CARGO BIKE MARKET ANALYSIS

Cargo Bike MarketSize and Trends

Global cargo bike market is estimated to be valued at US$ 3,749.3 Mn by 2030.

Europe region held the largest market share in year 2020 and is expected to retain its dominance over the forecast period. The growth of cargo bikes market in Europe region is boosted by the existing widely spread and high quality infrastructure for the electric cargo bikes, and the presence of cargo bike manufacturers are expected to provide ample opportunity for the significant growth rate over the forecast period (2023 – 2030). Moreover, Government of Europe is taking collective efforts for reducing air pollution level across the region, and countries are providing support in form of subsidies and incentives to encourage manufacturing and sales of cargo vehicles across the region. For instance, in March 2023, The European Cyclists’ Federation (ECF) has launched a Cargo Bike Friendly Cities Dashboard, a new tool that evaluates the cargo bike friendliness of over 100 cities across Europe.

Global Cargo Bikes market was valued at US$ 1,281.4 Mn in 2022 and is forecast to reach a value of US$ 3,749.3 Mn by 2030, exhibiting CAGR of 14.36% between 2023 and 2030.

Global Cargo Bike Market- Trends:

Modular Cargo Bikes

Another trend in the Cargo Bikes market is the emergence of modular cargo bikes. These bikes are designed to be highly versatile, with interchangeable components that allow the rider to switch between different cargo configurations. For example, a modular cargo bike might be used as a family bike for transporting children one day, and then as a cargo bike for carrying groceries or other goods the next day. This flexibility makes modular cargo bikes an attractive option for a wide range users, from families to businesses. In addition, modular cargo bikes often have similar footprints than traditional cargo bikes, making them easier to store and transport. For instance, in July 2022, Tern launches modular last mile delivery range, new Tern Business service will give firms the opportunity to customize delivery vehicles with various types of cargo box and can also include fleet tracking software.

Electric Cargo Bikes

One of the most significant trend in cargo bikes is the increasing popularity of electric cargo bikes. These bikes are equipped with an electric motor that provides pedal assistance, making it easier to carry heavy load and navigate challenging terrain. E-cargo bikes are ideal for people who need to transport goods or cargo over longer distances or in hilly areas, as the electric cargo bikes are increasingly being adopted by logistics and delivery companies, as well as by individuals who need to transport goods or cargo in urban areas. For instance in Jan 2023 Toyota and Douze Cycles team up to release new electric cargo bike. The cargo e-bike will be made available in France and cater to the last-mile delivery sector.