Dublin, Feb. 21, 2022 (GLOBE NEWSWIRE) -- The "Global Electric Cargo Bikes Market Report and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global electric cargo bikes market attained a value of nearly USD 1,455.8 million in 2021. Aided by the rising demand for cleaner modes of transportation, the market is projected to further grow at a CAGR of 34.8% between 2022 and 2027 to reach a value of almost USD 8,800.2 million by 2027.
Electric cargo bikes are driven and operated on portable batteries, such as lithium-ion and nickel-based batteries. Favourable properties of electric cargo bikes include high versatility, smoothness in riding, and lightweight composition. These bikes serve as an efficient method of transport for carrying packages, cargo, and food, among others. Electric cargo bikes are majorly available in two wheels, three-wheeled, and four-wheeled formats and find extensive applications in commercial and residential uses. They are ideal for urban deliveries owing to their cost-effectiveness and ease of usage. Such benefits of electric cargo bikes are driving the growth of the market.
The global electric cargo bikes market is being driven by the rising air and noise pollution from conventional modes of transportation. The growing investments in sustainable means of transportation to reduce environmental impact and reduce road congestion are fuelling the growth of the market.
In addition to this, electric cargo bikes are being widely used by logistics companies in last-mile delivery services, especially in urban regions, owing to their ability to traverse large distances with high bulk carrying capacities at low running costs, which is another factor propelling the growth of the market.
Furthermore, electric bikes are increasingly replacing paddle-assist bicycles due to their lightweight structures and sleek designs, which enable smooth and stable rides. Apart from this, Europe is expected to be a significant region augmenting the overall market growth of electric cargo bikes owing to the implementation of stringent government initiatives to adopt clean transport.
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the key players in the industry. Some of the major players in the market explored in the report are:
- Rad Power Bikes Inc.
- Yuba Bicycles LLC
- Worksman Cycles Company Inc.
- DOUZE Factory SAS
- Amsterdam Bicycle Company BV
- Babboe BV
The market report analyses the market based on segmentations such as product type, battery type, end use, and major regions.
Market Division by Product Type
- Two Wheeled
- Three Wheeled
- Four Wheeled
Market Segmentation by Battery Type
- Lithium Ion
- Others
Market Classification by End Use
- Residential
- Commercial
- Courier and Parcel Service Provider
- Service Delivery
- Retail Supplier
- Others
Market Breakup by Region
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
For more information about this report visit https://www.researchandmarkets.com/r/mwbtin
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