Global Electric Cargo Bikes Market Report and Forecast 2024-2032

Global Electric Cargo Bikes Market Outlook

The global electric cargo bikes market size reached approximately USD 2645.34 million in 2023. The market is projected to grow at a CAGR of 34.9% between 2024 and 2032, reaching a value of around USD 39168.96 million by 2032.

Key Takeaways

• Growing efforts for decarbonisation in the transport sector have increased the adoption of electric cargo bikes.

• Electric cargo bikes are becoming extremely popular for last-mile delivery solutions in densely populated urban areas.

• These bikes are readily gaining traction in the Asia Pacific region due to rising sustainability efforts.

Electric cargo bikes refer to battery-operated bikes and bicycles. These bikes are operated and powered by portable batteries like lithium-ion and nickel-based batteries. Electric cargo bikes are highly versatile and offer smooth rides as they are light in weight. They can serve as an efficient method of transport for carrying packages, cargo, food, and more. Further, the demand for these vehicles is increasing as they are environment friendly and have a low running cost.

The growing environmental consciousness around the globe is one of the major factors driving the electric cargo bikes market growth. The increasing government investments to encourage the adoption of renewable energy sources and environment-friendly alternatives have also significantly contributed to the market expansion. Moreover, with increased congestion in urban areas, electric bikes serve as an efficient means of transport for short-distance deliveries as the riders can use bike lanes to avoid heavy traffic to reach the destination quickly. The rapid technological advancements and innovations to develop affordable and low-emission transport alternatives are also expected to bode well for market growth in the coming years.

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Key Trends and Developments

Expansion of electric vehicles worldwide; diverse models of e-bikes; innovations in technology; and net-zero transition and growing government support are the major trends in the electric cargo bikes market

Electric Cargo Bikes Market Trends

One of the prominent trends supporting the electric cargo bikes market development includes advancements in battery technology and charging efficiency of electric cargo bikes. Manufacturers are incorporating lithium-ion batteries with longer lifespans into modern bikes so they can last for a longer period of time. These batteries, apart from facilitating short charging time in modern bikes, offer more power without any significant increase in the weight or size of batteries due to their energy-dense nature.

The key market players are increasingly focusing on innovating their existing range and addressing challenges associated with battery technology. In February 2024, Tern announced to expand its electric cargo range with the launch of an electric adventure cargo bike called Orox. The bike, available in two specifications, possesses 1,600Wh battery capacity, can carry up to 210 kg of load, and promises to offer a range of over 300 km.

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Market Segmentation

“Electric Cargo Bikes Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

The commercial segment is further divided, based on application, into courier and parcel service provider, service delivery, and retail supplier, among others.

Lithium-ion batteries account for a major electric cargo bikes market share due to their high energy density and longer lifespan

Lithium-ion batteries occupy a major share of the market as they possess high energy density compared to other battery types. This allows electric cargo bikes to travel long distances without charging the battery. These batteries also possess long life compared to other battery types and can last for years without any degradation in their efficiency and capacity. Additionally, their high efficiency in terms of charging makes them a viable option for electric cargo bikes.

Other battery types include battery technologies like lead-acid. Lead-acid batteries are generally preferred due to their cost-effective price, easy-to-manufacture design, and low discharge rate.

The commercial sector maintains its dominance in the electric cargo bikes market due to the rising adoption of these bikes for delivery purposes

The electric cargo bikes market is supported by the growing usage of these bikes in the commercial sector due to the rise of e-commerce. Electric cargo bikes have gained prominence as the last-mile delivery solution for quick and hassle-free delivery. They are also being readily used for food delivery services to facilitate quick delivery as they can avoid heavy traffic by travelling through bike lanes.

Meanwhile, the residential sector is also anticipated to contribute to the demand for electric cargo bikes in the coming years due to growing environmental awareness among individuals. This has led to an increase in demand for eco-friendly transport options such as electric cargo bikes compared to traditional cars and bikes.

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Competitive Landscape

The market players are increasing their collaboration efforts and are launching improved vehicle range to gain a competitive edge in the market

Other players in the electric cargo bikes market are Worksman Cycles Company Inc., and DOUZE Factory SAS, among others. The market players are focused on developing advanced electric cargo bikes with enhanced performance and efficiency.

Electric Cargo Bikes Market Analysis by Region

Europe is the leading region in the market and is expected to maintain its dominance in the forecast period as well. The market growth in Europe can be attributed to the thriving cargo bikes sector, the increasing adoption of electric vehicles (EVs), and the increasing usage of cargo bikes for private and commercial use in the region. The favourable government initiatives to promote clean transport are also significantly contributing to the market growth. Furthermore, Germany accounts for a major share of the European electric cargo bikes market and the country recorded sales of 15,000 e-cargo bikes in 2016. Besides Germany, Denmark, the United Kingdom, and the Netherlands are the other significant national markets in Europe.

Meanwhile, North America is expected to witness considerable growth in the forecast period. The growing focus on improving air quality, decarbonising transport, and regaining public street space is expected to favour the market growth in the coming years.

Key Highlights of the Report

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Electric Cargo Bikes Market Report Snapshots

Electric Cargo Bikes Market Size

Electric Cargo Bikes Market Trends

Electric Cargo Bikes Companies

Electric Cargo Bikes Market Regional Analysis