Cargo Bicycles Global Market Report 2024

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%. During the historical period, the rise can be attributed to factors such as a heightened focus on sustainability and environmental issues, government-led initiatives, challenges with traffic congestion, increased consumer awareness, and the growing trends towards health and wellness.

The cargo bicycles market size is expected to see exponential growth in the next few years. It will grow to $9.36 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The anticipated expansion in the upcoming period is driven by various factors such as smart city initiatives, tailored design options, economic influences, concerns regarding climate change, integration with public transit systems, changing consumer preferences, and a cultural shift favoring cycling. Key trends expected in the forecasted period encompass advancements in bicycle design, partnerships with delivery services, progress in battery technology, substantial investments in bicycle infrastructure, and increased integration of technology within this sector.

The growing demand for fleets dedicated to freight delivery is anticipated to drive the expansion of the cargo bicycles market. Freight delivery involves the transportation of items, goods, and cargo through various modes such as land, sea, or air. Cargo bicycles play a pivotal role in urban freight deliveries, offering increased efficiency and serving as an economically viable alternative to traditional delivery vans. Notably, courier and parcel service firms frequently employ cargo bicycles to navigate challenges associated with urban delivery, including issues related to parking and traffic congestion. An illustrative example is the report from the New York City Department of Transportation (NYC DOT), revealing a substantial 109% increase in cargo bike freight deliveries between May 2020 and January 2021, with over 45,000 deliveries recorded in January 2021. Moreover, approximately 80% of these deliveries were directed to residential addresses, highlighting the effectiveness of cargo bicycles in meeting last-mile delivery demands, especially in areas with limited commercial curb requirements. Consequently, the heightened demand for fleets dedicated to freight delivery is a key driver fueling the growth of the cargo bicycles market.

The rising demand for sustainable transportation is poised to contribute significantly to the growth of the cargo bicycles market. Sustainable transportation emphasizes modes of transport that are both environmentally and socially responsible. As global initiatives intensify to reduce carbon emissions and promote eco-friendly transportation alternatives, the appeal of cargo bicycles for last-mile delivery services has surged. A notable statistic from May 2021, provided by the International Institute for Sustainable Development, indicates that the transportation sector contributed to approximately 64% of global oil consumption, 27% of total energy consumption, and 23% of global energy-related carbon dioxide (CO2) emissions. Against this backdrop, the escalating demand for sustainable transportation acts as a catalyst, propelling the growth of the cargo bicycles market.

Product innovation stands out as a prominent trend gaining traction in the cargo bicycles market. Major companies operating in the market are strategically focused on research and development to introduce innovative products that bolster their market position. A case in point is ONOMOTION GmbH, a Germany-based e-mobility company, which unveiled the ONO e-cargo bike in December 2022. Positioned as a hybrid between an e-bike and a car for urban mobility, the ONO e-cargo bike redefines last-mile delivery by combining speed and space-saving attributes. With the capability to replace traditional sprinters, delivery trucks, and vans for last-mile delivery, ONO's innovative design addresses the space and weather protection needs of fleet managers and drivers. The ONO e-cargo bike exemplifies the industry's commitment to emission-free transport solutions for urban goods delivery.

Prominent companies in the cargo bicycles market are strategically emphasizing product innovation, particularly in the realm of electronic cargo bikes. An electric cargo bike is a specially designed bicycle equipped with an electric motor and a battery to provide additional power and assistance up to a predetermined speed, typically 25kph/15mph in most global regions and 20mph in the United States. Demonstrating this trend, Specialized, a US-based bicycle components company, introduced the Haul collection in September 2023. This collection features a pair of electric cargo bikes along with a family of accessories, offering a comprehensive solution for transporting loads. The electric cargo bikes within the Haul collection are engineered to accommodate loads of up to 200kg, inclusive of approximately 40kg attributed to the bike's weight, in addition to the combined weight of the rider and cargo.

In October 2022, Johnson Electric Group, a Hong Kong-based company specializing in electric motors, actuators, motion subsystems, and related electro-mechanical components, acquired Pendix GmbH. This acquisition reflects Johnson Electric Group's strategic objective to expand its presence in the e-mobility segment and make a foray into the burgeoning e-bike market. Pendix GmbH, the acquired entity, is a Germany-based manufacturer known for its expertise in producing electric cargo bikes and electric drives for bicycles. This acquisition positions Johnson Electric Group to capitalize on the growing demand for electric cargo bikes and further solidify its position in the dynamic e-mobility sector.

Major companies operating in the cargo bicycles market report are 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.

Europe was the largest region in the cargo bicycles market in 2023. The regions covered in the cargo bicycles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cargo bicycles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cargo bicycles come in two primary variants such as electric and non-electric. Electric models, commonly referred to as e-bikes, utilize lithium-ion batteries to power their movement. Wheel sizes vary, ranging from below 20 inches to above 28 inches, catering to personal, commercial, and diverse utility needs.

The cargo bicycles market research report is one of a series of new reports that provides cargo bicycles market statistics, including cargo bicycles industry global market size, regional shares, competitors with a cargo bicycles market share, detailed cargo bicycles market segments, market trends and opportunities, and any further data you may need to thrive in the cargo bicycles industry. This cargo bicycles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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