Electric Cargo Bikes Market to Witness Steady Growth at 13.3% CAGR During 2018–2026
Added: (Fri Nov 23 2018)
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Persistence Market Research has released a new market study on “Electric Cargo Bikes Market: Global Industry Analysis 2013–2017 and Forecast 2018–2026”, which studies the global electric cargo bikes market and offers deep dive analysis for the next eight years. The report evaluates all the key macro-economic factors projected to support the growth of the global as well as regional markets. The report on electric cargo bikes also presents the challenges or restraints in the global market along with the latest trends and perceptive opportunities for all the market participants across the value chain.
The global electric cargo bikes market was valued at US$ 243.6 Mn in 2013 and is anticipated to be valued at US$ 402.7 Mn by 2018 end. The market is expected to grow at a prominent CAGR of 13.3% between 2018 and 2026 and is estimated to reach a global value of US$ 1,095.2 Mn by 2026 end. Furthermore, the global electric cargo bikes market is estimated to create incremental $ opportunity of US$ 692.5 Mn over the forecast period.
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Global Electric Cargo Bikes Market Dynamics
High purchasing power on the consumers’ end has boosted the growth of conventional and high-end electric cargo bikes on road. Governments of a number of countries have taken initiatives to bring down pollution levels by imposing rules on usage of conventional bikes, related taxes and some other regulations. The regulating authorities are also taking advantage of these hybrid & electric cargo bikes by offering attractive subsidies and incentives to the owners.
Conventional gasoline-powered bikes & bicycles run on the power generated by the consumption of fuel inside the internal combustion engine. This energy presents itself in the form of heat and sound. The presence of a large number of mechanical parts connected with the engine further amplifies the noise generated from the vehicle. Hence, a conventional vehicle travelling at 100 kilometers per hour generates an external noise level of around 65 to 70 decibels. This noise level is further higher in off-road scooters, commercial vehicles and two wheelers. In electric cargo bikes, the power needed to run the vehicle is generated by a battery and supportive electric motor. This brings down the noise level of electric cargo bikes to merely 35 to 40 decibels. The noise level of a pure electric cargo bike is so low that the loudest noise produced by the vehicle is the sound of friction generated between the tire and road. Thus, the use of electric power to generate motion in electric cargo bikes is a great boon for the automotive industry as the sound produced is much less compared to the conventional bikes in the global market.
Global Electric Cargo Bikes Market Forecast
The market insights gathered during course of research suggest that the electric cargo bikes market is estimated to grow with double digit growth between 2018 and 2026. This growth is especially supported by the increasing attractiveness of electric cargo bikes in Europe and North America regions.
By product type, the three wheeled electric cargo bikes segment is projected to play an important role in the global as well as the regional markets. Three wheeled and two wheeled electric cargo bikes segments occupy almost 92% of the market value share in the global market. Increasing use of electric cargo bikes in recreational activities is another factor estimated to augment the growth of the global market.
At present, the batteries used in the electric cargo bikes must be lightweight and give longer output. All of these characteristics are found in Lithium Ion batteries and hence, this battery segment is estimated to hold more than three-fourth of the market value share in the global electric cargo bikes market.
The report projects that the courier & parcel service provider segment, by end use, is estimated to create incremental $ opportunity of US$ 331.9 Mn between 2018 and 2026 in the global market.
Europe and North America, with Germany in the dominant position, are expected to dominate the demand for electric cargo bikes market throughout the forecast period. These regions will be followed by Rest of World and Latin America in electric cargo bikes market. Noteworthy increase in sales in countries, such as Brazil, Russia, India, Mexico and Turkey, is expected over the forecast period. North America will show positive growth during the latter half of the forecast period. The region is projected to hold ~21% market value share in 2018 and is estimated to expand at a CAGR of 12.7% between 2018 and 2026. The sales revenue of Europe will reach US$ 765.7 Mn by the end of 2026 while growing at a CAGR of 14.2%.
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Global Electric Cargo Bikes Market: Competitive Landscape
Some of the key market participants reported in this study of the global electric cargo bikes market include JIANGSU XINRI E-VEHICLE CO., LTD., Jinhua JOBO Technology Co., Ltd., CERO ELECTRIC CARGO BIKES, Worksman Cycles, DOUZE Factory SAS, XYZ CARGO, Butchers & Bicycles ApS, Dutch Cargo Bike, KOCASS TECHNOLOGY CO., LTD, G & O Family Cyclery, Yuba Electric Cargo Bikes and CARGOCYCLES, among others.