds of 25 kmph.
Citroen announced the launch of its new Ami electric quadricycle, which weighs less than 425 kgs, aimed for end users in the European market. It is powered by a 5.5 kWh lithium-ion battery pack for its power supply.
In December 2020, Smartron announced the reveal of the tbike flex, a electric bike and cargo delivery platform aimed towards last mile delivery operations with the companies proprietary AIoT platform.
Some of the leading companies operating in the market are:
- Jiangsu Xinri E-Vehicle Co. Ltd.
- Jinhua Jobo Technology Co., Ltd.
- CERO ELECTRIC CARGO BIKES
- Worksman Cycles
- DOUZE Factory SAS
- XYZ CARGO
- Butchers & Bicycles ApS
- Yuba Electric Cargo Bikes
- BODO Vehicle Group Co., Ltd. (LUXMEA)
- Chongqing Mobimax Technology Co., Ltd.
- Carqon (Accell Group N.V.)
- XCYC (Gemeinnützige Werkstätten und Wohnstätten GmbH )
- Riese & Müller GmbH
- Urban Arrow
- Rad Power Bikes Inc.
- Tern Bicycles (Mobility Holdings, Ltd.)
- Pedego Electric Bikes
- Xtracycle Inc.
- Amsterdam Bicycle Company
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.
Scope of Report
Historical Data Available for
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa
Key Countries Covered
US, Canada, Mexico, Brazil, Germany, U.K., France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, GCC, Turkey, South Africa
Key Segments Covered
Product Type, Battery Type, End Use and Region
Key Companies Profiled
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
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Electric Cargo Bike Market by Category
By Product Type:
- Two Wheeled
- Three Wheeled
- Four Wheeled
By Battery Type:
- Lead Based
- Nickel Based
- Lithium Ion
By End Use:
- Courier & Parcel Service Provider
- Large Retail Supplier
- Personal Transportation
- Service Delivery
- Waste, Municipal Services
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa