Cargo bicycles market is presently valued at USD 2,406.9 million and is expected to amplify at a CAGR of 22.3% over 2022-2030, thereby accumulating USD 12,061.0 million by end of the forecast period.
Cargo bikes have become one of the most effective and practical modes of transportation for cargo companies as city highways continue to jam up quickly. As a result, demand for cargo bikes has been steadily rising in recent years, and this trend is expected to continue over the forecast period. Players in the current cargo bike market are concentrating more on the creation of electric cargo bikes as a result of ongoing legislative actions being done to protect the environment. In the following years, a number of market participants for cargo bikes are anticipated to increase the scope of their product offerings.
Governments and other governing organisations have been working harder in recent years to address a variety of issues relating to transportation and its effects on the environment, especially in developed nations. Many governmental and non-governmental organisations all over the world are pushing for more people to use cargo bikes as an alternate mode of transportation for urban logistics. The City Changer Cargo Bike Project in Europe aims to increase the use of cargo bikes as a safe, practical, economical, and environmentally responsible method of transportation for both individual and business purposes.
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Cargo Bicycles Market- Segmental Assessment
By Product
- Two-Wheeled
- Three-Wheeled
- Four-Wheeled
By Type
- Electric
- Non-electric
By Wheel Size
- Below 20’’
- 20’’-24’’
- 25’’-28’’
- Above 28’’
By Application
- Personal
- Commercial
- Others
Prominent Market Players:
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, Worksman Cycles, Jinhua Jobo Technology Co., Ltd., Cero Electric Cargo Bikes, and Nijland Cycling.
COVID-19 Impact on Cargo Bike Market
Lockdowns that have been imposed in a number of countries have hurt the market. Challenges include limited manufacturing and transportation-related delays brought on by travel restrictions. Up to 2021, recovery is anticipated to be sluggish as the new coronavirus continues to decimate the sector.
To meet demand, several e-commerce and logistics companies are increasing the fleet size of their cargo bikes, continuing to invest in the necessary product delivery. The economies are progressively recovering from the pandemic despite the challenges. Given this, it is unlikely that the pandemic will affect the cargo bike industry in the long run.
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Frequently Asked Questions About This Report
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