Electric Cargo Bikes Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMAUTR922 | Last Updated On: Jun 24 2022 | Available Formats

> Global Electric Cargo Bikes Market Expected to reach at a high CAGR by 2029: DataM Intelligence

Global Electric Cargo Bikes Market is segmented By Product Type (Two-Wheeled, Three Wheeled, Four-Wheeled), By End-User (Courier & Parcel Service Providers, Large Retail Suppliers, Personal Transportation, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Electric Cargo Bikes Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).

  • The advent of cargo bikes which run on electricity proves to be an innovative and disruptive technology in the logistics and transportation business, primarily positively impacting the urban delivery scenario. Electronic cargo bikes can carry several customer orders at once and offer a greener alternative to traditional delivery vehicles, producing zero emissions and no noise pollution.

Market Dynamics

  • Lower running costs, reduction in delivery times, and lower environmental impact are some of the significant advantages of using electric cargo bikes rather than other mediums to transport goods. The shifting consumer preference for electric cargo bikes in developed countries is also expected to present new opportunities for market growth and product expansion to significant companies.

  • The companies recognize the trend as a means to generate additional revenue and thus focused on introducing new electric cargo bikes which will provide sustainable growth for the product demand during the forecast period.

  • For instance, in 2018, Volkswagen (VW) announced the launch of an e-cargo bike as part of its solution for sustainable goods transport in urban regions. It can carry a load of up to 210 kgs (driver included) and can handle cargo volumes of up to a half cubic meter.

  • However, the biggest challenge for electric cargo bike is the lack of adapted infrastructure, safe cycle lanes, secure parking and easy to find repair shops.

Market Segmentation

  • The global electric cargo bikes market is segmented by end use such as courier and parcel service providers, large retail suppliers, personal transportation, and others. Courier and parcel service providers dominate the market owing to the growing package deliveries from online retail sector and shift in consumer preference for electric cargo bikes.

  • According to figures of the German parcel and express logistics association (BIEK), the volume of the parcel, courier and express shipments has grown by 74% during 2000–2016.

  • This trend is unbroken, and it is assumed that as early as 2025, 15% of the overall retail turnover will be generated online, compared to 8.5% in 2014. Particular growth was observed in recent years in the share of ‘heavy’ online shoppers.

  • The reduction in retail storage space and the growing number of just-in-time deliveries have also lead to a rise in electric cargo bikes distribution operations in city centers.

  • Further, in Berlin and Munich, Amazon has started using cargo bikes for deliveries, and in Hamburg and Berlin, Ikea customers can have their purchases delivered via cargo bicycle or rent cargo bicycles for their use.

  • The online retail stores and companies are thus focused on business expansion in critical geographical regions to expand their business reach. For instance, in October 2018, UPS expanded its electric cargo bicycles for deliveries in Seattle.

Geographical Analysis

  • Geographically, the global electric cargo bikes market is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Europe dominates the market in terms of sales unit.

  • Europe is the leading region by overall market share, with financial incentives, exhaustive choices in upgraded models, and creation of separate bike lanes during peak traffic hours contributing to the growth in sales volume of electric cargo bikes.

  • Currently, Germany is Europe’s largest market for cargo bikes in terms of volume. The sales of electrically assisted cargo bike alone surged to 21,000 in 2017, which is 42% more compared to 2016.

  • According to the European Cyclclogists project, a staggering 174 model of cargo bikes are now available, while some fifty brands vied for attention at Berlin. Furthermore, online-based retail company Amazon has started using cargo bikes for deliveries while shopping giant UPS has been running battery-powered freight bikes in German cities since 2012.

Competitive Analysis

  • Global electric cargo bikes market is fragmented with the presence of many local and international players. The versatility in product features and opportunities of market growth through new product launches is poised to intensify competitiveness among companies. Xtracycle Inc., Yuba Electric Cargo Bikes, Babboe, DOUZE Factory SAS, Riese & Müller GmbH, Urban Arrow, and BENNO BIKES LLC. are some of the prominent players in the global electric cargo bikes market.

  • Yuba Electric Cargo Bike is one of the dominant company in electric cargo bikes and is enhancing the market through product launch. For instance, in August 2018, Yuna bikes launched a new electric cargo bike. Further, in September 2018, Wildside started the all-new cruiser electric bike featuring retro styling and the look of an old motorcycle, designed and tested with adventure and practicality at its core.

Key Takeaways

  • Courier & Parcel service is the largest segment owing to the growing online retail sector.

  • Europe is the leading region by geography in terms of overall market share, with financial incentives, exhaustive choices in upgraded models, and creation of separate bike lanes during peak traffic hours contributing to the growth in sales volume of electric cargo bikes.

  • The companies are focused on new product launch to maintain their competitive edge over other market players. For instance, in January 2018, Seattle-based Rad Power Bikes introduced its latest electric bike model, the RadBurro electric cargo trike purpose-built and specifically designed to meet the requirements of the commercial delivery market for transporting goods in congested urban landscapes.

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