In its research report, Market Research Future (MRFR), emphasizes that the global — electric cargo bikes market for generators 2020 is projected to rise exponentially over the forecast period, thereby ensuring significant market valuation and a healthy 28.96% CAGR over the review period.
Drivers and Restraints
During the forecast period the global market expected to experience rapid growth. We expect Europe to dominate the market for electric cargo bikes. The established infrastructure and major players in this area provide sufficient prospects in the forecast period for significant growth to the European sector. In addition, the European authorities are making concerted efforts to control increasing rates of air pollution and offering support in the form of incentives, subsidies and schemes to promote the manufacture and sale of electric vehicles.
Owing to the growing COVID-19 pandemic worldwide, the electric cargo bike market has been significantly impacted. Changing customer expectations and behaviour due to the changed global scenario is expected to have a direct effect on the E-Cargo Bike industry. Government authorities, however, are offering various discounts and tax cuts on e-bikes that will help market growth of the products over the period projected. As part of the green initiative programme, for example, many countries in Europe are providing discounts on electric bikes. The COVID-19 outbreak has also greatly impacted the demand for electric cargo bikes with decreased production. However, the ongoing trend, government support & policies for E-bikes along with increasing consumer awareness to reduce carbon footprint and global warming are expected to boost the market growth in the coming years.
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The major market players operating in the global market as identified by MRFR are Riese & Müller GmbH(Germany) Jiangsu Xinri E-Vehicle Co., Ltd(China), Rad Power Bikes LLC (US), Cero Electric Cargo Bikes(US), Yuba Electric Cargo Bikes (US), Douze Factory SAS(France) Kocass Technology Co., Ltd.(China), and Xtracycle(US), Worksman Cycles(US), and Butchers & Bicycles(Denmark).
The global market for electric cargo bikes is segmented by product type, battery type, and end use. The double-wheeler segment is expected to dominate the global market based on product size. The two-wheeler electric cargo bikes are generally standing / self-balancing bikes which, depending on the weight the bike carries, can be powered around for 120 km in a single charge. Two-wheeler electric cargo bikes typically have a weight carrying capacity of up to 100 kg and are designed for hazard-free rides for both residential and commercial use. It is expected the Li-ion segment will dominate the market by battery size. The batteries are commonly used with high densities and are lightweight and effective. The li-ion batteries have superior power density and cycling capacity, playing a significant role compared to two other battery types.
Based on end-use, the market will be dominated by the courier & parcel service providers segment. In this section, electric cargo bikes are used to sort packages, collect couriers / packages and transfer parcels to the nearest depot at the place of delivery. The couriers / parcels will then be shipped to the destination you want.
The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world. Asia-Pacific holds the second-largest market share on the global market for electric cargo bikes in 2018. On the market for electric cargo bikes the Asia-Pacific market had the second largest market share. Asia-Pacific has seen rapid growth in recent times, owing to the fact that the region's main players are investing heavily in electric cargo bikes by developing advanced electric cargo bikes to increase the adoption of these cars. It is anticipated that the successful initiatives taken by the governments of countries such as China, Japan , India and Singapore to build charging stations for electric vehicles by concentrating on investing in charging infrastructure growth would drive the electric cargo bike market. Collaborations between the electric cargo bike OEMs and aftermarket service providers are expected to contribute to the development of the market for electric cargo bikes.
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