Accounting for 43% of Sales, Courier and Parcel Service Providers Set to Dominate Global Cargo Bike Market as Leading End Users: Future Market Insights
Future Market Insights (FMI) presents an in-depth analysis of the global cargo bikes market. The study highlights key market trends across segments such as product, propulsion, wheel size, and end-use. Based on detailed survey, the report has forecast the sales of three-wheeled cargo bikes to remain high through 2031.
DUBAI, U.A.E, Aug. 11, 2021 /PRNewswire/ -- Easy mobility and maneuverability of cargo bikes are chief factors shaping the demand outlook of the global cargo bikes market. As per a recent market study by ESOMAR-certified consulting firm Future Market Insights (FMI), the cargo bikes market totaled US$ 900 Mn in 2021.
As traffic congestion is increasing across the globe, government authorities in various counties are encouraging the adoption of cargo bikes. Driven by these trends, the market is poised to reach US$ 2,829.5 Mn by 2031, expanding at an impressive 11.6% CAGR between 2021 and 2031.
With the outbreak of the COVID-19 pandemic in 2020, sales of cargo bikes were stagnated due to disruptions caused in supply-chain and implementation of restrictions on movement. However, recovery of sales is on cards, considering that the cargo bikes market experienced year-over-year growth of 10.8% from 2020-2021.
Besides this, affordability and new product launches by leading companies in the cargo bike market are attracting sales significantly. These factors are encouraging adoption of cargo bikes in diverse end-use sectors, including courier and parcel services, retail, municipal corporations, and personal transport.
Stringent regulations implemented to curb greenhouse emissions in countries such as the U.S, the U.K., Germany, and China are further boosting sales of cargo bikes. To adhere to these regulations, manufacturers are emphasizing on affordable and convenient three-wheeled and two-wheeled cargo bikes with advanced mobility features to improve sales.
As per FMI's regional analysis, Europe will emerge as a highly attractive market with Germany accounting for 37% of the market share through 2031. Increasing adoption of cargo bikes for urban mobility, coupled with expansion of the retail and tourism sectors in the country will drive sales.
"Expansion of the automotive and logistic sectors is anticipated to boost adoption of cargo bikes in the forthcoming decade. Apart from this, government initiatives creating opportunities for sales of electric vehicles across the globe will strengthen growth prospects for the cargo bikes market," says the FMI analyst.
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Key Takeaways:
- Based on product, three-wheeled cargo bikes will remain highly sought-after, accounting for 44.7% of the total market share.
- In terms of propulsion type, sales of electric cargo bikes will fare well in the market, owing to increasing adoption in cargo and courier delivery services. The segment will account for 73% of the market share by 2031.
- Cargo bikes available in the price range between US$ 3,501 to US$ 6,000 are expected to hold a 44% share in the global cargo bikes market.
- 20"-24", followed by 26" wheel size in the cargo bikes market will be the most preferred option due to easy maneuverability. The combined market share is projected to be over 72% in 2021.
- Adoption of cargo bikes for courier and parcel services will witness an uptick, garnering 43% of the total market share.
- Sales of cargo bikes are anticipated to grow by 10% in the U.S. Increasing research and developments in the transport sector will augment market growth.
- China will experience high demand from end-use industries such as courier and parcel service provides, retail and service delivery, accounting for 55% of total cargo bikes sales.
- Increasing adoption of cargo bikes for urban mobility in Germany will place it as a lucrative market, holding 37% of the European market share.
- Australia and New Zealand are projected to account for 67% of sales in the South Asia Pacific region collectively.
Prominent Drivers:
- Government regulations regarding carbon emissions will significantly boost sales of cargo bikes through 2031.
- Technological advancements and promotion of electric vehicles in various countries will attract sales of cargo bikes.
- New product launches to support convenience and easy movability in cargo bikes will propel the adoption of cargo bikes by end-use industries such as logistics, courier delivery, and retail.
Key Restraints:
- Limited range offered by cargo bikes due to smaller engine size may hamper sales.
- Lack of a well-established electric vehicle charging infrastructure might cause bottlenecks in market growth.
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Competitive Landscape
Key manufacturers operating in the cargo bike market are actively investing in strategic partnerships, mergers, and acquisitions to expand their footprints in the market. New product launches and research and development will remain key areas of focus throughout the forecast period. For instance:
- In July 2020, Rad Power Bikes launched its first e-bike called "RadRover" with an integrated battery. The latest e-bike offers exciting features including hydraulic disc brakes, a custom geared-hub motor, new ergonomic frame and an improved LED display for better mobility.
- In February 2021, Yuba Electric Cargo Bikes launched its most affordable cargo bike yet, retailing at US$ 3,200 to attract price-sensitive riders.
Leading players operating in Cargo Bike Market profiled by FMI include:
- Jinhua Jobo Technology Co., Ltd.
- CERO ELECTRIC CARGO BIKES
- Worksman Cycles
- DOUZE Factory SAS
- XYZ CARGO
- Butchers & Bicycles ApS
- NIHOLA
- Babboe
- Yuba Electric Cargo Bikes
- BODO Vehicle Group Co., Ltd. (LUXMEA)
- Chongqing Mobimax Technology Co., Ltd.
- Carqon (Accell Group N.V.)
- XCYC (Gemeinnützige Werkstätten und Wohnstätten GmbH )
- Riese & Müller GmbH
- Urban Arrow
- Rad Power Bikes Inc.
- Tern Bicycles (Mobility Holdings, Ltd.)
- Pedego Electric Bikes
- Xtracycle Inc.
- Amsterdam Bicycle Company
- Triobike
- Pashley Cycles
- Nijland Cycling
More Insights on FMI's Cargo Bike Market
The latest market study on the cargo bike market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global cargo bike market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
Product:
- Two-Wheeled
- Three-Wheeled
- Four-Wheeled
Propulsion:
- Conventional
- Electric
Price:
- Below US$ 1,500
- US$ 1,500-3,500
- US$ 3,501-6000
- Above US$ 6,000
Wheel Size:
- Below 20"
- 20"-24"
- 26"
- 27.5"
End-Use:
- Courier & Parcel Service Provider
- Large Retail Supplier
- Personal Transportation
- Service Delivery
- Waste, Municipal Services
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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Key Questions Covered in Cargo Bike Market Report
- The report offers detailed insights into cargo bike market demand outlook for 2021-2031
- The market study also highlights projected sales growth for cargo bike market between 2021 and 2031
- Cargo Bike market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Cargo Bike market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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