Global Electric Cargo Bikes Market Research Report - Forecast till 2025
The global Electric Cargo Bikes Market is anticipated to witness an accelerated growth at the rate of 28.96 % CAGR during the study period. Europe is estimated to lead the electric cargo bikes market. The current framework and key players in this territory serve ample opportunities for substantial growth in study period. Furthermore, the government in Europe are taking cooperative efforts to regulate increasing air pollution levels and provide support in the form of incentives, subsides, and schemes to encourage the manufacturing and sale of electric vehicles. In the structure of National Development Plan for Electric Mobility, the Federal Government is planning to establish Germany as a dominant market with at least a million vehicles by 2020, setting up opportunities for the electric cargo bike market in Germany.
Asia-Pacific clutched the second largest market share in the global electric cargo bikes market in 2018. Asia-Pacific has witnessed the immense rise in the recent years because the major players in the region are heavily investing in electric cargo bikes by developing advanced electric cargo bikes to increase the adoption of such vehicles. The governments of China, japan, India, and Singapore took an effective initiative to develop a charging stations for electric vehicles. Partnership between the electric cargo bike OEMs and technology providers in the aftermarkets anticipated to add to the growth of the electric cargo bike market.
The Electric Cargo Bikes Market is segmented globally by product Type, Battery Type, and End Use. By product type, the two-wheeler segment is anticipated to lead the global market. The two-wheeler electric cargo bikes are mostly standing/self-balancing bikes, which can be driven around for 120 km in a single charge depending on the weight that the bike carries. Normally, two-wheeler electric cargo bikes have a weight carrying capacity up to 100 kgs and are designed for hassle-free rides for both residential and commercial applications.
Based on battery type, the Li-ion section is expected to lead the global market of Electric Cargo Bikes. The li-ion batteries have tremendous power density and cycling capacity, carrying a crucial role compared to other two types of batteries.
By end use type, the courier & parcel service providers segment is estimated to dominate the market. In this section the electric cargo bikes are used for sorting the parcels, collecting couriers/parcels, and transferring the parcels to the closest depot to the delivery location.
The Global Electric Cargo Bikes Market is segmented as Europe, Asia-Pacific, North America, and the rest of the world. North America is anticipated to witness an immense growth during study period. The major driving factor of the market is Government has taken initiative to encourage the adoption of all- electric cargo bikes for passenger and material transport.
As per the official US government source for fuel economy information, the government has directed an arrangement that offers 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. furthermore, this region is known for the quick adoption of new technologies and has witnessed significant growth in the demand for electric cargo bikes in the past few years.
The growth factors for US electric cargo bike market are consumer base, high investment in research & development, support from the government, and rapid electrification of the domestic automobile industry.
The top compititors of the Global Electric Cargo Bikes Market are Rad Power Bikes LLC (US), Jiangsu Xinri E-Vehicle Co., Ltd(China), Cero Electric Cargo Bikes(US), Yuba Electric Cargo Bikes (US), Kocass Technology Co., Ltd.(China), Douze Factory SAS(France) and Xtracycle(US), Worksman Cycles(US), Riese & M?ller GmbH(Germany) and Butchers & Bicycles(Denmark).