Global Cargo Bikes Market, by Type (Two Wheeled, Three Wheeled, and Four Wheeled), by Application (Courier and Parcel Service Provider, Retail Suppliers, Personal Transportation, Waste, and Municipal Services, and Others), by Fuel Type (Electric Batteries (Lead Based, Nickel Based, and Lithium Ion), Hydrogen, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Forecast to 2028, is expected to be valued at US$ 4371.5 million by 2028, exhibiting a CAGR of 16.7% during the forecast period (2021 - 2028), as highlighted in a report published by Coherent Market Insights.
Cargo bike is a type of bicycle, tricycle, or pedal-powered four-wheeler specially designed to transport cargo of all sizes, particularly loads that are large or heavy, including several passengers. Moreover, cargo bikes will measure up to 2.3m long. Their width may vary depending on the type of design, but will typically be up to 1m wide.
The global cargo bikes market is estimated to account for US$ 1216.6 Mn in terms of value in 2021 and is expected to exhibit a CAGR of 16.7% for the period 2021-2028.
Increasing demand from courier and parcel service providers and personal transportation will create demand for cargo bikes over the forecast period (2021-2028). For instance, in April 2018, delivery service provider, DHL introduced cargo bike delivery service in the UAE.
In May 2020, delivery service provider, DHL entered into partnership with REEF Technology to introduced electric-assist e-Cargo bikes for deliveries across Miami.
In March 2019, Supermarket retailer Co-op collaborated with e-cargobikes.com, a provider of zero-emission last-mile delivery services. The key object of this collaboration to launch new online delivery service using electric cargo bikes to transport goods from local stores to consumers.
Furthermore, the demand for cargo bikes is expected to increase as governments are focusing on various initiatives to promote the use of cargo bikes. For instance, in September 2018, European Union started City Changer Cargo Bike (CCCB) project in order to promote the use of cargo bikes in the cities. For this City Changer Cargo Bike (CCCB) project, the European Union (EU) allotted US$ 477 million.
Global Cargo Bikes Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 is expected to negatively influence the global cargo bikes market growth. Initially during the pandemic, few companies witnessed decreased sales of cargo bikes, as the global supply chain was disrupted by lockdown orders and bike stores were forced to close. This has impacted the profitability of the companies. However, it is expected that the cargo bikes market will recover from the crisis over the forecast period.
Key Trends and Analysis of the Global Cargo Bikes Market:
In May 2021, U.K. start up Electric Assisted Vehicles (EAV) developed a hydrogen fuel cell powered e-Cargo bike as part of a new project with the City of Aberdeen. The project will be supported by investment from the European Union and the Scottish Government, and will be managed by the German Aerospace Center (DLR).
In June 2021, India-based Smartron introduced tbike flex, an e-bike and cargo delivery platform for the last mile deliveries and connectivity.
Major companies operating in the global cargo bikes market include 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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