Electric cargo bikes are bicycles with an electric engine and a compartment for transporting supplies and freight, such as a box or basket. They are viewed as a more environmentally friendly option to conventional delivery trucks because they are made to be utilised for light freight and delivery activities like delivering groceries or deliveries. The market for electric freight bikes has been significantly impacted by the COVID-19 outbreak.
The demand for delivery services, particularly those offered by electric cargo bikes, has surged as more people shop online and forgo using public transportation. Also, there has been a rise in demand for delivery services that are contact-free and can assist individuals avoid crowded interior locations because lockdowns and social distancing measures have decreased the number of people shopping in person. As a result, during the epidemic, the market for electric cargo bikes has experienced substantial growth.
According to MRFR analysis, the global Electric cargo bikes market is expected to register a CAGR of ~25% from 2022 to 2030 and hold a value of over USD 2 billion by 2030.
Regional Analysis
The Asia-Pacific region has a large and growing market for electric cargo bikes, and it is one of the most important regions globally for this market. The region has a large and growing population of urban consumers, as well as a thriving e-commerce industry, both of which have driven demand for electric cargo bikes. Additionally, the region's rapidly developing economies and improving infrastructure have made electric cargo bikes more accessible and popular, further boosting demand for these vehicles.
Market Segmentation
The Global Electric cargo bikes market has been segmented into type, battery type, and end-use.
Based on the type, the market has been segmented into two-wheelers, three-wheelers, and Four-Wheeler.
Based on the battery type, the market has been segmented into Lithium-Ion, Lead-Based, and Nickel-Based.
Based on the end user, the market has been segmented into Courier Parcel Service Providers, Service Delivery, Personal Use/ Transportation, Large Retail suppliers, Waste Municipal Services, and others.
Key Players
Some of the key market players are Rad Power Bikes LLC, Jiangsu Xinri E-Vehicle Co., Ltd, Cero Electric Cargo Bikes, Yuba Electric Cargo Bikes, Kocass Technology Co., Ltd, Douze Factory SAS and Xtracycle, Worksman Cycles, Riese Müller GmbH and Butchers Bicycles.
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