According to the report, the global cargo bike market is projected to surpass US$ 6.3 Bn by 2030, expanding at a CAGR of ~15% during the forecast period. The increase in penetration of Internet connectivity and smartphones has boosted the online retail and eCommerce sector. In April 2020, the United Nations Conference on Trade and Development stated that global eCommerce sector expanded by 8% in 2018, with total sales of US$ 28 Trn.
The increasing inclination toward online shopping is boosting the number of last mile deliveries. A recent report published by the World Economic Forum in January 2020 stated that urban delivery services is expected to expand by 78%, leading to a 36% increase in delivery vehicles by 2030.
Expansion of Cargo Bike Market
Cargo bike manufacturers are developing connected self-driving bikes that are expected to conduct deliveries without human intervention. In 2019, IAV introduced autonomous cargo bike for convenient deliveries in urban settlements. The surge in trade volume, owing to rising bilateral trade among countries, is projected to boost the cargo bike market during the forecast period. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
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Based on number of wheels, the global cargo bike market has been segmented into two wheeled, three wheeled, and four wheeled. Three wheeled is likely to be a highly lucrative segment during the forecast period. Three wheeled cargo bikes have large weight carrying capacity during transportation. Major parcel and delivery service providers use three wheeled cargo bikes, as they can carry large amount of products.
Based on application, the courier & parcel service segment accounted for a significant share of the global cargo bike market. The growing consumer trend toward online shopping is likely to boost the cargo bike market across the globe. The rapid expansion of eCommerce companies across the globe is estimated to further drive the cargo bike market across the globe.
Regional Analysis of Cargo Bike Market
In terms of region, the global cargo bike market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe dominated the global cargo bike market in 2019. It is anticipated to hold a leading market share during the forecast period due to rise in transportation of goods and commodities via bikes. Governments across Europe and North America have initiated numerous projects, such as CityChangerCargoBike, Transportrad Initiative of Sustainable Municipalities (TINK), Commercial Cargo Bike Program, to encourage adoption of cargo bikes. Financial assistance in the form of subsidies and grants, dedicated infrastructure, and well-established regulatory framework are major drivers of the cargo bike market in these regions.
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Cargo Bike Market Players
Prominent players operating in the global cargo bike market include BMW Group, Butchers & Bicycles, Cezeta, Douze Factory SAS, Energica Motor Company, Govecs Group, Harley Davidson, Hero Electric, Johammer E-Mobility GmbH, KTM AG, Mahindra & Mahindra Ltd., NIU International, Rad Power Bikes LLC, Riese & Müller GmbH, Vmoto Limited, Yadea Group Holding Ltd., and Yuba Electric Cargo Bikes.