Electric Cargo Bike Market Expected to Reach $7.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Electric Cargo Bike Market," The electric cargo bike industry was valued at $2.4 billion in 2022, and is estimated to reach $7.2 billion by 2032, growing at a CAGR of 11.7% from 2023 to 2032.

The electric cargo bike market is estimated to continue to grow at a moderate growth rate due to increase in demand for electric cargo bikes to reduce traffic congestion, surge in sustainability and environmental awareness to reduce carbon emission, and rise of e-commerce and last mile delivery. Favorable government initiatives and regulatory support, including technological advancements in electric cargo bike, are likely to have an impact on the future of the industry. While the electric cargo bike industry offers significant opportunities, it faces challenges, including lack of infrastructure and challenges related to charging and high initial cost. The market's growth prospects are closely tied to industry-specific demands, economic stability, and technological advancements.  

The type, application, range, and geographical segments constitute the electric cargo bikes market. The market is divided into two segments based on type, which are front loader and longtail. The market is categorized into personal use, delivery and courier, waste and municipal services, and others based on application. The market is divided into two segments based on the range, which are less than 50 kilometers and more than 50 kilometers. The market is examined in North America, Europe, Asia-Pacific, and Latin America according to geography.

In addition, the electric cargo bike industry is highly competitive, with several key players dominating the industry. Prominent manufacturers focus on, product launch, partnership, and product upgrade/development to maintain their market positions.

Electric cargo bikes are adaptable bikes that can be used for a variety of purposes such as leisure, business, and personal uses. For both enterprises and urban residents, their capacity for carrying heavy items and the assistance of electric motors make them an eco-friendly and efficient form of transportation. Electric cargo bikes are a promising answer to the changing demands of contemporary logistics and transportation because of their wide range of uses and ability to lower emissions and traffic congestion.

Front loader and longtail electric cargo bikes are two distinct designs that cater to different transport needs and preferences. Each type offers unique advantages and features, making them suitable for various applications. The cargo space of front loader electric cargo bikes is situated between the handlebars and the front wheel at the front of the bike. For instance, The Riese & Müller Load is an electric cargo bike designed for front loading. This innovative bike has a strong electric motor and a large front luggage space that can hold a variety of goods, including packages, food, and even small furniture. Its adaptability is further increased by the modular design, which enables customization to meet transport requirements.

 Longtail electric cargo bike, on the other hand, are distinguished by an extended back section that can hold heavier loads or more passengers. The Yuba Spicy Curry is a model of longtail electric cargo bike. The model has a sturdy frame and an elongated rear rack that can hold heavy quantities of luggage. The Spicy Curry is made to meet a variety of transportation demands, including leisurely trips with kids and recreational outings as well as grocery shopping and school runs. Its electric motor facilitates easy pedaling, which makes it a useful option for long-distance travel as well as everyday errands. Electric cargo bikes with front loaders and longtails have diverse uses and benefits depending on the type of transportation needed. Longtails value roomy cargo space and variety while front loaders excel in accessibility and mobility.

Both varieties offer workable solutions for urban mobility, delivery services, and individual transportation needs, and they are prime examples of the inventive and environmentally friendly character of electric cargo bikes. Deliveries and courier services have been transformed by electric cargo bikes, which provide economical, environmentally friendly, and effective last-mile logistical options. The can handle crowded spaces and make deliveries quickly, these bikes have become common in urban areas. Electric cargo bikes provide unmatched accessibility in crowded cities, enabling couriers to get around congestion and arrive at locations faster than with larger vehicles, because of this, they are especially well suited for last-mile delivery in metropolitan areas.

KEY FINDINGS OF THE STUDY

• By type, the longtail segment is anticipated to exhibit significant growth in the electric cargo bike market in the near future.
• By application, the delivery and courier segment is anticipated to exhibit significant growth in the near future.
• By range, the more than 50 Km segment is anticipated to exhibit significant growth in the near future.
• By Region, LAMEA is anticipated to register the highest CAGR during the forecast period.

Key players covered in the electric cargo bike market report include Riese & Mller GmbH, Xtracycle Cargo Bikes, Butchers & Bicycles, Rad Power Bikes Inc., Yuba Bikes, Tern, Aventon Bikes, Amsterdam Bicycle Company, Pon, and Bunch Bikes.