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Press Release: Cargo Bikes Market is Expected to Exhibit a CAGR of 16.7% During the Forecast Period (2021 - 2028)
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Freight bicycle, carrier cycle, freight tricycle, cargo bikes, and cycle trucks are human powered as well as electric battery powered, designed and constructed specifically for transporting loads. Vehicle designs include area that consists of open or an enclosed box, flat platform, or a wired basket, usually mounted over one or both wheels. Moreover, cargo bikes frame and the drivetrain are generally constructed to handle loads larger than those of an ordinary cycle.
Increasing focus of many governments for reducing carbon emission is expected to significantly boost the adoption of electric cargo bikes, for transportation over the forecast period. For this, governments are implementing various regulations or offering subsidy for the purchasing of electric cargo bikes.
For instance, in September 2018, the U.K. government announced US$ 2.32 Million to increase the adoption of electric cargo bikes. With this investment, the U.K. government is planning to improve the air quality and targeting towards zero emission through vehicles, over the upcoming years, which is expected to boost the adoption of electric based cargo bikes over the forecast period (2021 – 2028).
Global Cargo Bike Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has made significant negative impact on manufacturing industry and the global supply chain. Furthermore, it has made a noticeable shift in freight travel pattern and the cargo shifting pattern. During the Covid – 19 pandemic, the demand for freight transportation majorly reduced, owing to nationwide lockdown in many countries such as India, Italy, and U.K. in the year 2020. In addition, during Covid – 19, lockdown cargo bikes was majorly used for the delivery of healthcare products such as medicines, medical products, and retail food delivery, as it is a convenient and affordable delivery option as compared to other petrol or diesel based delivery vehicles.
Europe is expected to hold dominant position in the global cargo bike market during the forecast period
Statistics:
Europe held dominant position in the global cargo bike market in 2019, accounting for 40.42% share in terms of value, followed by North America and Asia Pacific.
Figure 1: Global Cargo Bike Market Share (%), By Region, 2019
Europe region held the largest market share in year 2020 and is expected to retain its dominance over the forecast period. The growth of cargo bikes market in Europe region is boosted by the existing widely spread and high quality infrastructure for the electric cargo bikes, and the presence of cargo bike manufacturers are expected to provide ample opportunity for the significant growth rate over the forecast period (2021 – 2028). Moreover, Europe is taking collective efforts for reducing air pollution level across the region, and countries are providing support in form of subsidies and incentives to encourage manufacturing and sales of cargo vehicles across the region.
For instance, from year 2018, in order to reduce the air pollution, Paris, France is offering a subvention up to US$ 1,400 units before taxes on purchasing of electric cargo bikes in the city.
Major companies operating in the global cargo bike market are: Accell Group, Bodo Vehicle Group Co., Ltd, Butchers & Bicycles ApS, CERO Electric Cargo Bikes, DOUZE Factory SAS, Dutch Cargo Bike, G & O Family Cyclery, Gessato, Jinhua Jobo Technology Co., Ltd, Tern, Urban Arrow, Worksman Cycles, Xtracycle Inc, XYZ CARGO, and Yuba Bicycles LLC.
| Report Coverage | Details | ||
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| Base Year: | 2020 | Market Size in 2020: | US$ 1013.4 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 16.7% | 2028 Value Projection: | US$ 4371.5 Mn |
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Major companies operating in the global cargo bike market are: Accell Group, Bodo Vehicle Group Co., Ltd, Butchers & Bicycles ApS, CERO Electric Cargo Bikes, DOUZE Factory SAS, Dutch Cargo Bike, G & O Family Cyclery, Gessato, Jinhua Jobo Technology Co., Ltd, Tern, Urban Arrow, Worksman Cycles, Xtracycle Inc, XYZ CARGO, and Yuba Bicycles LLC |
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Among type segment, the two wheeled sub-segment is expected to dominate the market during the forecast period, owing to the increasing usage of two wheeled cargo bikes for leisure activities
Two wheel cargo bikes closely resemble the traditional tow wheel bike. Two wheeled cargo bikes are affixed with baskets for movement of cargo and lower gears to help pull heavier loads. The demand for two wheeled cargo bikes is high due to its close resemblance with normal bicycle, owing to which they are easy to ride and store.
Figure 2: Global Cargo Bike Market Value (US$ Mn), 2017 - 2028
The global cargo bike market was valued at US$ 844.2 Mn in 2019 and is expected to reach US$ 4,371.5 Mn by 2028 at a CAGR of 16.7% between 2021 and 2028.
Electric cargo bikes are operated and powered by electric batteries made up of lithium ion and nickel based batteries. Electric cargo bikes are generally light in weight that provides smooth and stable ride. In addition, electric cargo bikes have a low running cost and it produces less pollutants as compared to other modes of cargo transportation.
Market Dynamics
Lower running prices, reduction in transportation times, and lower environmental impacts of using cargo bikes instead of different mediums to transport the goods, are the factors attributing to the growth rate of cargo bike market. In addition, increasing research and development, and new product launches of technologically advanced cargo bikes, such as extended battery life of electric cargo bike are further boosting the demand for the same.
For instance, in February 2021, Aberdeen City Council planned to launch hydrogen-powered cargo bikes. Council planned to lower the emission caused due to petrol or diesel powered cargo bikes. This hydrogen powered cargo bikes will be developed under a European project called Fuel Cell Cargo Pedelecs. Under this project, a contract for six e-cargo bikes has been submitted on Public Contracts Scotland to be modified with hydrogen fuel cell subsystems.
Electric powered cargo bikes has limited range and it travels with a less speed as compared to diesel or petrol powered cargo bikes, owing to their small engine, which is expected to hamper the sales of cargo bikes over the forecast period.
Market Taxonomy
This report segments the global cargo bike market on the basis of type, application, fuel type, and region. On the basis of type, the global cargo bike market is segmented into two wheeled, three wheeled, and four wheeled. On the basis of application, the global cargo bike market is segmented into courier and parcel service provider, retail suppliers, personal transportation, waste, and municipal services, and others. On the basis of fuel type, the global cargo bike market is segmented into electric batteries (lead based, nickel based, and lithium ion), hydrogen, and others. On the basis of region, global cargo bike market is segmented into North America, Latin America, Europe, Asia pacific, Middle East, and Africa.
Key features of the study:
Detailed Segmentation:
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