Electric Cargo Bikes Market 2020
The global electric cargo bikes market is expected to exhibit a strong CAGR of close to 29% over the forecast period till 2025, according to the latest research report from Market Research Future (MRFR). The report presents a detailed overview of the global electric cargo bikes market, including a detailed look at the market’s historical growth trajectory, present conditions, and future growth forecasts. The major drivers and restraints affecting the global electric cargo bikes market are also profiled in detail in the report. The analysis of the growth trajectory of the global electric cargo bikes market is thus supplemented with a detailed analysis of the major drivers and restraints affecting the market. Major players operating in the global electric cargo bikes market are also profiled in detail in the report. The impact of the COVID-19 pandemic on the global electric cargo bikes market is also discussed in detail in the report.
Electric cargo bikes are electric bikes used to deliver various types of cargo from point to point. The electric cargo bikes market has mainly prospered in urban areas, where the charging infrastructure for electric bikes is present. The growing popularity of home delivery of various goods in various sectors is likely to be a major driver for the global electric cargo bikes market over the forecast period. Due to increasing adoption of customer-centric operations, many organizations have incorporated home delivery services in order to serve customers better. The convenience of home delivery services fits in perfectly with the modern urban lifestyle, where customers may not have the time required to go out and do their shopping themselves. Due to this, everything from grocery shopping to delivery of consumer goods such as home electronics has been revolutionized by the increasing adoption of home delivery services.
The growing ecommerce sector in developed as well as developing regions is also likely to be a major driver for the global electric cargo bikes market over the forecast period. Due to the growing popularity of ecommerce, many larger ecommerce companies have incorporated electric cargo bikes into their operations in order to reduce their carbon footprint and make their operations viable with regard to the environment. The growing ecommerce sector in developing countries such as China and India is likely to remain a major driver for the global electric cargo bikes market over the forecast period.
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Leading players in the global electric cargo bikes market include Butchers & Bicycles, Riese & Muller GmbH, Worksman Cycles, Xtracycle, Douze Factory SAS, Kocass Technology Co. Ltd., Yuba Electric Cargo Bikes, Cero Electric Cargo Bikes, Jiangsu Xinri E-Vehicle Co. Ltd., and Rad Power Bikes LLC.
The global electric cargo bikes market is segmented on the basis of product, battery type, end use, and region.
By product type, the global electric cargo bikes market is segmented into two wheeler, three wheeler, and four wheeler. The two wheeler segment is likely to dominate the global electric cargo bikes market over the forecast period. Two wheeler electric cargo bikes usually have self-balancing capabilities and can run up to 100 or more km on a single charge. They usually have a load carrying capacity of up to 100 kg. this makes them highly useful in most applications where electric cargo bikes are used, leading to growing popularity of the segment.
By battery type, the global electric cargo bikes market is segmented into lithium-ion, lead-based, and nickel-based. The Li-ion battery segment is likely to be the dominant segment over the forecast period due to the high energy density and reliability of this type of batteries.
By end use, the global electric cargo bikes market is segmented into courier and parcel service providers, service delivery, personal use/transportation, large retail suppliers, waste management services, and others.
Europe dominates the global electric cargo bikes market, holding a share of more than 40% in the global market. Asia Pacific is the second largest regional segment of the global electric cargo bikes market and is likely to emerge as an important regional segment over the forecast period.
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