New York, US, June 06, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Electric cargo bikes Market Research Report Information by Product Type, Region, Battery Type, and End-user - Forecast Till 2030, the global Electric cargo bikes market research predicts that the market is likely to bolster substantially during the review era from 2022 to 2032 at a substantial growth rate of around 20.00%. The reports further predict that the Electric cargo bikes market size will be nearly USD 6.0914 billion by the end of 2030. As per the study reports, the market was worth nearly USD 1.7 billion in 2022.
Electric Cargo Bikes Industry Overview:
Electric cargo bikes are highly versatile and provide smooth rides as they are light in weight. The global Electric cargo bikes industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the growing Environmental Concerns around the world.
Competitive Analysis
The listing of the prominent leaders across the Electric cargo bikes market includes players such as:
- Butchers & Bicycles (Denmark)
- Kocass Technology Co. Ltd. (China)
- Rad Power Bikes LLC (US)
- Douze Factory SAS (France)
- Riese & Müller GmbH (Germany)
- Yuba Electric Cargo Bikes (US)
- Jiangsu Xinri E-Vehicle Co. Ltd(China)
- Worksman Cycles (US)
- Cero Electric Cargo Bikes(US)
- Xtracycle (US)
- Among others.
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Market USP Covered
Market Drivers
The global Electric cargo bikes industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the growing Environmental Concerns around the world. Furthermore, increasing government investments to encourage the adoption of renewable energy sources is also considered one of the crucial parameters enhancing the market performance. Moreover, factors such as rapid technological advancements & innovations, low-emission transport alternatives, increasing investment in product development, rising technological advancements, and increasing environmental regulations in the European Region are also likely to impact the market's growth over the coming years positively.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated. Furthermore, the elevated likelihood of accidents is also projected to restrict the market's development.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 6.0914 billion |
| CAGR during 2022-2030 | 20.00% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Battery Type, End-user, and Region |
| Key Market Opportunities | Increasing the investment stimulus fund in the domestic industry. Increase the adoption of such vehicles |
| Key Market Dynamics | Increased demand for food security amid increasing population augmented farm mechanization. |
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COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Electric cargo bikes market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Segment Analysis
Among all the product types, the two-wheeler sub-segment secured the leading position across the Electric cargo bikes market in the year 2022. The main parameter supporting the segment's growth is the growing demand for electric cargo bikes in recreational activities.
Among all the battery types, the lithium-ion segment secured the leading position across the Electric cargo bikes market in the year 2022. The main parameter supporting the segment's growth is the growing consumer acceptance of EVs given to their pollution-reducing, energy-saving vehicles.
Among all the end-user sectors, the courier & parcel service providers segment secured the leading position across the Electric cargo bikes market in the year 2022. The main parameter supporting the segment's growth is the growing e-commerce industry in emerging countries and the rise of the COVID-19 pandemic.
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Regional Analysis
The research reports by MRFR suggest that the North American region is anticipated to secure the top position across the global Electric cargo bikes industry over the assessment era. The region has the US and Canada as the leading growth contributors. The main parameter supporting regional market expansion is the increased inclusion of more e-bikes by several bike-sharing operators as part of their fleet expansion.
The Asia-Pacific regional market for Electric cargo bikes is projected to ensure maximum development over the review timeframe. The region has China and India as the leading growth contributors. The main parameter supporting regional market expansion is the growing awareness of eco-friendly and low-emission transportation alternatives to fight the growing environmental concern. Moreover, China's electric cargo bikes market held the biggest market share, and the Indian electric cargo Bikes market was the fastest-growing market in the Asia-Pacific region.
The European regional market for electric cargo bikes is anticipated to secure a significant position globally over the assessment period. The main parameter supporting regional market expansion is the ongoing investment in developing and deploying advanced eco-transportation solutions to meet its sustainable development goals.
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Further, the Germany Electric cargo bikes market held the largest market share. On the other hand, the UK electric cargo bikes market is anticipated to showcase the maximum growth rate over the coming years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
