E-Cargo Bike Market to see Huge Growth by 2029
The global e-cargo bike market is anticipated to grow at a significant CAGR of 27.6% during the forecast period. One of the major factors that are growing the demand for an e-cargo bike is the rising fuel prices across the globe. Multiple delivery services mostly depend on cargo bikes, but as the price of fuel rising continuously for years, owing to the higher demand and declining fuel availability, the delivery process has become much more costly. This has increased the demand for e-cargo bikes since charging is much more affordable than fuel. For instance, in July 2021, Petrol prices crossed $1.352 per liter in Dehli, and Kolkata, in India, after the 36th increase since May 4th, 2021. Mumbai was the first city to see the petrol price cross the mark in the country.
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COVID-19 pandemic impacted most of the industries negatively owing to the nationwide lockdowns across the globe, but that was not the case with the electric vehicle industry including e-cargo bikes. The sales of the e-cargo bike faced immense growth during 2020. As per the annual report 2020 of Accell Group, the COVID-19 pandemic had a huge impact on the revenues of Accell Group in the first two months, March and April, of the COVID-19 pandemic as the globe was facing lockdowns and subsequent shop closings. After the reopening of the shops in several countries, the COVID-19 pandemic acted as a catalyst for bicycle demand with governments, cities, companies, and consumers firmly embracing the benefits of cycling for personal health, business, and the environment. Net turnover of Accell Group increased 17% fully organic to $ 1.48 billion, due to a fast recovery after the first lockdowns and sustained high demand, with particularly strong contributions from the e-bike and e-cargo bike categories and from parts & accessories.
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· Market Coverage
· Market number available for – 2023-2029
· Base year- 2022
· Forecast period- 2023-2029
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
· Inc., and others
Global E-Cargo Bike Market Report Segment
By Type
• Two-Wheeler
• Three-Wheeler
By Application
• Food Delivery
• Postal Services
• Personal Transportation
• Other (Retail Supplier, and Service Delivery)
Global E-Cargo Bike Market Report Segment by Region
North America
• US
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global e-cargo bike market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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