Market Overview
The global electric cargo bikes market reached US$ XX million in 2022 and is expected to record significant growth by reaching up to US$ XX million by 2030 and growing at a CAGR of XX% during the forecast period (2022-2030).
Cargo e-bikes are a type of electric bicycle specifically designed to transport cargo or freight. It is equipped with large cargo racks, boxes or bags that can be mounted on the front or rear of the bike or even on a sidecar, allowing for the transportation of items such as groceries, packages or even small furniture. Cargo e-bikes also typically have stronger frames and more powerful motors than traditional e-bikes to accommodate the added weight of the cargo. Additionally, some cargo e-bikes have additional features such as adjustable handlebars, adjustable seats and even weather protection to make them more comfortable and practical for the rider. It is a sustainable solution for urban transportation and is becoming increasingly popular in cities globally.
Market Dynamics
As cities grow, the need for sustainable and efficient urban transportation solutions is becoming more pressing. Electric cargo bikes offer a low-emission and space-efficient alternative to traditional cargo vehicles. Governments around various geographies are implementing policies and providing subsidies to encourage the adoption of electric vehicles, including electric cargo bikes. It is helping to increase awareness and accessibility of these vehicles.
New systems and technological advancements in the E-bikes market bolstering the growth of the global electric cargo bikes market
One of the most significant developments in electric bike technology is integrating the engine and gears into a single component. It will result in e-bikes that require less maintenance, are more cost-effective, may even be lighter and may have automatic switching capabilities. Advances in battery technology are increasing the range and power of electric cargo bikes, making them more practical for commercial use. It allows for longer trips, more efficient deliveries and larger cargo. Electric motors are becoming more efficient and powerful, providing more torque and a better power-to-weight ratio.
It allows for greater cargo capacity, better performance and longer range. Smart connectivity features such as GPS tracking, remote diagnostics and fleet management are becoming more common in electric cargo bikes. It allows for better fleet management and improved efficiency for commercial users. Electric cargo bikes are being designed with innovative features such as modular cargo boxes, adjustable handlebars and weather protection to make them more comfortable and practical for riders. All these new systems and technological advancements make electric cargo bikes more efficient and practical for commercial and personal use. As a result, it is expected to drive the growth of the global electric cargo bike market.
Hydrogen as an energy source in electric fright bikes propels the demand
Hydrogen is considered a preferred energy source for freight bikes that travel long distances. Hydrogen has a high energy density, which means that a relatively small amount of hydrogen can store a large amount of energy. It makes it an ideal energy source for freight bikes traveling long distances. Hydrogen fuel cells can provide a longer range than traditional batteries, making them an attractive option for freight bikes that travel long distances on a single charge. Hydrogen fuel cells can provide a longer range than traditional batteries, making them an attractive option for freight bikes that travel long distances on a single charge. Hydrogen fuel cells can be refueled quickly in a matter of minutes, which makes it more practical for freight bikes. For instance, In July 2022, Triton Electric Vehicle, a US-based company, announced that it would soon introduce two and three-wheeled vehicles powered by hydrogen fuel in India. Its models will be produced in India by the EV manufacturer. The launch schedule has not yet been made public. But this development will surely bolster the growth of the E-bikes market, which in turn will boost the electric cargo bikes market.
Higher costs, limited charging infrastructure and limited repair shops hamper the market growth
Electric cargo bikes are still relatively expensive compared to traditional cargo bikes, which makes them less accessible to some consumers and businesses. Electric cargo bikes require charging infrastructure to be readily available and in some areas, the charging infrastructure is not yet well-developed, making it difficult for some consumers and businesses to use electric cargo bikes. Furthermore, these factors restrain global market growth.
COVID-19 Impact Analysis
The pandemic has decreased demand for electric cargo bikes as businesses and consumers have been impacted by economic downturns and lockdowns. It has decreased sales and revenue for electric cargo bike market companies. The pandemic has also led to disruptions in the supply chain for electric cargo bikes, as factories have been closed and transportation has been impacted. It has led to delays in producing and delivering electric cargo bikes.
On the other hand, the pandemic has led to an increase in e-commerce as people have been ordering more goods online, boosting the demand for last-mile delivery solutions provided by electric cargo bikes. The pandemic has caused a shift in consumer behavior. People have been looking for more sustainable and safe transportation options, which will likely drive the demand for electric cargo bikes in the long run.
Therefore, the impact of the COVID-19 pandemic on the global electric cargo bike market has been mixed with a decrease in demand and disruptions in the supply chain, an increase in e-commerce and a shift in consumer behavior on the other hand. The market has recovered in the long run as economies recovered and demand increased.
