This Electric Cargo Bike industry report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The electric cargo bike market size has grown rapidly in recent years. It will grow from $1.69 billion in 2023 to $1.88 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. Growth during the historic period can be attributed to several factors, including rising environmental consciousness, increased investments in fuel-efficient products, expanding infrastructure development, growing urban congestion, and heightened investment in the e-mobility sector.
The electric cargo bike market size is expected to see rapid growth in the next few years. It will grow to $2.95 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The projected growth in the forecast period can be attributed to several factors such as an increasing focus on health and fitness, greater consumer awareness and adoption, shifts in consumer preferences, improvements in battery life and efficiency, and enhanced safety features. Key trends during this period include the exponential growth of e-commerce, the expansion of bike-sharing programs, a focus on infrastructure development, and heightened corporate sustainability initiatives.
The rise of e-commerce is expected to drive the growth of the electric cargo bike market in the coming years. The expansion of e-commerce is fueled by the convenience of online shopping, the widespread use of mobile devices, and the increased accessibility of the internet. Electric cargo bikes play a crucial role in e-commerce by providing efficient, eco-friendly last-mile delivery, which helps reduce congestion and emissions in urban areas. For example, according to the Census Bureau of the Department of Commerce, a U.S. government department, U.S. retail e-commerce sales reached $289.2 billion in the first quarter of 2024, marking a 2.1% increase (±0.7%) from the fourth quarter of 2023. Thus, the rise of e-commerce is contributing to the growth of the electric cargo bike market.
Leading companies in the electric cargo bike market are focusing on developing advanced products with extended rear ends and versatile racks to enhance cargo capacity and adaptability. Extended rear ends refer to longer rear sections designed to carry larger loads, while versatile racks are adjustable or multifunctional cargo platforms that improve cargo handling. For instance, in February 2024, Gocycle, a UK-based developer of electric bicycles, launched the CXi and CX+ long-tail electric cargo bikes, designed for urban mobility and family use. These bikes feature an electric pedal-assist system, a high-capacity battery, integrated cargo solutions, a durable build, an advanced braking system, enhanced safety features, and customizable options, providing a versatile and efficient riding experience.
In May 2024, Blurby, a U.S.-based electric bike brand, acquired Hagen Bikes for an undisclosed amount. Through this acquisition, Blurby aims to integrate Hagen Bikes' advanced design and manufacturing expertise to expand its product portfolio, drive innovation, and strengthen its position in the electric bike market. Hagen Bikes is an Estonia-based company that manufactures and designs bicycles, including electric cargo bikes.
Major companies operating in the electric cargo bike market are Pon Holdings B.V., Giant Manufacturing Co. Ltd., Rad Power Bikes Inc., Accell Group N.V., Derby Cycle Werke GmbH, Brompton Bicycle Ltd., Riese & Müller GmbH, Pedego Electric Bikes LLC, Tern Bicycles Pte. Ltd., Worksman Cycles Inc., Urban Arrow B.V., Hero Cycles Ltd., Triobike ApS, Royal Dutch Gazelle, Babboe B.V., Kleuster B.V., Winora Group GmbH, Amsterdam Bicycle Company B.V., Benno Bikes Inc., Bunch Bikes Inc., Butchers & Bicycles ApS, Christiania Bikes ApS, Surly Bikes, Xtracycle Inc., Yuba Bicycles LLC.
Europe was the largest region in the electric cargo bike market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric cargo bike market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electric cargo bike market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
An electric cargo bike is a bicycle designed for carrying heavy loads or multiple passengers, equipped with an electric motor to assist with pedaling. These bikes have a robust frame, substantial cargo capacity, and often include additional storage features, making them ideal for urban deliveries and eco-friendly transportation of goods and people.
Electric cargo bikes come in various configurations, including two-wheeled, three-wheeled, and four-wheeled models. A two-wheeled electric cargo bike is specifically designed to assist with transporting heavy loads, typically featuring a large cargo area at the front or rear. These bikes are commonly used for efficient goods transportation in urban environments. They are powered by different types of batteries, such as lithium-ion (Li-ion), lead-based, and nickel-based, and offer ranges of less than 50 km or more than 50 km. The primary end users of these bikes include courier and parcel service providers, large retail suppliers, personal transportation, service delivery, and waste and municipal services.
