With the rise of e-commerce operations, logistical flows are witnessing significant expansion, creating transport and time-sensitive operational challenges. According to a recent report by Future Market Insights (FMI), the global cargo bike market is projected to expand at CAGR of around 11.6% over the forecast period 2021-2031.
Sustainable urban logistics development is becoming increasingly vital to keep up with quality-of-life parameters in urban centres, while solving two major problems—congestion and poor air quality. These factors are critical to sales of cargo bikes.
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The usage of cargo bikes as a mode of transportation for urban freight flows has a favourable impact on these issues, compelling manufacturers to invest more in the manufacturing sector, thereby fuelling the demand for cargo bikes in the long term.
Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated cargo bikes. Moreover, the need for sustainable urban mobility and modern transportation is driving the transition from conventional fuel bikes to paddle assisted and battery assisted cargo bike for mode of transport.
FMI projects demand among courier and parcel services providers to rise at 11.8% over the assessment period. Focus on curbing carbon footprint by the industry will remain a chief growth driver. Cargo bikes are anticipated to have a positive influence on energy security and air quality.
Key Takeaways from Cargo Bike Market Study
- Three wheeled cargo bikes are anticipated to account for 423 Mn by the end of 2021, owing to courier delivery, personal transport, and warehouse transport applications.
- US$ 3,501-6,000 price range segment sales accounted for US$ 414 Mn supported by availability of electric and conventional cargo bikes.
- Germany leads the Europe market with a US$ 253.8 Mn sales figure in 2021 because of ease availability of raw material and government incentives.
- The U.S. will hold around 92% of the North America market through 2031, supported by the presence of major logistics players in the country.
- In 2021, the Brazil cargo bike market will rise at steady 6.1% CAGR, with investments into low cost logistics gaining ground in the country.
“The global rise in traffic congestion coupled with growing demand from the logistics sector, especially following the outbreak of the COVID-19 pandemic is expected to drive the market for cargo bikes, through the end of 2031” says a Future Market Insights analyst.
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The global 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 contribute notably to revenue generation. With compliance to governmental standards and regulations, these companies have a global brand presence.
Some of the key players included in the report are Accell Group N.V. (Carqon), Jinhua Jobo Technology Co., Ltd., BODO Vehicle Group Co., Ltd. (LUXMEA), Chongqing Mobimax Technology Co., Ltd., Mobility Holdings, Ltd. (Tern Bicycles), Riese & Müller GmbH, Urban Arrow, Worksman Cycles, Yuba Electric Cargo Bikes, Rad Power Bikes Inc., and others.
Find More Valuable Insights
The research report analyze demand for cargo bike. The market has been analyzed with the COVID-19 impact, macroeconomic factors, market trends, and market background. As per Future Market Insights scope, the market has been analyzed on the basis of product type, propulsion, wheel size, price range, end use, and region. The report gives qualitative and quantitative information on various players in this space. It also tracks the market by both, supply side and demand side.
About the Automotive Division of FMI
The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Scope of Report
|Historical Data Available for||2016-2020|
|Market Analysis||USD Million for Value|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa|
|Key Countries Covered||US, Canada, Mexico, Brazil, Germany, U.K., France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, GCC, Turkey, South Africa|
|Key Segments Covered||Product Type, Propulsion, Wheel Size, Price Range, End Use and Region|
|Key Companies Profiled||Jinhua Jobo Technology Co., Ltd.CERO ELECTRIC CARGO BIKESWorksman CyclesDOUZE Factory SASXYZ CARGOButchers & Bicycles ApSNIHOLABabboeYuba Electric Cargo BikesBODO Vehicle Group Co., Ltd. (LUXMEA)Chongqing Mobimax Technology Co., Ltd.Carqon (Accell Group N.V.)XCYC (Gemeinnützige Werkstätten und Wohnstätten GmbH )Riese & Müller GmbHUrban ArrowRad Power Bikes Inc.Tern Bicycles (Mobility Holdings, Ltd.)Pedego Electric BikesXtracycle Inc.Amsterdam Bicycle CompanyTriobikePashley CyclesNijland Cycling|
|Report Coverage||Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Key Questions Answered in the Report
- What is the current cargo bike market value?
In 2021, the cargo bike market is estimated to be valued at US$ 941.2 Mn.
- At what rate did the cargo bike market grow in the last 5 years?
The market grew at 9.8% CAGR between 2016 and 2020.
- What is the demand outlook for the cargo bike market?
The cargo bike market is set to reach US$ 2,829.5 Mn by the end of 2031, rising at a CAGR of 11.6%.
- What are the key trends shaping cargo bike market growth?
Manufacturers are largely focusing on reducing the weight of cargo bikes to enhance efficiency and are investing in new technology such as tilting cargo bike offerings.
- What are the factors fuelling demand in the cargo bike market?
Silent operation and low sound emission from cargo bikes, incentives and subsidies from the government, growing logistics and e-commerce sector, and traffic congestion in cities are factors increasing demand for cargo bikes.