Electric cargo bikes are bikes and bicycles operated and powered by portable batteries such lithium ion and nickel-based batteries. The electric cargo bikes considered in the scope of research are two-wheeled electric cargo bikes, three-wheeled electric cargo bikes and four-wheeled electric cargo bikes. The global electric cargo bikes market is estimated to be valued at US$ 402.7 Mn by the end of 2018 and reach US$ 1,095.2 Mn by the end of 2026, registering a CAGR of 13.3% over the forecast period. The global electric cargo bikes market is anticipated to represent an incremental opportunity of US$ 692.5 Mn between 2018 and 2026.
Factors Influencing Revenue Growth of the Global Electric Cargo Bikes Market
Electricity used in electric vehicles & bikes is stored in the form of chemical energy in the batteries. These batteries are recharged by the transmission of electricity from an outside source, which is primarily done in plug-in electric bikes. The main source of electricity for rechargeable batteries is the overhead line of grid network of any area, which mainly supplies electricity produced from coal and renewable sources. Development in the automotive & transportation industry has harshly depleted nonrenewable petroleum reserves, causing a rise in fuel prices. This rise is expected to be exponential in the coming years as crude oil reserves will be reduced, which will lead to high demand and pave way for the growth of vehicles running on alternate sources of energy. Additionally, the consumption of petroleum products as fuel in the automotive sector is increasing day by day; thus, to reduce this global consumption, manufacturers and governments are promoting the use of alternatives such as electric cargo bikes, which are far more fuel efficient as compared to conventional cargo bikes.
Tailpipe emission is thought to be the major concern associated with gasoline and diesel powered bikes. Compounds of nitrogen oxide, carbon monoxide, unburnt benzene, particulate matter, carbon dioxide, etc. along with other unburnt harmful airborne chemicals are released into the atmosphere from such vehicles. The uncontrolled emission of these chemicals into air pollutes the environment severely and in turn causes several life threatening diseases to living beings who breathe this polluted air. On an average, a gasoline engine bikes releases over 250 grams of harmful chemicals, including carbon dioxide per kilometer travelled, or equivalent to over 4,750 kilograms of harmful pollutants per year. This pollution rate can be brought down if customers opt for electric cargo bikes, which are less polluting and far more efficient than conventional gasoline cargo bikes.
Global Electric Cargo Bikes Market Segmentation and Forecast
The global electric cargo bikes market can be segmented on the basis of product type, battery type, end use and region/country. On the basis of product type, the global electric cargo bikes market has been segmented into two wheeled, three wheeled and four wheeled. On the basis of battery type, the electric cargo bikes market has been segmented into lead based, nickel based and lithium ion. Based on end use, the electric cargo bikes market has been segmented into courier & parcel service provider, large retail supplier, personal transportation, service delivery and waste municipal services. Significant regions covered in the electric cargo bikes report include North America, Latin America, Europe, China and the Rest of World.
By region, Europe is estimated to dominate the global electric cargo bikes market. The Europe electric cargo bikes market is expected to gain 420 BPS between 2018 and 2026. Moreover, the region is estimated to remain a high growth market throughout the forecast period. It is projected to grow with a CAGR of 14.2% over the forecast period, primarily owing to the increasing production of electric cargo bikes.
By battery type, in terms of volume and value, the lithium ion segment is estimated to lead the global electric cargo bikes market throughout the forecast period. For the lithium ion segment, Europe is one of the most lucrative regions as the region accounts for almost 82% of the total sales. The lithium ion electric cargo bikes market is expected to create an incremental $ opportunity of US$ 560.6 Mn between 2018 and 2026 in the global electric cargo bikes market.
By end use, in terms of volume, the courier & parcel service provider segment is estimated to be pegged at 41,939 units in 2018. This segment is expected to grow with a CAGR of 13.3% between 2018 and 2026 in the global electric cargo bikes market. The personal transportation electric cargo bikes segment is projected to create an incremental $ opportunity of US$ 153.1 Mn over the forecast period.
