Wilmington, Delaware, United States, June 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global cargo bike market stood at US$ 2.9 billion in 2022 and the global market is projected to reach US$ 4.6 billion by 2031. The global industry is anticipated to expand at a CAGR of 5.2% between 2023 and 2031.
The market value of cargo bikes is increasing, owing to the sustainability and environmental concerns. There is a growing demand for sustainable transportation solutions, with increasing awareness about environmental issues and the need to reduce carbon emissions.
Cargo bikes offer a green and eco-friendly alternative to traditional vehicles as they are powered by human pedaling or electric motors, resulting in zero or low emissions. The focus on sustainability and environmental conservation is expected to drive the adoption of cargo bikes, especially in urban areas where pollution and traffic congestion are major concerns.
Last-mile delivery and e-commerce boom, is another significant factor contributing to the market growth. The rise of e-commerce and the growing need for efficient last-mile delivery solutions have created new opportunities for cargo bikes. The bikes are well-suited for navigating congested urban areas and making quick deliveries in a cost-effective manner.
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Cargo bikes provide a versatile and practical solution for businesses to meet customer expectations while reducing delivery costs and congestion, with the rapid growth of online shopping and the increasing demand for same-day or next-day deliveries.
The market prospects have been driven by factors such as urbanization and space constraints. There is a growing need for efficient and space-saving transportation options, as cities become more densely populated. Cargo bikes offer a compact and agile means of transport, allowing riders to navigate narrow streets, alleys, and bike lanes with ease.
The cargo bikes’ ability to carry significant loads while occupying less space than traditional delivery vehicles, makes them ideal for urban environments where space is limited. The compact nature of cargo bikes also enables businesses to access areas where larger vehicles may face restrictions, such as pedestrian zones or restricted parking areas.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 2.9 Bn | |
| Estimated Value | US$ 4.6 Bn | |
| Growth Rate - CAGR | 5.2% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 220 Pages | |
| Market Segmentation | Product Type, Wheel Size, Application, Ownership, Load Capacity, Propulsion | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Babboe, Bakfiets.nl, BODO Vehicle Group Co., Ltd., Bullitt, Carqon, Christiania Bikes, Cycles Maximus, Douze Cycles, Gomier, Harry vs. Larry, Johnny Loco, Kona, Nihola, Pashley Cycles, Rad Power Bikes, Riese & Müller, Tern Bicycle, Triobike, Urban Arrow, Urban Tribe, XCYC, Xtracycle, Yuba Bicycles | |
Key Findings of the Market Report
- By product type, two-wheeled segment is likely to be most preferred, expected to expand at a significant share, attributed to the combination of urbanization, sustainability concerns, last-mile delivery demands, cost-effectiveness, health and wellness trends, and supportive policies.
- By application, the courier and parcel service provider segment is anticipated to hold the major share, owing to the factors such as last-mile delivery efficiency, and cost savings, environmental sustainability, and flexibility.
- Other factors including brand differentiation, and regulatory support are expected to boost the segmental growth in this market.
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Global Cargo Bike Market: Growth Drivers
- The global cargo bike market is projected to expand at a steady pace from 2023 to 2031, owing to rising popularity of bike sharing programs.
- Other factors that are projected to augment the market growth include advancements in battery technology, as well as cultural shift towards active transportation.
- Increasing government support & incentives, and innovative designs & technological advancements, are the major factors that are anticipated to fuel the market prospects in the near future.
Global Cargo Bike Market: Regional Landscape
- Asia Pacific is expected to dominate the cargo bike market during the forecast period, attributed to rapid urbanization, eCommerce & delivery services boom, and changing consumer behavior and awareness in the region.
- The regional market is witnessing an increase, due to the factors such as rising health & fitness consciousness, as well as technological advancements and innovation.
- Supportive government initiatives in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
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Global Cargo Bike Market: Key Players
Some of the key market players in the global cargo bike market are:
- Babboe
- Bakfiets.nl
- BODO Vehicle Group Co., Ltd.
- Bullitt
- Carqon
- Cargo Cycling
- Christiania Bikes
- Cycles Maximus
- Douze Cycles
- Gomier
- ONOMOTION
- Harry vs. Larry
- Johnny Loco
- Kona
- Nihola
- Pashley Cycles
- Rad Power Bikes
- Riese & Müller
- Tern Bicycle
- Triobike
- Urban Arrow
- Urban Tribe
- XCYC
- MYBYK
- Xtracycle
- Yuba Bicycles
Competitive Landscape
Prominent players in the cargo bike industry are taking advantage of the rapidly increasing demand for cargo bike. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In March 2023, MYBYK launched Electric Cargo with the aim of solving first and last-mile connectivity for citizens and tourists. The company's focus on electric cargo bikes highlights their commitment to providing sustainable and efficient transportation solutions in urban areas.
- In December 2022, ONOMOTION unveiled the ONO e-cargo bike, aiming to transform how people move around in cities. The company primarily focuses on urban logistics and eco-conscious transportation of goods, prioritizing both environmental sustainability and affordability.
- In September 2022, Cargo Cycling, a leading cargo bike manufacturer, introduced a new model with enhanced load-carrying capacity and improved stability. The company's constant innovation in cargo bike design demonstrates their dedication to meeting the evolving needs of businesses and individuals relying on cargo bikes for transportation.
Global Cargo Bike Market: Segmentation
Product Type
- Two-wheeled
- Three-wheeled
- Four-wheeled
Wheel Size
- Below 20"
- 20" - 24"
- 26"
- 27.5"
- Others
Application
- Courier and Parcel Service Provider
- Large Retail Supplier
- Personal Transportation
- Waste, Municipal Services
- Others
Ownership
- Personal Use
- Commercial/Fleet Use
Load Capacity
- Small Load Capacity (Less than 200 Pounds)
- Medium Load Capacity (200 - 400 Pounds)
- Large Load Capacity (More than 400 Pounds)
Propulsion
- Electric
- Sealed Lead Acid
- Lithium-ion
- Gasoline/Diesel
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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