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Cargo Bicycles Market 2024: Key Trends, Growth Drivers, and Forecast
Cargo Bicycles Market 2024
According to The Business Research Company's, The cargo bicycles market size has grown exponentially in recent years. It will grow from $3.09 billion in 2023 to $3.82 billion in 2024 at a compound annual growth rate (CAGR) of 23.8%. The growth in the historic period can be attributed to sustainability and environmental concerns, government initiatives, traffic congestion, consumer awareness, health and wellness trends..
The cargo bicycles market will grow to $9.36 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth in the forecast period can be attributed to smart city initiatives, customization in design, economic factors, climate change concerns, integration with public transportation, shift in consumer preferences, cultural shift towards cycling.. Major trends in the forecast period include innovations in bicycle design, collaborations with delivery services, advancements in battery technology, investments in bicycle infrastructure, technological integration.
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Market Drivers and Trends:
The increased demand for fleets for freight delivery is expected to propel the growth of the cargo bicycles market going forward. Freight delivery is the process of transporting items, goods, and cargo by land, sea, or air. Cargo bicycles are extensively utilized in urban freight deliveries to improve efficiency and provide an economically viable alternative to delivery vans. Courier and parcel service firms regularly use cargo bicycles to avoid challenges with urban delivery such as parking and traffic. For instance, according to the New York City Department of Transportation's (NYC DOT) report, cargo bike freight deliveries increased 109% between May 2020 and January 2021, with over 45,000 deliveries in January 2021. Additionally, approximately 80% of deliveries done by them are made to residential addresses, usually on residential blocks with little to no commercial curb requirements. Therefore, the increased demand for fleets for freight delivery is driving the growth of the cargo bicycles market.
Product innovation is a key trend gaining popularity in the cargo bicycles market. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the market. For instance, in December 2022, ONOMOTION GmbH, a Germany-based e-mobility company, launched the ONO e-cargo bike, a hybrid of an e-bike and a car for urban mobility. The ONO positions itself as a cross between an electric bike and an automobile, allowing for both speedier and more space-saving transportation and capable of replacing sprinters, delivery trucks, and vans for last-mile delivery and pioneering the emission-free transport of goods within cities. Additionally, ONO's unique design of the driver's cab provides more space and weather protection than conventional cargo bikes, meeting the needs of fleet managers and drivers.
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Major Key Players of the Market:
Xtracycle Inc; Tern; Rad Power Bikes LLC; Worksman Cycles; Yuba Bicycles LLC; TRIOBIKE A/S; Jinhua JOBO Technology Co Ltd; CERO Electric Cargo Bikes; DOUZE Factory SAS; XYZ Cargo; Butchers & Bicycles Ltd; NIHOLA; Babboe; LUXMEA; Chongqing Mobimax Technology Co Ltd; Accell group; Riese & Müller GmbH; Urban Arrow; Pedego Electric Bikes; Amsterdam Bicycle Company; Bullitt; Cycles Maximus; Christiania Bikes; Onderwater Fietsen; Winther Bikes; El-Load; Muli Cycles; Bakfiets.nl; Omnium Cargo Bikes; Benno Bikes; Gazelle; Douze Factory; Johnny Loco; CETMA Cargo; NTS Works; Bunch Bikes
Cargo Bicycles Market 2024 Key Insights:
• The cargo bicycles market will grow to $9.36 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%.
• The Surge In Freight Delivery Demands Fuels Growth In The Cargo Bicycles Market
• Product Innovative Shaping The Cargo Bicycles Market
• Europe was the largest region in the cargo bicycles market in 2023
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