Segment Analysis
The global electric cargo bikes market is segmented based on product, battery, end-user and region.
Owing to providing high energy density, low maintenance, long life and high performance, the demand for lithium-ion batteries is growing in the global electric cargo bikes market
The most used type of battery in electric cargo bikes is lithium-ion (Li-ion) batteries. Li-ion batteries have a high energy density, which means they can store a large amount of energy in a relatively small and lightweight package. It makes them well-suited for use in electric cargo bikes, which need to carry a heavy load while still being lightweight and maneuverable. Its batteries have a long life, which means that they can be used for a long time before needing to be replaced.
It makes them more cost-effective in the long run compared to other types of batteries. Li-ion batteries require very little maintenance, which makes them more convenient to use than other types of batteries. Lithium-ion batteries can deliver high performance, which means they can deliver a lot of power quickly, making them well-suited for use in electric cargo bikes. Lithium-ion batteries are the most used battery in electric cargo bikes due to their high energy density, long life, low maintenance, wide availability and high performance.
Geographical Analysis
The global electric cargo bikes market is segmented based on product, battery, end-user and region.
A growing need for urban commute-friendly vehicles contributes to the growth of the North American electric cargo bikes market
A growing need for urban commute-friendly vehicles is one of the key factors contributing to the growth of the North American electric cargo bike market. Urban areas are facing challenges with increasing traffic congestion, air pollution and parking issues and electric cargo bikes offer a sustainable and efficient solution for urban transportation.
Electric cargo bikes can navigate city streets and traffic easily and efficiently and do not contribute to air pollution. Additionally, they do not require parking spaces like cars, making them more convenient for urban commuters. The increasing awareness and concern for the environment also drive demand for electric cargo bikes in North America. Electric cargo bikes are zero-emission vehicles, which makes them a more sustainable and environmentally friendly option for transportation.
Furthermore, the North American e-commerce market and the need for last-mile delivery solutions are expanding. Electric cargo bikes can provide an efficient, cost-effective and sustainable solution. All these factors are driving the growth of the North American electric cargo bike market, as more and more people are turning to these vehicles as a practical and sustainable option for urban transportation.
Competitive Landscape
With numerous local and international players, the market for electric cargo bikes is fragmented globally. The flexibility of product features and opportunities for market expansion through introducing new products are expected to increase competition among businesses. Manufacturers in the global electric cargo bikes market are focusing on creative approaches to strengthening their market positions through partnerships, alliances, mergers, acquisitions and regional expansion. The key players in the market are CERO INC., PEDEGO INC., Radwagon, Xtracycle Inc., Yuba Electric Cargo Bikes, Babboe, DOUZE Factory SAS, Riese & Muller GmbH, Urban Arrow and BENNO BIKES LLC.
CERO INC.
Overview: Founded in 2016 by Kiyoshi and Sawako Iwai in Los Angeles, California, ERO is a family-owned business to pave the way for environmentally friendly urban commutes while redefining urban transportation through high-quality, long-lasting electric cargo bikes. CERO offers an electric bike with peddle-assist technology and cargo-carrying capacity to enable every rider at all stages of life to navigate and explore cities, towns and landscapes in new ways.
Product Portfolio:
CERO One Electric Cargo Bike: A innovative electric cargo bike for commuters, families and businesses is the CERO One. It has a unique interchangeable cargo system with baskets that can mount on the front and back of the bike. With a 26" rear wheel and a 20" front wheel, the aluminum step-through frame has a low center of gravity and provides a stable, highly maneuverable ride. It’s a bike that "fits most" riders owing to its adjustable saddle and stem (which also has a twist function). Shimano E6100 System with a 504Wh Battery, Nuvinci Internal Gear Hub and Gates Belt Drive for a range of up to 170 km. In addition, premium parts are included as standard
Key Development: In October 2021, To distribute its EUROBIKE Gold Award-winning e-cargo bike throughout Europe and Australia, CERO announces a partnership with LODEN. CERO has rebranded under the LODEN name in European and Australian markets. CERO underwent a lengthy modification process to register its e-cargo bike as EN 15194 compliant, the European gold standard for consumer machinery safety. With updated parts and features, CERO Bikes transformed the groundbreaking original CERO One into one of the safest bikes on the market.
Why Purchase the Report?
• To visualize the global electric cargo bikes market segmentation based on product, battery, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global electric cargo bikes market by analyzing trends and co-development.
• Excel data sheet with numerous data points of electric cargo bikes market-level with all segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players.
The global electric cargo bikes market report would provide approximately 61 tables, 59 figures and 230 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies