Electric cargo bikes are bikes that are equipped with an electric motor and a cargo area, such as a box or basket, for carrying goods and supplies. They are designed to be used for light freight and delivery tasks, such as transporting groceries or packages, and are seen as a more sustainable alternative to traditional delivery vehicles.
The COVID-19 pandemic has had a significant impact on the electric cargo bike market. With more people shopping online and avoiding public transportation, there has been an increased demand for delivery services, including those provided by electric cargo bikes. Additionally, with lockdowns and social distancing measures reducing the number of people shopping in person, there has been an increased demand for delivery services that are contact-free and can help people avoid crowded indoor spaces. As a result, the electric cargo bike market has seen significant growth during the pandemic.
According to MRFR analysis, the global Electric cargo bikes market is expected to register a CAGR of ~20% from 2022 to 2030 and hold a value of over USD 6.0914 billion by 2030.
The Asia-Pacific region has a large and growing market for electric cargo bikes, and it is one of the most important regions globally for this market. The region has a large and growing population of urban consumers, as well as a thriving e-commerce industry, both of which have driven demand for electric cargo bikes. Additionally, the region’s rapidly developing economies and improving infrastructure have made electric cargo bikes more accessible and popular, further boosting demand for these vehicles.
The Global Electric cargo bikes market has been segmented into type, battery type, and end-use.
Based on the type, the market has been segmented into two-wheelers, three-wheelers, and Four-Wheeler.
Based on the battery type, the market has been segmented into Lithium-Ion, Lead-Based, and Nickel-Based.
Based on the end user, the market has been segmented into Courier & Parcel Service Providers, Service Delivery, Personal Use/ Transportation, Large Retail suppliers, Waste Municipal Services, and others.
Some of the key market players are Rad Power Bikes LLC, Jiangsu Xinri E-Vehicle Co., Ltd, Cero Electric Cargo Bikes, Yuba Electric Cargo Bikes, Kocass Technology Co., Ltd, Douze Factory SAS and Xtracycle, Worksman Cycles, Riese & Müller GmbH and Butchers & Bicycles.
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