The global e-cargo bike market is anticipated to grow at a significant CAGR of 27.6% during the forecast period. One of the major factors that are growing the demand for an e-cargo bike is the rising fuel prices across the globe. Multiple delivery services mostly depend on cargo bikes, but as the price of fuel rising continuously for years, owing to the higher demand and declining fuel availability, the delivery process has become much more costly. This has increased the demand for e-cargo bikes since charging is much more affordable than fuel. For instance, in July 2021, Petrol prices crossed $1.352 per liter in Dehli, and Kolkata, in India, after the 36th increase since May 4th, 2021. Mumbai was the first city to see the petrol price cross the mark in the country.    

Impact of COVID-19 Pandemic on Global E-Cargo Bike Market

COVID-19 pandemic impacted most of the industries negatively owing to the nationwide lockdowns across the globe, but that was not the case with the electric vehicle industry including e-cargo bikes. The sales of the e-cargo bike faced immense growth during 2020. As per the annual report 2020 of Accell Group, the COVID-19 pandemic had a huge impact on the revenues of Accell Group in the first two months, March and April, of the COVID-19 pandemic as the globe was facing lockdowns and subsequent shop closings. After the reopening of the shops in several countries, the COVID-19 pandemic acted as a catalyst for bicycle demand with governments, cities, companies, and consumers firmly embracing the benefits of cycling for personal health, business, and the environment. Net turnover of Accell Group increased 17% fully organic to $ 1.48 billion, due to a fast recovery after the first lockdowns and sustained high demand, with particularly strong contributions from the e-bike and e-cargo bike categories and from parts & accessories.  

Segmental Outlook 

The global e-cargo bike market is segmented based on type and application. Based on the type, the market is segmented into two-wheeler and three-wheeler. Based on the application, the market is sub-segmented into food delivery, postal services, personal transportation, and others. Other applications are further segmented into a retail supplier, and service delivery. Based on type, the two-wheeler holds the major share in the market. Based on application, food delivery holds the major share in the market.

Global E-Cargo Bike Market Share by Type, 2021 (%)

The Two-Wheeler Segment Holds the Major Share in the Global E-Cargo Bike Market

The two-wheeler segment holds the major share in the global e-cargo bike market and is anticipated to grow exponentially during the forecast period. Two-wheelers are the most preferred choice for people either for personal work or for professional work owing to their smaller size with sufficient cargo space to deliver things such as food, retail products, and others while three-wheelers are mostly used for larger and heavy products. As per the 2019 report of IEA (International Energy Agency), in China, two-wheeler’s stock reached approximately 300 million, and three-wheeler’s stock reached approximately 50 million units.

Regional Outlooks

The global e-cargo bike market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Asia-pacific holds the major share in the market followed by Europe, and then North America.     

Global E-Cargo Bike Market Growth, by Region 2022-2028

The Asia-Pacific Region Holds the Major Share in the Global E-Cargo Bike Market

Asia-Pacific holds the major share in the global e-cargo bike market and is anticipated to grow significantly during the forecast period. One of the major factors behind the high demand for an e-cargo bike is the presence of emerging countries such as China, India, Japan, Indonesia, and more which have the globe’s biggest population as well. With the rising economy, the online retailer shops, and food delivery services are also growing fastly in the region which has ignited the demand for e-cargo bikes, and alone China has become the largest electric vehicle market across the globe which has 300 million two-wheelers stock in 2019 as per IEA. 

Market Players Outlook

The major companies serving the global E-Cargo Bike market include Accell Group, CERO Bikes, Rad Power Bikes Inc., Riese & Müller GmbH, Yadea, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, Accell is accelerating its presence on the e-cargo bike market. With Carqon, the company launches a new luxury design brand on the market which immediately competes with brands such as Urban Arrow, Riese & Muller, and Ca Go.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global e-cargo bike market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.