Electric Cargo Bike Market Outlook 2023, Share, Size, Key Players and Forecast By 2028

IMARC Group's latest research report, titled "Electric Cargo Bike Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the electric cargo bike market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global electric cargo bike market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.8% during 2023-2028.

Electric Cargo Bike Trends:

An electric cargo bike, also referred to as a freight bicycle, represents a battery-operated and lightweight vehicle that is specifically designed to enable riders to carry and transport heavy products. As compared to a traditional cycle, it is sleek, faster, and eco-friendly and offers superior stability, which reduce adverse social, ecological, and economic effects. An electric cargo bike is commonly available in two, three, and four-wheeler bicycle types that are further driven by nickel-metal hydride (NiMH) and lithium-ion (Li-Ion) batteries. It is smooth, cost-effective, portable, and an easy-to-ride transportation medium. Consequently, an electric cargo bike is extensively used for covering short distances in urban areas.

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Competitive Landscape with Key Players:

• Accell Group N.V
• Amsterdam Bicycle Company
• Butchers & Bicycles Ltd
• CERO Inc
• Kalkhoff Werke GmbH
• Giant Bicycles
• Mahindra & Mahindra Limited
• Rad Power Bikes Inc
• Riese & Müller GmbH
• Worksman Cycles
• Xtracycle Cargo Bikes
• Yuba Bicycles

Electric Cargo Bike Market Development, Future Demand and Industry Growth:

The escalating demand for eco-friendly and cost-effective urban commute options, on account of the increasing number of ongoing automobile engineering activities, is among the primary factors driving the electric cargo bike market. Besides this, the widespread adoption of lithium-ion (Li-Ion) batteries in the vehicle, owing to their high energy density, better voltage capacity, longer charge retention and lower self-discharge, is further augmenting the market growth. Moreover, the launch of various green initiatives by government bodies promoting the uptake of electric cargo bikes over conventional ones to minimize noise and air pollution levels is also catalyzing the global market.

Apart from this, the rising popularity of e-commerce platforms is propelling the use of these bicycles by logistic companies to offer last-mile delivery services. Furthermore, they produce less greenhouse gas emissions, have a lower running cost, and can travel faster in the cities, which is anticipated to stimulate the electric cargo bike market over the forecasted period.

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Key Market Segmentation:

Breakup by Product Type:

• Two-wheeler
• Three-wheeler
• Four-wheeler

Breakup by Battery Type:

• Lithium-ion
• Lead-based
• Nickel-based

Breakup by End User:

• Courier and Parcel Service Providers
• Service Delivery
• Personal Use
• Large Retail Suppliers
• Waste Municipal Services
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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