by The global Cargo Bike Market is estimated to be valued at US$ 1465.41 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cargo bikes are transportation vehicles designed to carry cargo securely and effectively rather than passengers. They come in various designs like long-tail, front-end, and tricycle models. Cargo bikes provide advantages of being more environmentally friendly, low-cost, and space-efficient compared to cars or vans. Their growing adoption in logistics, retail, and personal transportation is facilitating more sustainable urban mobility.
Market key trends:
One of the key trends driving the cargo bike market is rising awareness about environmental sustainability. The use of electric cargo bikes is gaining popularity as they reduce greenhouse gas emissions from transportation. Urbanization is another factor promoting the market growth. With nuclear families and small living spaces in cities, cargo bikes provide a flexible solution for transportation needs. Many city authorities have started infrastructure developments like bike lanes to encourage cycling. E-commerce boom has upscaled demand for last-mile delivery solutions as well, benefiting cargo bike suppliers. Their design customizations as per industry-specific needs are further enabling wide commercial uses.
Porter’s Analysis
Threat of new entrants: The cargo bike market has high barriers for new entrants due to high capital requirement and established suppliers and customers relationship of existing players.
Bargaining power of buyers: Buyers has high bargaining power due to availability of substitute options and products differentiation by various brands.
Bargaining power of suppliers: Suppliers does not have high bargaining power due to availability of substitute raw material suppliers.
Threat of new substitutes: Threat from substitutes is moderate as electric cargo bikes provides better mobility solution compared to conventional cargo transportation options.
Competitive rivalry: Market is dominated by few big international brands.
Key Takeaways
The Global Cargo Bike Market Demand is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing adoption for last mile deliveries. Growing e-commerce industry and need for sustainable mobility solutions are augmenting the demand for cargo bikes.
Europe dominates the cargo bike market currentlydue to stringent emission norms and government initiatives to promote non-motorized cargo transport in congested cities. Asia Pacific is expected to experience fastest growth during the forecast period supported by increasing investments in developing bicycle infrastructure in emerging markets like China and India.
Key players operating in the cargo bike market are Accell Group, Bodo Vehicle Group Co., Ltd, Butchers & Bicycles ApS, CERO Electric Cargo Bikes, DOUZE Factory SAS, Dutch Cargo Bike, G & O Family Cyclery, Gessato, Jinhua Jobo Technology Co., Ltd, Tern, Urban Arrow, Worksman Cycles, Xtracycle Inc, XYZ CARGO, and Yuba Bicycles LLC. These companies are focusing on new product launches and expansion in high growth markets to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
