North America Electric Cargo Bikes Market Report and Forecast 2024-2032

North America Electric Cargo Bikes Market Outlook

The North America electric cargo bikes market size was valued at USD 0.44 billion in 2023. The market is further projected to grow at a CAGR of 37.7% between 2024 and 2032, reaching a value of USD 8.29 billion by 2032.

Key Takeaways

• North America electric cargo bikes market growth is driven by factors such as the lower running costs, faster delivery facilitated by new technological advancements, and the increased adoption of electric cargo bikes for personal use.

• In North America, the United States is recognised as a primary market with a 9.5% CAGR expected during the forecast period, supported by well-developed infrastructure, government backing, and high levels of expenditure in the e-mobility sector.

• As per industry reports, the market in the USA is expected to exhibit high demand for electric cargo bikes, with rising research activities, presence of major players, and increasing investments contributing to its growth.

The market is experiencing a rapid surge towards the electrification of vehicles, which is primarily fuelling the North America electric cargo bike market share. This trend is driven by increasing environmental concerns, rising fuel prices, and growing consumer awareness. For example, companies like Rad Power Bikes and Tern Bicycles are offering a range of electric cargo bikes with advanced features and efficient designs.

Moreover, there is a growing demand for sustainable transportation solutions, driving the adoption of electric cargo bikes in e-commerce and logistics. For example, companies like Amazon and UPS are using electric cargo bikes for last-mile deliveries in urban areas, reducing their carbon footprint and improving their sustainability credentials.

Residential use of electric cargo bikes in North America is on the rise, driven by the growing trend of urban living and rising fuel prices. Individuals are increasingly turning to electric cargo bikes for personal transportation, grocery shopping, and running errands within their neighbourhoods. Brands like Rad Power Bikes offer models like the RadWagon, designed with cargo racks and baskets to cater to residential needs. These bikes are popular for short distance commuting in urban areas where traffic congestion and parking limitations are common.

As per the North America electric cargo bike market analysis, commercial electric cargo bikes are designed for durability and efficiency, with features like large cargo compartments, sturdy frames, and long battery life. The commercial segment is poised for significant growth, driven by the expansion of e-commerce activities, the need for faster and greener delivery options, and the focus on reducing carbon emissions in logistics operations. Brands like Tern Bicycles with their GSD model and Riese & Müller with the Load series are examples of companies catering to both residential and commercial electric cargo bike markets, showcasing the diverse applications and potential of this evolving industry.

Market Segmentation

North America 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

• Others

Market Breakup by End Use

• Residential

• Commercial
  • Courier and Parcel Service Provider
  • Service Delivery
  • Retail Supplier
  • Others

Market Breakup by Region

• United States of America

• Canada

Competitive Landscape

Players are focusing on expanding their product offerings, increasing their market share, and improving their distribution networks to meet the growing demand for electric cargo bikes in North America.

• Giant Bicycle, Inc.

• Rad Power Bikes Inc.

• Pedego Inc.

• Riese & Müller GmbH

• Hawley LLC (Yubabikes)

• Amsterdam Bicycle Company LLC

• Worksman Cycles Co. Inc.

• Priority Outdoor Products, LLC (Xtracycle)

• Mobility Holdings, Ltd. (Tern)

• Bunch Bikes, Inc.

• Others

Key Highlights of the Report