Global Electric cargo bikes Business Review
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.
Competitive Analysis
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).
What is the difference between cargo eBike and eBike?
The main difference between a cargo eBike and a regular eBike lies in their design and intended purpose. While both are electric bicycles (eBikes), cargo eBikes are specifically designed to carry substantial loads, making them well-suited for transporting goods and cargo. Here are the key distinctions:
- Cargo Capacity:
- eBike: Traditional eBikes are primarily designed for personal transportation, typically accommodating a single rider. They may have a small luggage rack or panniers for carrying minimal items like a backpack or groceries.
- Cargo eBike: These bikes have an extended frame and are equipped with a cargo platform or dedicated cargo area, often positioned in the front or rear. This design allows for the transportation of larger and heavier loads, such as packages, deliveries, or even children.
- Frame and Structure:
- eBike: Standard eBikes have a frame design similar to conventional bicycles, optimized for a comfortable and efficient riding experience.
- Cargo eBike: Cargo eBikes feature a modified frame to accommodate the cargo-carrying components. Some designs have a longer wheelbase, a reinforced frame, and a sturdy platform to ensure stability and safety while carrying heavier loads.
- Use Case:
- eBike: Regular eBikes are ideal for personal commuting, recreational riding, or short trips where the rider doesn’t need to carry substantial cargo.
- Cargo eBike: Designed for urban logistics and practical transportation, cargo eBikes are favored by businesses for last-mile deliveries, and individuals for carrying groceries, equipment, or other sizable items.
- Motor and Battery Capacity:
- eBike: The motor and battery of standard eBikes are designed to provide assistance to the rider, enhancing the overall cycling experience.
- Cargo eBike: Due to the heavier loads they may carry, cargo eBikes often come with more powerful motors and larger battery capacities to provide sufficient assistance and maintain performance while hauling cargo.
Segmental Analysis
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.
Regional Evaluation
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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