The Cargo Bike is relatively small but growing rapidly, particularly in urban areas where there is high demand for efficient and sustainable transportation solutions. Many cargo bike manufacturers have emerged in the market to cater to this growing demand, offering a range of models that vary in size, shape, and carrying capacity.
Global Cargo Bike market is estimated to be valued at US$ 3,749.3 Mn by 2030.
Global Cargo Bike Market: Drivers
Positive outlook of consumer electronics and automotive sectors
The global Cargo market is being driven by a range of factors, including the growth of e-commerce, urbanization, environmental concerns, government support, health and fitness, cost savings, and innovation.
E-commerce: According to a report by DHL, the global e-commerce market is expected to grow to US$ 4.9 trillion by 2021. This growth ids driving the demand for efficient and sustainable last-mile delivery solutions, such as Cargo Bikes. Moreover, Amazon recently announced that it would be using cargo bikes for deliveries in New York, citing their ability to navigate
Global Cargo Bike Market: Opportunities
Expansion of rental and sharing services:
As the sharing economy continues to grow, there is potential for cargo bike rental and sharing services. This model could be particularly appealing to businesses or individuals who have occasional transportation needs. Companies such as Urban Arrow and Pedal Me are already offering cargo bikes rental and sharing services in selected cities.
Global Cargo Bike Market: Restraints
Limited cargo capacity:
Cargo bikes can carry a significant amount of cargo, but they have limited capacity compared to other modes of transportation. This makes them less suitable for larger-scale transport needs. For instance, cargo bikes may not be the best option for transporting large volumes of goods or equipment for construction projects. The limited cargo capacity could also impact the number of deliveries a business can make daily, reducing its efficiency. Therefore, these factors are expected to hamper the global cargo bike market growth over the forecast period.
Market Trends
North America Trends
The Cargo bike market in North America is experiencing significant growth, driven by the increasing demand for sustainable transportation options. Growing cargo bike sales, expansion of cargo bike fleets for delivery services, the emergence of new cargo bike models, investment in cycling infrastructure, increase in cargo bike rental programs, and use of cargo bikes for outdoor recreation. This is owing to the rising focus of key players on manufacturing innovative cargo bikes across the region. As the popularity of cargo bikes grows in North America, the cargo bike market is expected to grow and expand in North America.
Europe Trends
The cargo bike market in Europe is evolving rapidly, driven by a range of factors such as the increasing popularity of e-bikes, the use of cargo bikes for family transportation and commercial purposes, the expansion of bike-sharing programs, investment in cycling infrastructure, and innovative cargo bike designs. These trends are expected to continue to shape the cargo bike market in Europe in the coming years, leading to further growth and innovation in the industry.
Global Cargo Bike Market- Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has made a significant negative impact on the manufacturing industry and the global supply chain. Furthermore, it has made a noticeable shift in freight travel patterns and cargo shifting patterns. During the Covid – 19 pandemic, the demand for freight transportation was majorly reduced, owing to nationwide lockdowns in many countries such as India, Italy, and U.K. in the year 2020. In addition, during Covid – 19, lockdown cargo bikes were majorly used for the delivery of healthcare products such as medicines, medical products, and retail food delivery, as it is a convenient and affordable delivery option as compared to other petrol or diesel-based delivery vehicles.
Global Cargo Bike Market: Competitive Landscape
Major companies operating in the global cargo bike market are: Accell Group, Bodo Vehicle Group Co., Ltd, Butchers & Bicycles ApS, CERO Electric Cargo Bikes, DOUZE Factory SAS, Dutch Cargo Bike, G & O Family Cyclery, Gessato, Jinhua Jobo Technology Co., Ltd, Tern, Urban Arrow, Worksman Cycles, Xtracycle Inc, XYZ CARGO, and Yuba Bicycles LLC
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cargo-bike-market-4668
Key Takeaways:
Global Cargo Bike 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: Recent Developments
In January 2023, MATE SUV debuts as a customizable electric cargo bike. Denmark-based EV maker MATE has taken the wraps off its newest offering, the SUV cargo bike.
The brand claims that the new cargo e-bike is a genuine alternative to a car for shorter distances. It is designed to offer a more sustainable option for an estimated 60% of city commutes of less than 8km.
In March 2023, E-bike maker Cowboy raises new funding round and launches Adaptive Power
Brussels-based startup Cowboy has been in the news lately for its cash burn rate. But the company wants to control its narrative again with some product and business news. Cowboy is launching a new feature called “AdaptivePower,” which automatically adjusts the power of the motor depending on the current slope and weather conditions.