The electric cargo bike market research report is one of a series of new reports that provides electric cargo bike market statistics, including the electric cargo bike industry's global market size, regional shares, competitors with an electric cargo bike market share, detailed electric cargo bike market segments, market trends and opportunities, and any further data you may need to thrive in the electric cargo bike industry. This electric cargo bike market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The electric cargo bike market consists of sales of front-loading cargo bikes, rear-loading cargo bikes, longtail bikes, box bikes, utility bikes, bike trailers, electric assist cargo bikes and custom electric cargo bikes. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
This product will be delivered within 3-5 business days.
The electric cargo bike market size has grown rapidly in recent years. It will grow from $1.69 billion in 2023 to $1.88 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. Growth during the historic period can be attributed to several factors, including rising environmental consciousness, increased investments in fuel-efficient products, expanding infrastructure development, growing urban congestion, and heightened investment in the e-mobility sector.
The electric cargo bike market size is expected to see rapid growth in the next few years. It will grow to $2.95 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The projected growth in the forecast period can be attributed to several factors such as an increasing focus on health and fitness, greater consumer awareness and adoption, shifts in consumer preferences, improvements in battery life and efficiency, and enhanced safety features. Key trends during this period include the exponential growth of e-commerce, the expansion of bike-sharing programs, a focus on infrastructure development, and heightened corporate sustainability initiatives.
The rise of e-commerce is expected to drive the growth of the electric cargo bike market in the coming years. The expansion of e-commerce is fueled by the convenience of online shopping, the widespread use of mobile devices, and the increased accessibility of the internet. Electric cargo bikes play a crucial role in e-commerce by providing efficient, eco-friendly last-mile delivery, which helps reduce congestion and emissions in urban areas. For example, according to the Census Bureau of the Department of Commerce, a U.S. government department, U.S. retail e-commerce sales reached $289.2 billion in the first quarter of 2024, marking a 2.1% increase (±0.7%) from the fourth quarter of 2023. Thus, the rise of e-commerce is contributing to the growth of the electric cargo bike market.
Leading companies in the electric cargo bike market are focusing on developing advanced products with extended rear ends and versatile racks to enhance cargo capacity and adaptability. Extended rear ends refer to longer rear sections designed to carry larger loads, while versatile racks are adjustable or multifunctional cargo platforms that improve cargo handling. For instance, in February 2024, Gocycle, a UK-based developer of electric bicycles, launched the CXi and CX+ long-tail electric cargo bikes, designed for urban mobility and family use. These bikes feature an electric pedal-assist system, a high-capacity battery, integrated cargo solutions, a durable build, an advanced braking system, enhanced safety features, and customizable options, providing a versatile and efficient riding experience.
In May 2024, Blurby, a U.S.-based electric bike brand, acquired Hagen Bikes for an undisclosed amount. Through this acquisition, Blurby aims to integrate Hagen Bikes' advanced design and manufacturing expertise to expand its product portfolio, drive innovation, and strengthen its position in the electric bike market. Hagen Bikes is an Estonia-based company that manufactures and designs bicycles, including electric cargo bikes.
Major companies operating in the electric cargo bike market are Pon Holdings B.V., Giant Manufacturing Co. Ltd., Rad Power Bikes Inc., Accell Group N.V., Derby Cycle Werke GmbH, Brompton Bicycle Ltd., Riese & Müller GmbH, Pedego Electric Bikes LLC, Tern Bicycles Pte. Ltd., Worksman Cycles Inc., Urban Arrow B.V., Hero Cycles Ltd., Triobike ApS, Royal Dutch Gazelle, Babboe B.V., Kleuster B.V., Winora Group GmbH, Amsterdam Bicycle Company B.V., Benno Bikes Inc., Bunch Bikes Inc., Butchers & Bicycles ApS, Christiania Bikes ApS, Surly Bikes, Xtracycle Inc., Yuba Bicycles LLC.
Europe was the largest region in the electric cargo bike market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric cargo bike market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electric cargo bike market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
An electric cargo bike is a bicycle designed for carrying heavy loads or multiple passengers, equipped with an electric motor to assist with pedaling. These bikes have a robust frame, substantial cargo capacity, and often include additional storage features, making them ideal for urban deliveries and eco-friendly transportation of goods and people.
