Pune, May 20, 2021 (GLOBE NEWSWIRE) -- eCommerce Industry Drives the Electric Cargo Market
The electric cargo bikes market is witnessing continually rising revenues. This growth majorly attributes to the wide uptake of these bikes by eCommerce and online food delivery companies. Rising adoption of e-cargo delivery bikes, especially in cities with dense populations, noise & air pollution, and parking & traffic issues, is a major driving force behind the substantial market rise.
Electric-assisted cargo bikes (e-cargo bikes) are designed for rugged outdoor uses and can carry goods and heavy equipments. Many food delivery workers have been using e-bikes for several years as they offer cost-effective transport solutions. E-commerce and food delivery businesses skyrocketed during the year 2020 due to the pandemic, expanding the demand for home deliveries.
Many notable parcel delivery companies, such as UPS, DHL, and Amazon, along with restaurants & food delivery companies, deployed substantial numbers of e-cargo bikes in major urban areas. With rising e-cargo bike uses, especially in cities that have environmental goals to reduce GHG emissions, the market is projected to witness significant growth in the years to come.
In this regard, Market Research Future (MRFR) asserts that the global electric cargo bikes market is estimated to witness exponential revenue growth by 2027, growing at an impressive 28.96% CAGR during the assessment period (2020-2027). For enterprise customers, like health food companies, e-cargo delivery vehicles are used to deliver goods sustainably.
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Effects of COVID 19 on the E-Cargo Bikes Market
The effect of Coronavirus onset on the electric cargo bikes industry was two-way. On one side, lockdown mandates severely disrupted the supply chain. E-Bikes manufacturers faced various problems ranging from obtaining raw materials and components required for the production and delivering end products to attracting workers from quarantines.
Many manufacturers had to cut down on their production output. On the other hand, rising eCommerce and food delivery industries worldwide impacted the market growth positively. In 2020, e-commerce and food delivery businesses skyrocketed amid the coronavirus pandemic, witnessing the expanding demand for home deliveries.
Besides, the rising demand for healthcare products fostered the logistic industry, which significant market opportunities. Resultantly, the electric cargo bikes market rapidly returned to normal, witnessing the steadily increasing demand. The electric cargo bikes market demand is projected to pick up further following the uplift of the lockdown in many countries.
Industry Trends
Governments in many countries have realized the potential that electric cargo bikes hold for efficient logistic support and the need to reconstruct parcel delivery services to support their carbon neutrality goals. Many of them have framed new policies and proposals, designing programs for e-cargo bike deliveries to reduce congestion and air pollution on streets.
Besides, e-cargo bikes have a set standard for speed and convenience when it comes to online ordering, which not only promises goods deliveries in a more effective manner but also optimizes the use of curb space. Deliveries companies push into using electric bikes for their last-mile deliveries. The significant shift in the distribution and logistics industry as companies look to figure out how to sort and deliver packages to customers faster in densely populated cities.
Efforts of cutting down on traffic congestion have also helped many online foods and goods delivery companies to reduce their overall delivery costs by inventing new electrification solutions and using alternative delivery methods. Such initiatives have further helped these companies to meet their own goals set to address climate change and to be net-zero carbon across their operations.
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Segmentation
The market is segmented into product types, battery types, vehicle types, end uses, and regions. The product type segment is sub-segmented into two-wheelers, three-wheelers, and four-wheelers. Among these, the two-wheeler segment holds the largest market share due to their cost-efficiency, weight carrying capacity up to 100 kgs., and hassle-free rides for residential and commercial applications.
The battery type segment is sub-segmented into lithium-ion, lead-based, and nickel-based. Among these, Li-ion batteries dominate the market share due to their lightweight, vast efficiency, and high densities. Besides, li-ion batteries have superior power density and cycling ability than the other two types of batteries.
The end-user segment is sub-segmented into courier & parcel service providers, service delivery, personal use/ transportation, large retail supplier, waste municipal services, and others. Among these, the courier & parcel service providers segment dominates the market due to the wide use of electric cargo bikes for collecting, sorting, transferring couriers/parcels.
Regional Analysis
Europe has consistently been leading the global electric cargo bikes market. The largest market share attributes to the presence of well-developed infrastructure and major players in this region.
Moreover, collective efforts taken by governments and environmentalists to control rising air pollution levels provide significant opportunities for the market. Rising government initiatives in the form of incentives, subsidies, and schemes to encourage the manufacturing and sales of electric vehicles boost the electric cargo bikes market share.
The Asia Pacific region stands second in terms of electric cargo bikes market value. The region has witnessed a significant rise in recent times due to its raw material advantage and the availability of cost-competitive workforces. Furthermore, increasing foreign direct investments (FDIs) and heavy investments by key players in the region for advanced product developments are major factors impacting the electric cargo bikes growth.
North America witnesses a spurring rise in the electric cargo bikes market value. Rapidly growing awareness of the impacts of fossil fuel emissions on the environment creates substantial market demand. Furthermore, the increasing adoption of electric cargo bikes by courier and shipment companies acts as major tailwinds for the regional market.
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Competitive Analysis
The e-cargo bikes market is estimated to witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technologies integration. Leading industry players are making strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on Apr 23, 2021, Amazon Inc. announced that it is pushing into electric cargo bike uses for its last-mile deliveries. This move marks a significant shift for the distribution and logistics industry as other companies would also look to figure out how to sort and deliver packages to customers faster in a densely populated city.
In another deal on May 03, 2021, Zoomo, an Australian startup, announced raising a US$12 million interim capital to increase its e-bike subscriptions. The company is on its mission to electrify delivery fleets through its custom-designed bikes that can bear over 200 kilograms of load via various cargo options.
Key players involved in the market are Jiangsu Xinri E-Vehicle Co., Ltd(China), Rad Power Bikes LLC (US), Cero Electric Cargo Bikes(US), Kocass Technology Co., Ltd.(China), Yuba Electric Cargo Bikes (US), Douze Factory SAS(France), Worksman Cycles(US), Xtracycle(US), Butchers & Bicycles(Denmark), and Riese & Müller GmbH(Germany).
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