Electric cargo bikes are vehicles used as a modern form of transportation for small shipments over short distances. The shift from combustion vehicles to electric mobility for lowering emission rates will lead to its heavy demand from logistic services. The global electric cargo bikes market report by Market Research Future contains drivers and challenges written in detail with estimations for the period. The outbreak of the COVID-19 virus and its implications on the industry are explored in the report.
Electric cargo bikes Market
Scope
The global electric cargo bikes
market in terms of value is estimated to register 20.00% CAGR during the forecast
period. It can reach a size of USD 6.0914 million.
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The market is expected to
perform exceptionally owing to the timely delivery of goods in metropolitan
cities and incentives provided for the use of bikes. Recently, the city of
Chicago in Illinois, U.S., has agreed to let low-speed electric cargo bikes to
operate on bike lanes. The aims of governments for curbing traffic snarls and
lowering pollution levels caused by heavy duty trucks and similar vehicles can
drive the market demand significantly.
The huge demand for
replacing large delivery trucks in crowded areas can spur the global electric
cargo bikes market demand till 2025. Legalization of e-bikes and testing of
these vehicles for parcel delivery in the U.S. can favor the market. Low
running costs, fast delivery times, and preference for these bikes in
developing economies can positively impact the market. Sustainability in goods
transport in recent trends will work for the industry till 2025.
The COVID-19 pandemic has
indelibly impacted the industry owing to restrictions on movement. But
subsidies and incentives on the utilization of electric bikes can favor the
market greatly. Investments in electrification of infrastructure and
initiatives by bike manufacturers towards launching electric versions of their
products are a good start. Recently, QWIC received close to USD 10 million in
funding from De Hoge Dennen Capital. The bikes have been used in providing food
relief to people hit financially from the COVID-19 virus.
Segmentation
The global market for
electric cargo bikes has been segmented on the basis of product type, battery
type, and end-use. By product type, the global electric cargo bikes market is
segmented into two-wheeler, three-wheeler, and four-wheeler. The two-wheeler
segment is expected to dominate the market till the end of the forecast period.
By battery type, it is
segmented into nickel-based, lead-based, and lithium-ion. The lithium-ion
batteries have superior power density and cycling ability and deemed to
dominate the market till 2025.
By end-use, it is
segmented into waste municipal services, courier & parcel service
providers, service delivery, large retail supplier, personal
use/transportation, and others. The courier & parcel service providers
segment is expected to dominate the market. Electric cargo bikes are used for
sorting the parcels, collecting couriers/parcels, and delivering the parcels to
the closest depot to the delivery location.
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Regional Analysis
North America is expected
to witness an excellent growth and endowed with a market value of USD 124.6 million
in 2018. The regional market value is expected to reach USD 730.8 million by
2025 by clocking an impressive 28.74% CAGR during the forecast period. It is
driven due to government initiatives used in encouraging the adoption of
all-electric cargo bikes for passenger and material transport.
According to official US
government sources for fuel economy information, the government has agreed to a
federal income tax credit to the owners of electric cargo bikes that are
purchased after 2010 based on the capacity of the battery used to power the
vehicle. The U.S. electric cargo bike market is growing due to the large
potential, high investment in research & development, support from
government, and rapid electrification of domestic automotive industry.
Europe can dominate the
global electric cargo bikes market throughout the
forecast period owing to electric infrastructure and sustainability goals
rolled by countries part of the European Union. Creation of separate bike
lanes, large number of variants of bikes, and financial incentives are factors
supporting the regional market growth.
Competitive Outlook
Xtracycle, Butchers &
Bicycles, Cero Electric Cargo Bikes, Yuba Electric Cargo Bikes, Rad Power Bikes
LLC, Worksman Cycles, Douze Factory SAS, Kocass Technology Co., Ltd., Jiangsu
Xinri E-Vehicle Co., Ltd, and Riese & Müller GmbH are major vendors in the
global electric cargo bikes market.
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