Electric Cargo Bike Market | Keyplayers Jiangsu Xinri E-Vehicle Co. Ltd. Jinhua Jobo Technology Co., Ltd. CERO ELECTRIC CARGO BIKES Worksman Cycles

With increasing investments in the expansion of transport infrastructure to meet the growing need of the global population, the electric cargo bikes market is anticipated to surge at an impressive pace. According to Future Market Insights (FMI), the global electric cargo bike market is projected to expand exponentially at CAGR of around 11% over the forecast period 2021-2031.

The use of electric cargo bike for logistics and supply chain applications are currently gaining traction in countries with matured transportation systems. The increasingly important requirement to reduce the carbon footprints for environmental protection, along with high performance and low maintenance characteristics in the logistics industry, are compelling manufacturers to invest production capacity, therefore creating promising market prospects for the foreseeable future.

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As cities grapple with traffic congestion, which causes noise and air pollution and also significant health impacts, the electric cargo bike and cycle logistics sector emerges as a practical, sustainable, non-congested, and inclusive alternative for first and last-mile deliveries, general logistical service provision, and family vehicles.
Governments and other governing organizations, primarily in developed countries, have been expanding their efforts in recent years to address a variety of concerns associated with transportation and environmental impact. Several government and non-government groups throughout the world are working to promote cargo bikes as an environmentally responsible urban logistics transit option.
The City Changer Cargo Bike Project, based in Europe, intends to increase the use of cargo bikes as a healthy, space-saving, environmentally friendly, and cost-effective form of transportation for both, individual and commercial purposes.
During the forecast period, a number of comparable projects in Europe and other parts of the world are projected to have a favorable impact on the global cargo bike industry. Significant increase in the number of such projects is expected to raise significant awareness among commercial, public, and private sector stakeholders.

With increasing investments in urbanization, increasing volume of deliveries being conducted by logistics companies in terms of last-mile operations is a key factor that supports the adoption of electric cargo bikes. Minimal fatigue to riders, low operational costs, minimal environmental impact, and growing levels of social acceptance are expected to drive demand in the long-term.

On the other hand, electric cargo bikes are limited in terms of payload carrying capacity and range of operations. Efforts to bolster performance capabilities through research and development and marketing operations aimed towards geographical expansion are key factors being considered by market leaders.
Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated electric cargo bikes. Moreover, the need for sustainable urban mobility solutions and modern transportation is driving the transition from conventional to electric modes of transport. E-cargo bikes are anticipated to have a positive influence on energy security and air quality. Regulations aimed towards net zero emissions and climate protection agreements are proving important to future market developments.

Key Takeaway from Market Study
• Lithium-ion batteries are expected to hold more than 84% of the market owing to their high charging efficiency, charge density, and low-weight compared to lead and nickel-based alternatives
• Two-wheeled electric cargo bikes are anticipated to remain one of the fastest growing segments exhibiting a CAGR of 12.2%
• Germany is expected to account for a dominant share of 39% in Europe backed by the presence of some of the key manufacturing facilities and government incentives.
• The U.S. will hold the lead in North America, accounting for over 90% of the regional industry owing to developments in transport infrastructure.
• Brazil is likely to generate lucrative opportunities, reflecting a CAGR of over 8% through the end of 2031.
"Market players are looking to offer eco-friendlier updates to cater to the changing consumer preference. Besides this, there is immense focus on expanding their product portfolio to gain competitive edge," says a lead FMI analyst.
Competition Landscape
The global electric cargo bike market is highly competitive at regional, country, as well as global level, and highly fragmented in nature. Top companies operating in the market are occupying a hefty share in terms of revenue.
With compliance to governmental standard and regulations, these companies have a global brand presence. Leading manufacturers are also updating their technologies to improve their market share.

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Electric Cargo Bike Market by Category
By Product Type:
• Two Wheeled
• Three Wheeled
• Four Wheeled
By Battery Type:
• Lead Based
• Nickel Based
• Lithium Ion
By End Use:
• Courier & Parcel Service Provider
• Large Retail Supplier
• Personal Transportation
• Service Delivery
• Waste, Municipal Services

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This release was published on openPR.