Over the projected period, the use of electric cargo bikes for transportation is anticipated to increase dramatically due to the increasing attention of many governments on decreasing carbon emissions. For this, governments are putting in place a variety of rules or providing financial aid for the purchase of electric cargo bikes. The presence of cargo bike manufacturers is anticipated to provide adequate potential for the considerable growth rate during the projection period, and the market for cargo bikes in the Europe area is growing thanks to the region's extensive and high-quality infrastructure for electric cargo bikes (2021 – 2028). In addition, countries are offering assistance in the form of subsidies and incentives to promote the production and sale of cargo vehicles throughout the continent as part of Europe's concerted efforts to lower air pollution levels in the region. Due to the growing popularity of two-wheeled cargo bikes for recreational activities, the two-wheeled sub-segment of the type segment is anticipated to dominate the market during the forecast period.
According to Coherent Market Insights, the global market for Cargo Bikes was valued at US$ 844.2 million in 2019 and is projected to grow to US$ 4,371.5 million by 2028 at a CAGR of 16.7% between 2021 and 2028.
Key Competitors in the Cargo Bike Industry:
1. Accell Group
The business was established in 1998, with its main office in Heerenveen, Netherlands. The design, development, manufacture, distribution, and sale of bicycles, cycling components, and bicycle accessories are all done by Accell Group. Accell Group accepted a €1.56 billion takeover offer in January 2022 from the US Company KKR.
2. Bodo Vehicle Group Co., Ltd,
The business was established in 2005 and is based in Wuxi, China.The business focuses in creating and producing electric two-wheelers, with an emphasis on personal commuter electric scooters, motorcycles, and three-wheelers.
3. DOUZE Factory SAS
The company’s headquarters are in Burgundy, France, and it was established in 2012.For both business and personal usage, DOUZE Bikes designs and manufactures premium cargo bicycles. High-quality cargo bicycles are designed and made by DOUZE Bikes for use in both public and private transportation.
4. Gessato
The company was founded in 2001 and has it’s headquarter in Yorkville, New York. A unique architectural idea that incorporates both classic and modern design elements. Gessato honours great design, architecture, and the arts.
5. Worksman Cycles,
The business was established in 1898, and its main office is located in Ozone Park in the Queens neighbourhood of New York City. Bicycles and tricycles are produced by Worksman Cycles for use in industry, commerce, and recreation. Several adult-specific tricycles, including folding tricycles, are available from Worksman Bikes.
6. Urban Arrow
The business was established in 2010. Urban Arrow is situated in Amsterdam, Noord-Holland, and The Netherlands. The first electric car with two wheels was created by Urban Arrow, who also revolutionised the freight bike. Our electric cargo bikes contribute to a greener, cleaner, and more peaceful city.
7. Xtracycle Inc
The business was established in 1998 and has its main office in United States. The term "Xtracycle" refers to the different type of load-carrying bicycle, often known as a "longtail" or "longbike,” that is produced when the FreeRadical kit, full long-frame bicycles, and related equipment, are employed. Xtracycle manufactures sturdy, well-designed cargo motorcycles that can be expanded over time.
8. Yuba Bicycles LLC.
The business is headquartered in San Juan Capistrano, California, and was established in 2006. The manufacturer is well-known for its electric and pedal-powered freight bikes. The manufacturer offers three different models of cargo bikes: front cargo, full size, and compact. Using drive components from Bosch and Shimano, they encountered supply chain challenges in 2020.
Definition: a bicycle made for carrying loads that has a big container connected to it that occasionally has its own set of wheels. A human-powered vehicle built specifically for carrying loads is called a cargo bike.