By product type segment, PMR forecasts that the three wheeled electric cargo bikes segment is projected to reach US$ 566.6 Mn in 2026 from US$ 193.0 Mn in 2018, representing a compound annual growth rate (CAGR) of 14.4% from 2018 to 2026.
Key Players Dominating the Global Electric Cargo Bikes Market
Some of the key market participants reported in this study of the global electric cargo bikes market include Jiangsu Xinri E-Vehicle Co., Ltd., Jinhua JOBO Technology Co., Ltd., Cero Electric Cargo Bikes, Worksman Cycles, Douze Factory SAS, XYZ Cargo, Butchers & Bicycles ApS, Dutch Cargo Bike, Kocass Technology Co., Ltd, G & O Family Cyclery, Yuba Electric Cargo Bikes and Cargocycles, among others.
Persistence Market Research (PMR) analyzes the Electric Cargo Bikes market in its new publication titled “Electric Cargo Bikes Market Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026”. This study provides data for 2017 along with the forecast for the period (2018 – 2026). The main objective of the report is to identify the dynamics of the market and provide recent updates and insights that affect various segments of the global electric cargo bikes market. To provide a better understanding of the electric cargo bikes market, the report also includes the analysis of global drivers, restraints and trends, which influence the current market scenario and will impact the future status of the global electric cargo bikes market.
To understand and assess market opportunities and trends, the global electric cargo bikes market report is categorically split into different sections based on market segmentation – by product type, by battery type, by end use and by region. The report starts with an overview of the electric cargo bikes market and provides market definition & taxonomy, along with value chain and pricing analysis, drivers, restraints and trends in the market. The sections that follow include the global electric cargo bikes market analysis by product type, by battery type, by end use and by region. All the above sections evaluate the electric cargo bikes market on the basis of various factors affecting the market. Each section discusses the qualitative and quantitative aspects of the global electric cargo bikes market. To give a brief idea about revenue opportunities from the product type, battery type, end use and region segments, the report also provides the value of the electric cargo bikes market, absolute $ opportunity and total incremental opportunity for each segment over the forecast period (2018 – 2026).
In the final section of the report, we have provided the global electric cargo bikes market structure and a detailed competition landscape with company market share and performance to provide a dashboard view of key players operating in the global market along with their business strategies to report audiences. This is expected to enable clients to assess strategies deployed by market leaders and help them develop effective strategies accordingly.
For market data analysis, we have considered 2017 as the base year, with market numbers estimated for 2018 and forecast made for 2018 – 2026. To calculate the market size, the report considers the weighted average price of electric cargo bikes based on the product type across key geographies on a country basis. The forecast assesses the total revenue (US$ Mn) and volume (Units) of the global electric cargo bikes market. To deduce the market value, the cost of each type has been considered. In order to provide an accurate forecast, we started by sizing up the current market, which forms the basis of how the global electric cargo bikes market is expected to develop in the future. Critical market data, including the base number and segment splits, was devised through in-depth secondary and primary research. This data was then triangulated on the basis of different verticals by considering supply side as well as demand side drivers and other dynamics of various regional markets, along with primary interviews of manufacturers and industry experts operating in the global electric cargo bikes market. The forecast presented in the report evaluates the actual cost of the different types of Electric Cargo Bikes and the cost as per brands in the global electric cargo bikes market over the forecast period.
We have also analyzed the different segments of the global electric cargo bikes market in terms of Basis Point Share (BPS) to understand the relative contribution of individual segment to market growth. This detailed level of information is important for identifying various key trends governing the global electric cargo bikes market. The report also analyzes the global electric cargo bikes market based on the absolute dollar opportunity. This is usually overlooked while estimating the market forecast. However, from a sales perspective, it is essential to identify the absolute dollar opportunity to identify potential resources in the electric cargo bikes market.
PMR has developed a market attractiveness index to understand the key segments in terms of their performance and growth in the global electric cargo bikes market. This market attractiveness index is expected to help clients identify real market opportunities in the global electric cargo bikes market.