Cargo Bike Market Size By Type (Two-wheeled, Three-wheeled, Four-wheeled), By Sales channel (Online, Offline), By Drivetrain (Electric, Non-electric), By Application (Courier & Parcel Delivery, Food Delivery, Others) & Forecast, 2023 – 2032

Cargo Bike Market Size

Cargo Bike Market size surpassed USD 900 million in 2022 and is projected to grow at 9%  CAGR from 2023 to 2032, attributed to the rising interest in recreational activities.
 

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The industry is flourishing in Latin America and the MEA is growing owing to the rise in recreational activities, which increased the need for bicycles that can transport both people and goods. The popularity of cargo bikes among cyclists in these regions has grown due to their eco-friendliness and convenience. The environmental benefits of cargo bikes, which do not emit pollutants and rely on human power, have increased their demand in the regions. The business development is due to the growing desire for sustainable transportation coupled with increased urbanization and awareness about environmental concerns.
 

Shifting focus of commuters toward personal mobility solutions

The growing trend among commuters to seek out efficient & sustainable personal mobility solutions is driving cargo bike market growth. Commuters are increasingly turning to cargo bikes as a convenient mode of transport for goods and people while also promoting an active & healthy lifestyle. With the increasing demand for personal mobility solutions, the demand for cargo bikes is expected to rise, driving innovations in the industry as manufacturers introduce new models with improved features and functionalities.
 

High cost associated with electric cargo bikes

The industry growth is hampered by the high costs of electric cargo bikes. While electric mobility is gaining popularity, the components used in electric cargo bikes including batteries, motors, and controllers are costly. The focus is on developing advanced battery technologies for improved bike performance and to help manufacturers overcome cost-related challenges. By enhancing battery performance, manufacturers may be able to reduce the overall costs and increase the affordability of electric cargo bikes.

Cargo Bike Market Analysis

The four-wheeled cargo bike market is expected to observe 10.4% growth during 2023-2032. The superior stability, versatility and capability to carry heavier loads compared to traditional two-wheeled cargo bikes will drive industry expansion. The use of four wheels increases cargo capacity, enabling it to carry heavier loads over longer distances. This makes such cargo bikes more efficient for commercial & industrial applications including last-mile delivery, grocery delivery, and other forms of urban logistics. Four-wheeled cargo bikes are efficient and sustainable for urban transportation & logistics.
 

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The food delivery segment is poised to grow substantially by 2032 as these bikes have eco-friendly & sustainable transport options along with the increasing consumer inclination for green delivery solutions. Cargo bikes emit zero or minimal harmful emissions and offer an efficient mode of transport for food delivery in urban areas. The use of cargo bikes in food delivery allows businesses to gain a competitive edge by providing a unique & sustainable delivery experience to customers.
 

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The North America cargo bike market is estimated to record 8.5% gains through 2032. The regional market growth is propelled by the rising demand for sustainable and eco-friendly transportation solutions. Cargo bike applications are growing across the region as they are emission-free and provide a practical & sustainable option for last-mile delivery in urban areas. The progression of e-commerce has also led to an increased interest in last-mile delivery solutions, fostering the product demand.
 

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The prominent players in the cargo bike industry are AIMA Technology Co., Accell Group, Rad Power Bikes, Trek Bicycle, Pedego Electric Bikes, and Electric Bikes Technology, Inc. These market players are focused on introducing innovations in their cargo bike models. For instance, in February 2023, Trek unveiled two fresh electric cargo bikes, Fetch Plus 2 and Fetch Plus 4. Fetch Plus 2 is a long-tail cargo bike with an extended rear rack that can carry a combination of cargo, children, or other items. Fetch Plus 4 is a box bike, also known as a bakfiets, with a long wheelbase and a sizable front cargo area.
 

This market research report on cargo bike includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

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Market, By Type

• Two-wheeled
• Three-wheeled
• Four-wheeled

Market, By Sales Channel

• Online
• Offline

Market, By Drivetrain

• Electric
• Non-electric

Market, By Application

• Courier & Parcel Delivery
• Food Delivery
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa