Europe Electric Cargo Bikes Market Report and Forecast 2024-2032

Europe Electric Cargo Bikes Market Outlook

The Europe electric cargo bikes market size was valued at USD 2.01 billion in 2023. The market is further projected to grow at a CAGR of 33.9% between 2024 and 2032, reaching a value of USD 28.69 billion by 2032.

Key Takeaways

• Cargo bike manufacturers sold 112,429 cargo bikes in 2022, a 36.3% increase from 2021.

• Employee numbers in the cargo bike industry grew by 25.8% in 2022. The mean number of employees per cargo bike company in 2023 is 70.6, showing an increase from 2022.

• As per industry reports, electric cargo bikes covered almost 5 million km in 2022, with 91% of them being over 300GW.

Governments across Europe are promoting the use of eco-friendly transportation solutions, including electric cargo bikes. For instance, Germany offers subsidies of up to 25% or a maximum of 2,500 Euros per cargo bike with a payload, and the Netherlands provides grants of up to 30% of the purchase price. These support measures drive Europe electric cargo bikes market growth.

Manufacturers are focusing on producing cost-effective, lightweight, and technologically advanced electric cargo bikes. For example, Riese & Müller, a German manufacturer, offers electric cargo bikes with a modular design, allowing users to customise their bikes based on their needs. This focus on innovation and product development enhances the efficiency and usability of electric cargo bikes.

The rising concern over carbon footprints, coupled with the growth of e-mobility and increasing traffic in Europe, is propelling the demand for electric cargo bikes. For instance, in 2021, the European Commission launched the "Europe on the Move" initiative, which aims to promote clean, connected, and automated mobility.

The growth of e-commerce platforms and the rising demand for efficient transportation and logistics solutions have helped in increasing the Europe electric cargo bikes market share. For example, DHL Express, a leading courier service provider, has incorporated electric cargo bikes into its delivery fleet in several European cities, enhancing last-mile delivery services and reducing carbon emissions.

The electric cargo bike market in Europe is expected to grow significantly in both residential and commercial applications, driven by factors such as rapid surge towards electrification of vehicles, growing prices of fuels, lower running costs, growing e-commerce platforms in developing economies, faster delivery with new technological advancements, and the increasing adoption of electric cargo bikes for personal use.

Market Segmentation

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

Market Breakup by Product Type

• Two Wheeled

• Three Wheeled

• Four Wheeled

Market Breakup by Battery Type

• Lithium Ion

• Other

Market Breakup by End Use

• Residential

• Commercial

• Courier and Parcel Service Provider

• Service Delivery

• Retail Supplier

• Others

Market Breakup by Country

• Germany

• United Kingdom

• France

• Italy

• Others

Competitive Landscape

Market players are focused on developing fuel-efficient and environmentally friendly products to meet the growing demand for eco-friendly alternatives to traditional delivery vehicles.

• Giant Bicycle, Inc.

• DOUZE Factory SAS

• Accell Group B.V.

• Bakfiets.n

• Riese & Müller GmbH

• RYTLE Mobility GmbH

• Pon Holdings (Smart Urban Mobility B.V.)

• Amsterdam Bicycle Company LLC

• Hawley LLC (Yubabikes)

• Mobility Holdings, Ltd. (Tern)

• Others

Key Highlights of the Report