Future Market Insights (FMI) projects the cargo bike market to grow at 11.6% CAGR during forecast period. The cargo bike market is set to reach US$ 2,829.5 Million by the end of 2031.
Key Takeaways from Cargo Bike Market Study
Three wheeled cargo bikes are anticipated to account for 423 Mn by the end of 2021, owing to courier delivery, personal transport, and warehouse transport applications.
US$ 3,501-6,000 price range segment sales accounted for US$ 414 Mn supported by availability of electric and conventional cargo bikes.
Germany leads the Europe market with a US$ 253.8 Mn sales figure in 2021 because of ease availability of raw material and government incentives.
The U.S. will hold around 92% of the North America market through 2031, supported by the presence of major logistics players in the country.
In 2021, the Brazil cargo bike market will rise at steady 6.1% CAGR, with investments into low cost logistics gaining ground in the country.
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“The global rise in traffic congestion coupled with growing demand from the logistics sector, especially following the outbreak of the COVID-19 pandemic is expected to drive the market for cargo bikes, through the end of 2031” says a Future Market Insights analyst.
Competitive Landscape
The global cargo bike market is highly competitive at regional, country, as well as global level, and highly fragmented in nature. Top companies operating in the market contribute notably to revenue generation. With compliance to governmental standards and regulations, these companies have a global brand presence.
Some of the key players included in the report are:
Accell Group N.V. (Carqon), Jinhua Jobo Technology Co., Ltd., BODO Vehicle Group Co., Ltd. (LUXMEA), Chongqing Mobimax Technology Co., Ltd., Mobility Holdings, Ltd. (Tern Bicycles), Riese & Müller GmbH, Urban Arrow, Worksman Cycles, Yuba Electric Cargo Bikes, Rad Power Bikes Inc., and others.
With the rise of e-commerce operations, logistical flows are witnessing significant expansion, creating transport and time-sensitive operational challenges. Sustainable urban logistics development is becoming increasingly vital to keep up with quality-of-life parameters in urban centers, while solving two major problems—congestion and poor air quality. These factors are critical to sales of cargo bikes.
The usage of cargo bikes as a mode of transportation for urban freight flows has a favourable impact on these issues, compelling manufacturers to invest more in the manufacturing sector, thereby fuelling the demand for cargo bikes in the long term.
Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated cargo bikes. Moreover, the need for sustainable urban mobility and modern transportation is driving the transition from conventional fuel bikes to paddle assisted and battery assisted cargo bike for mode of transport.
FMI projects demand among courier and parcel services providers to rise at 11.8% over the assessment period. Focus on curbing carbon footprint by the industry will remain a chief growth driver. Cargo bikes are anticipated to have a positive influence on energy security and air quality.
Cargo Bike Market by Category
By Product Type:
Two Wheeled
Three Wheeled
Four Wheeled
By Propulsion:
Conventional
Electric
By Price:
Below US$ 1,500
US$ 1,500-3,500
US$ 3,501-6000
Above US$ 6,000
By Wheel Size:
Below 20″
20″-24″
26″
27.5″
Others
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