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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Electric Cargo Bikes Market Size
The global electric cargo bikes market 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.
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
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global electric cargo bikes market attained a value of nearly USD 2645.34 million.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 39168.96 million by 2032.
The market is projected to grow at a CAGR of 34.9% between 2024 and 2032.
The market is being driven by the increasing preference of sustainable two-wheelers and favourable policies of various governments to promote green energy.
The key trend bolstering the market expansion include the rising environmental consciousness worldwide.
The major regions in the industry are North America, Europe, Asia Pacific and the rest of the world.
The different product types include two wheeled, three wheeled, and four wheeled.
The significant battery types include lithium ion, and others.
The major end uses include residential and commercial. Commercial is further segmented into courier and parcel service provider, service delivery, retail supplier, among others.
The major players in the market are Rad Power Bikes Inc., Yuba Bicycles LLC, Worksman Cycles Company Inc., DOUZE Factory SAS, Amsterdam Bicycle Company BV, and Babboe BV, among others.
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