LOS ANGELES, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Acumen Research and Consulting recently published report titled “Electric cargo bike Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”, forecasts that the electric cargo bike market is expected to grow at a CAGR of around 13.7% from 2020 to 2027 and reach the market value of over US$ 1,362.2 Mn by 2027.
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Electric cargo bikes are designed for carrying large or heavy loads in environment friendly manner. E-cargo bikes are intended to be used for 20% of deliveries in near future, according to a study done by Deloitte.
The global electric cargo bike market is segmented on the basis of product type, battery type, end-use, and geography. By product type, electric cargo bikes are divided into two-wheelers, three-wheelers, and four-wheelers. Based on the battery type, the market is bifurcated into lithium-ion, lead-based, and nickel-based batteries. Additionally, the end-use of electric cargo bikes include courier and parcel service providers, service delivery, personal use, large retail suppliers, waste municipal services, and others.
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In 2019, Europe held the major share (%) in terms of revenue in the global electric cargo bike market. The early adoption of electric cargo bikes for end-use is primarily contributing to the regional market value. The ongoing investment for the development and deployment of advanced eco-transportation solutions in the region for meeting its sustainable development goals is further boosting the regional market value. According to the European Cyclclogists project, an astonishing around 174 model of cargo bikes are currently available, while nearly fifty brands competing for attention in Berlin. Furthermore, Amazon (an online-based retail company) has started using cargo bikes for deliveries in major countries of Europe.
Furthermore, Asia Pacific is anticipated to experience the fastest growth over the forecast period from 2020 to 2027. The region is likely to gaining potential growth on account of its emerging or rapidly developing economies. The rising awareness about the eco-friendly and low emission transportation alternatives to combat the increasing environmental concern is supporting the regional market growth.
Some of the leading competitors are Butchers & Bicycles, Cero Electric Cargo Bikes, Douze Factory SAS, Jiangsu Xinri E-Vehicle Co. Ltd., Kocass Technology Co. Ltd., Rad Power Bikes LLC, Riese & Müller GmbH, Worksman Cycles, Xtracycle, and Yuba Electric Cargo Bikes. Electric cargo bike companies have announced mergers and acquisitions, partnerships & collaborations, and new product development to uplift their position in the electric cargo bike industry. Major players are also moving into new regions with their advanced technologies for gaining the competitive advantage.
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Some of the key observations regarding electric cargo bike industry include:
- According to the Deloitte Technology, Media & Telecommunications Predictions 2020, cycling is estimated to be the future of urban transport. As a part of report, electric cargo bikes could become a preferred solution for last-mile delivery in cities having potential to undertake tens of billions of deliveries worldwide on yearly basis.
- Volkswagen Group Services and Volkswagen Commercial Vehicles have developed the cargo e-bike in 2019. The group is marketing this e-bike with a maximum load of 210 kilograms (including the driver)
- Smartron India has introduced tbike flex, an e-bike and cargo delivery platform for the last mile deliveries and connectivity in December 2020. The bike is priced at INR 40,000 and is suitable for carrying heavy items and cargo up to 40kgs. The new e-cargo bike is powered by a portable lithium battery having a maximum speed of 25kmph. Moreover, it has a range of 75 to 120 km per charge.
- Global automotive supplier Valeo has developed three prototypes to show how its solution of integrating both an electric motor and an adaptive automatic transmission in the pedal assembly can be adapted to all three types of models including a city bike, a mountain bike, and a cargo bike for transporting loads. Additionally, the innovation has been sold to the bike manufacturers and they have decided to offer fully integrated solutions at the same price as existing systems.
- Tern has launched “Haul Stuff Daily” or HSD electric cargo/utility e-bike in December 2020. The Tern’s HSD has got a significant performance boost with the introduction of a Class 3 version HSD S11 with the capability of up to 28 mph (45 km/h) in the US.
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