Electric cargo bikes come in various configurations, including two-wheeled, three-wheeled, and four-wheeled models. A two-wheeled electric cargo bike is specifically designed to assist with transporting heavy loads, typically featuring a large cargo area at the front or rear. These bikes are commonly used for efficient goods transportation in urban environments. They are powered by different types of batteries, such as lithium-ion (Li-ion), lead-based, and nickel-based, and offer ranges of less than 50 km or more than 50 km. The primary end users of these bikes include courier and parcel service providers, large retail suppliers, personal transportation, service delivery, and waste and municipal services.
The electric cargo bike market research report is one of a series of new reports that provides electric cargo bike market statistics, including the electric cargo bike industry's global market size, regional shares, competitors with an electric cargo bike market share, detailed electric cargo bike market segments, market trends and opportunities, and any further data you may need to thrive in the electric cargo bike industry. This electric cargo bike market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The electric cargo bike market consists of sales of front-loading cargo bikes, rear-loading cargo bikes, longtail bikes, box bikes, utility bikes, bike trailers, electric assist cargo bikes and custom electric cargo bikes. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Electric Cargo Bike Market Characteristics3. Electric Cargo Bike Market Trends and Strategies32. Global Electric Cargo Bike Market Competitive Benchmarking33. Global Electric Cargo Bike Market Competitive Dashboard34. Key Mergers and Acquisitions in The Electric Cargo Bike Market
4. Electric Cargo Bike Market - Macro Economic Scenario
5. Global Electric Cargo Bike Market Size and Growth
6. Electric Cargo Bike Market Segmentation
7. Electric Cargo Bike Market Regional and Country Analysis
8. Asia-Pacific Electric Cargo Bike Market
9. China Electric Cargo Bike Market
10. India Electric Cargo Bike Market
11. Japan Electric Cargo Bike Market
12. Australia Electric Cargo Bike Market
13. Indonesia Electric Cargo Bike Market
14. South Korea Electric Cargo Bike Market
15. Western Europe Electric Cargo Bike Market
16. UK Electric Cargo Bike Market
17. Germany Electric Cargo Bike Market
18. France Electric Cargo Bike Market
19. Italy Electric Cargo Bike Market
20. Spain Electric Cargo Bike Market
21. Eastern Europe Electric Cargo Bike Market
22. Russia Electric Cargo Bike Market
23. North America Electric Cargo Bike Market
24. USA Electric Cargo Bike Market
25. Canada Electric Cargo Bike Market
26. South America Electric Cargo Bike Market
27. Brazil Electric Cargo Bike Market
28. Middle East Electric Cargo Bike Market
29. Africa Electric Cargo Bike Market
30. Electric Cargo Bike Market Competitive Landscape and Company Profiles
31. Electric Cargo Bike Market Other Major and Innovative Companies
35. Electric Cargo Bike Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Electric Cargo Bike Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on electric cargo bike market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- Measure the impact of high global inflation on market growth.
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- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for electric cargo bike? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric cargo bike market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Product: Two-Wheeled; Three-Wheeled; Four-Wheeled2) By Battery Type: Li-Ion; Lead Based; Nickel Based
3) By Range: Less Than 50 Km; More Than 50 Km
4) By End Use: Courier and Parcel Service Providers; Large Retail Suppliers; Personal Transportation; Service Delivery; Waste, Municipal Services
Key Companies Mentioned: Pon Holdings B.V.; Giant Manufacturing Co. Ltd.; Rad Power Bikes Inc.; Accell Group N.V.; Derby Cycle Werke GmbH
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Pon Holdings B.V.
- Giant Manufacturing Co. Ltd.
- Rad Power Bikes Inc.
- Accell Group N.V.
- Derby Cycle Werke GmbH
- Brompton Bicycle Ltd.
- Riese & Müller GmbH
- Pedego Electric Bikes LLC
- Tern Bicycles Pte. Ltd.
- Worksman Cycles Inc.
- Urban Arrow B.V.
- Hero Cycles Ltd.
- Triobike ApS
- Royal Dutch Gazelle
- Babboe B.V.
- Kleuster B.V.
- Winora Group GmbH
- Amsterdam Bicycle Company B.V.
- Benno Bikes Inc.
- Bunch Bikes Inc.
- Butchers & Bicycles ApS
- Christiania Bikes ApS
- Surly Bikes
- Xtracycle Inc.
- Yuba Bicycles LLC
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | October 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 1.88 Billion |
Forecasted Market Value ( USD | $ 2.95 Billion |
Compound Annual Growth Rate | 11.9% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |