Market Size of e-cargo bike Industry
|
Study Period | 2017 - 2029 |
|
Market Size (2024) | USD 2.01 Billion |
|
|
Market Size (2029) | USD 2.92 Billion |
|
Largest Share by Propulsion Type | Pedal Assisted |
|
|
CAGR (2024 - 2029) | 7.73 % |
|
Largest Share by Region | Asia-Pacific |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in no particular order |
E-cargo Bike Market Analysis
The E-cargo Bike Market size is estimated at 2.01 billion USD in 2024, and is expected to reach 2.92 billion USD by 2029, growing at a CAGR of 7.73% during the forecast period (2024-2029).
2.01 Billion
Market Size in 2024 (USD)
2.92 Billion
Market Size in 2029 (USD)
17.16 %
CAGR (2017-2023)
7.73 %
CAGR (2024-2029)
Largest Segment by Propulsion Type
74.83 %
value share, Pedal Assisted, 2023
Factors like easy buying, high load capacity, less tiredness, less maintenance, and no license requirement make pedal assist the largest segment for cargo bikes.
Fastest Segment by Propulsion Type
10.01 %
Projected CAGR, Speed Pedelec, 2024-2029
Speed pedelecs e-bikes are the fastest growing among all e-bike categories owing to their advantages like faster durability and the ability to commute long distances faster than their counterparts.
Largest Segment by Battery Type
76.40 %
value share, Lithium-ion Battery, 2023
The rising usage of lithium-ion batteries in e-bicycles is due to factors like cutting-edge technology, higher range options, long battery lifespan, and quick charging features.
Largest Country
40.07 %
value share, China, 2023
With strong government support in terms of policy and financing, deploying e-cargo bikes for various uses has made China the largest country for e-bikes.
Leading Market Player
12.52 %
market share, Aima Technology Group Co. Ltd, 2022
Aima is the global market leader in the cargo/utility e bike category due to its strong brand awareness, wide product offering including cargo/utility e bikes along with great supply chain network.
Propulsion Segment Market Overview
- Electric cargo bike sales recorded a CAGR of 17.16% between 2017 and 2023, with developed nations like Germany, the United Kingdom, France, and the United States accounting for a sizable percentage of the worldwide market. As cities struggle with traffic congestion that causes noise and air pollution, the electric cargo bike and bicycle logistic sectors are emerging as a useful, sustainable, non-congested, and inclusive alternative for first- and last-mile deliveries, general logistical service provision, and family vehicles.
- North America is the fastest-growing e-commerce market in the world and presents special logistics challenges compared to other regions due to its fraught geography and sprawling urban landscapes. The Mexican e-commerce market reached USD 37.99 billion in 2022. However, companies like Mexican transportation and logistics Estafeta implemented its "green deliveries" in late 2017, featuring e-bikes for last-mile deliveries in certain cities. Such steps are expected to increase the usage of the e-cargo bike in recent years.
- An increase in online orders is driving the growth of the last-mile delivery business. Governments should welcome technological innovation and change to reduce reliance and become more sustainable in the future. Because of the tremendously dense population in Asian countries such as China, India, and Japan, e-cargo bikes are expected to be the most practical and eco-friendly option in the future.
Country Level Overview
- The global e-cargo bike market is projected to witness a CAGR of 7.73% during the forecast period, mainly due to the increasing adoption of e-bikes as a daily mode of transportation globally. The market has witnessed an upsurge in the unit sales of e-bikes due to their beneficial characteristics, such as health benefits, economic mobility options, and convenience in riding.
- In Asia-Pacific China, Japan, and Indonesia accounted for a major share of the overall unit sales during the historical period. China held over 90% volume share in the global e-bike market in 2022. However, it has witnessed stagnant growth since, and the market is almost at a saturation point.
- In Europe, e-bike sales skyrocketed in recent years, with countries including Germany, Belgium, and the Netherlands selling major units of e-bikes. This is due to the growing preference for using e-bikes for transportation, sports, and leisure activities. Additionally, the subsidies and tax incentives programs on e-bikes in Sweden, Belgium, and France are anticipated to further support the significant growth of the European e-bike market during the forecast period.
- In North America, the e-bike market is emerging as the preference for using low-speed two-wheelers has grown in recent years. The increased inclusion of more e-bikes by various bike-sharing operators as part of their fleet expansion is expected to support the sales growth of these bikes in the near future.
E-cargo Bike Industry Segmentation
Pedal Assisted, Speed Pedelec, Throttle Assisted are covered as segments by Propulsion Type. Lead Acid Battery, Lithium-ion Battery, Others are covered as segments by Battery Type. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.
- Electric cargo bike sales recorded a CAGR of 17.16% between 2017 and 2023, with developed nations like Germany, the United Kingdom, France, and the United States accounting for a sizable percentage of the worldwide market. As cities struggle with traffic congestion that causes noise and air pollution, the electric cargo bike and bicycle logistic sectors are emerging as a useful, sustainable, non-congested, and inclusive alternative for first- and last-mile deliveries, general logistical service provision, and family vehicles.
