Global Electric cargo bikes Market driven by the growing demand from Europe
Global Electric cargo bikes Market to
witness a disruption due to covid 19
Business Review
The global electric
cargo bikes market for generators 2020 is projected to rise exponentially
over the forecast period, thereby ensuring significant market valuation and a healthy
28.96% CAGR over the review period.
Drivers and Restraints
During the forecast period the global
market expected to experience rapid growth. We expect Europe to dominate the
market for electric cargo bikes. The established infrastructure and major
players in this area provide sufficient prospects in the forecast period for
significant growth to the European sector. In addition, the European
authorities are making concerted efforts to control increasing rates of air pollution
and offering support in the form of incentives, subsidies and schemes to
promote the manufacture and sale of electric vehicles.
Owing to the growing COVID-19 pandemic
worldwide, the electric cargo bike market has been significantly impacted.
Changing customer expectations and behaviour due to the changed global scenario
is expected to have a direct effect on the E-Cargo Bike industry. Government
authorities, however, are offering various discounts and tax cuts on e-bikes
that will help market growth of the products over the period projected. As part
of the green initiative programme, for example, many countries in Europe are
providing discounts on electric bikes.
The COVID-19 outbreak has also greatly
impacted the demand for electric cargo bikes with decreased production.
However, the ongoing trend, government support & policies for E-bikes along
with increasing consumer awareness to reduce carbon footprint and global
warming are expected to boost the market growth in the coming years.
Segmental Analysis
The global market for electric cargo bikes
is segmented by product type, battery type, and end use. The double-wheeler
segment is expected to dominate the global market based on product size. The
two-wheeler electric cargo bikes are generally standing / self-balancing bikes
which, depending on the weight the bike carries, can be powered around for 120
km in a single charge.
Two-wheeler electric cargo bikes typically
have a weight carrying capacity of up to 100 kg and are designed for
hazard-free rides for both residential and commercial use. It is expected the
Li-ion segment will dominate the market by battery size. The batteries are
commonly used with high densities and are lightweight and effective. The li-ion
batteries have superior power density and cycling capacity, playing a
significant role compared to two other battery types.
Based on end-use, the market will be
dominated by the courier & parcel service providers segment. In this
section, electric cargo bikes are used to sort packages, collect couriers /
packages and transfer parcels to the nearest depot at the place of delivery.
The couriers / parcels will then be shipped to the destination you want.
Regional Evaluation
The global business regional analysis was
conducted in four major regions including Asia Pacific , North America, Europe
and the rest of the world. Asia-Pacific holds the second-largest market share
on the global market for electric cargo bikes in 2018. On the market for
electric cargo bikes the Asia-Pacific market had the second largest market
share.
Asia-Pacific has seen rapid growth in
recent times, owing to the fact that the region's main players are investing
heavily in electric
cargo bikes by developing advanced electric cargo bikes to increase the
adoption of these cars. It is anticipated that the successful initiatives taken
by the governments of countries such as China, Japan , India and Singapore to
build charging stations for electric vehicles by concentrating on investing in
charging infrastructure growth would drive the electric cargo bike market.
Collaborations between the electric cargo bike OEMs and aftermarket service
providers are expected to contribute to the development of the market for
electric cargo bikes.
Competitive Analysis
The major market players operating in the
global market as identified by MRFR are Riese & Müller GmbH(Germany)
Jiangsu Xinri E-Vehicle Co., Ltd(China), Rad Power Bikes LLC (US), Cero
Electric Cargo Bikes(US), Yuba Electric Cargo Bikes (US), Douze Factory
SAS(France) Kocass Technology Co., Ltd.(China), and Xtracycle(US), Worksman
Cycles(US), and Butchers & Bicycles(Denmark).
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