Electric Cargo Bike Market By Product Type (Two Wheeled, Three Wheeled, Four Wheeled), Battery Type (Lead Based, Nickel Based, Lithium Ion), End Use (Courier & Parcel Service Provider, Large Retail Supplier, Personal Transportation, Service Delivery,
With increasing investments in the expansion of transport infrastructure to meet the growing need of the global population, the electric cargo bikes market is anticipated to surge at an impressive pace. According to Future Market Insights (FMI), the global electric cargo bike market is projected to expand exponentially at CAGR of around 11% over the forecast period 2021-2031.
The use of electric cargo bike for logistics and supply chain applications are currently gaining traction in countries with matured transportation systems. The increasingly important requirement to reduce the carbon footprints for environmental protection, along with high performance and low maintenance characteristics in the logistics industry, are compelling manufacturers to invest production capacity, therefore creating promising market prospects for the foreseeable future.
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With increasing investments in urbanization, increasing volume of deliveries being conducted by logistics companies in terms of last-mile operations is a key factor that supports the adoption of electric cargo bikes. Minimal fatigue to riders, low operational costs, minimal environmental impact, and growing levels of social acceptance are expected to drive demand in the long-term.
On the other hand, electric cargo bikes are limited in terms of payload carrying capacity and range of operations. Efforts to bolster performance capabilities through research and development and marketing operations aimed towards geographical expansion are key factors being considered by market leaders.
Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated electric cargo bikes. Moreover, the need for sustainable urban mobility solutions and modern transportation is driving the transition from conventional to electric modes of transport. E-cargo bikes are anticipated to have a positive influence on energy security and air quality. Regulations aimed towards net zero emissions and climate protection agreements are proving important to future market developments.
Key Takeaway from Market Study
“Market players are looking to offer eco-friendlier updates to cater to the changing consumer preference. Besides this, there is immense focus on expanding their product portfolio to gain competitive edge,” says a lead FMI analyst.
Competition Landscape
The global electric cargo bike market is highly competitive at regional, country, as well as global level, and highly fragmented in nature. Top companies operating in the market are occupying a hefty share in terms of revenue.
With compliance to governmental standard and regulations, these companies have a global brand presence. Leading manufacturers are also updating their technologies to improve their market share.
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Electric Cargo Bike Market by Category
By Product Type:
By Battery Type:
By End Use:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 14, 2022