- North America is the fastest-growing e-commerce market in the world and presents special logistics challenges compared to other regions due to its fraught geography and sprawling urban landscapes. The Mexican e-commerce market reached USD 37.99 billion in 2022. However, companies like Mexican transportation and logistics Estafeta implemented its "green deliveries" in late 2017, featuring e-bikes for last-mile deliveries in certain cities. Such steps are expected to increase the usage of the e-cargo bike in recent years.
- An increase in online orders is driving the growth of the last-mile delivery business. Governments should welcome technological innovation and change to reduce reliance and become more sustainable in the future. Because of the tremendously dense population in Asian countries such as China, India, and Japan, e-cargo bikes are expected to be the most practical and eco-friendly option in the future.
| Propulsion Type | |
| Pedal Assisted | |
| Speed Pedelec | |
| Throttle Assisted |
| Battery Type | |
| Lead Acid Battery | |
| Lithium-ion Battery | |
| Others |
| Region | |||||||||||||||||||
| |||||||||||||||||||
| |||||||||||||||||||
| |||||||||||||||||||
| |||||||||||||||||||
| |||||||||||||||||||
|
E-cargo Bike Market Size Summary
The e-cargo bike market is experiencing significant growth, driven by the increasing adoption of electric bikes as a sustainable and efficient mode of transportation. This market is gaining traction as cities worldwide grapple with traffic congestion and pollution, making e-cargo bikes an attractive alternative for first- and last-mile deliveries, as well as general logistics and family transportation. Developed regions such as Europe and North America are leading the charge, with countries like Germany, the United Kingdom, and the United States contributing substantially to the market's expansion. The rise of e-commerce, particularly in North America, presents unique logistical challenges that e-cargo bikes are well-suited to address, further propelling market growth. In Asia, densely populated countries like China, India, and Japan are expected to see increased adoption due to the practicality and eco-friendliness of e-cargo bikes.
The global e-cargo bike market is characterized by a fragmented landscape, with key players such as Accell Group NV, Aima Technology Group Co. Ltd, Riese & Müller, RYTLE GmbH, and Yadea Group Holdings Ltd holding significant market shares. The market's expansion is supported by government incentives and subsidies, particularly in Europe and North America, which encourage the use of e-bikes for transportation and deliveries. The COVID-19 pandemic has accelerated the adoption of e-bikes, as they offer a practical solution for commuting and local deliveries, reducing reliance on fuel-powered vehicles. As businesses increasingly recognize the cost and environmental benefits of e-cargo bikes, their use for last-mile deliveries is expected to rise, contributing to the market's robust growth trajectory over the forecast period.
E-cargo Bike Market Size - Table of Contents
-
1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
-
1.1 Propulsion Type
-
1.1.1 Pedal Assisted
-
1.1.2 Speed Pedelec
-
1.1.3 Throttle Assisted
-
-
1.2 Battery Type
-
1.2.1 Lead Acid Battery
-
1.2.2 Lithium-ion Battery
-
1.2.3 Others
-
-
1.3 Region
-
1.3.1 Africa
-
1.3.1.1 By Country
-
1.3.1.1.1 South Africa
-
1.3.1.1.2 Rest-of-Africa
-
-
-
1.3.2 Asia-Pacific
-
1.3.2.1 By Country
-
1.3.2.1.1 Australia
-
1.3.2.1.2 China
-
1.3.2.1.3 India
-
1.3.2.1.4 Japan
-
1.3.2.1.5 New Zealand
-
1.3.2.1.6 South Korea
-
1.3.2.1.7 Rest-of-APAC
-
-
-
1.3.3 Europe
-
1.3.3.1 By Country
-
1.3.3.1.1 Austria
-
1.3.3.1.2 Belgium
-
1.3.3.1.3 Denmark
-
1.3.3.1.4 France
-
1.3.3.1.5 Germany
-
1.3.3.1.6 Italy
-
1.3.3.1.7 Luxembourg
-
1.3.3.1.8 Netherlands
-
1.3.3.1.9 Norway
-
1.3.3.1.10 Poland
-
1.3.3.1.11 Spain
-
1.3.3.1.12 Sweden
-
1.3.3.1.13 Switzerland
-
1.3.3.1.14 UK
-
1.3.3.1.15 Rest-of-Europe
-
-
-
1.3.4 Middle East
-
1.3.4.1 By Country
-
1.3.4.1.1 Saudi Arabia
-
1.3.4.1.2 United Arab Emirates
-
1.3.4.1.3 Rest-of-Middle East
-
-
-
1.3.5 North America
-
1.3.5.1 By Country
-
1.3.5.1.1 Canada
-
1.3.5.1.2 Mexico
-
1.3.5.1.3 US
-
1.3.5.1.4 Rest-of-North America
-
-
-
1.3.6 South America
-
1.3.6.1 By Country
-
1.3.6.1.1 Argentina
-
1.3.6.1.2 Brazil
-
1.3.6.1.3 Rest-of-South America
-
-
-
-
E-cargo Bike Market Size FAQs
How big is the Global E-cargo Bike Market?
The Global E-cargo Bike Market size is expected to reach USD 2.01 billion in 2024 and grow at a CAGR of 7.73% to reach USD 2.92 billion by 2029.
What is the current Global E-cargo Bike Market size?
In 2024, the Global E-cargo Bike Market size is expected to reach USD 2.01 billion.
