The electric cargo bike market is expected to grow at a CAGR of approximately 13.7% from 2022 to 2030, with a market value expected to reach approximately US$2.042 billion by 2030.
        Electric cargo bikes are designed to transport large or heavy loads in an environmentally friendly manner. According to a Deloitte study, electric cargo bikes will be used for 20% of transportation in the near future.
        • Bicycles are expected to be the future of urban transport, according to Deloitte’s 2020 Technology, Media and Telecommunications Outlook. According to the report, electric cargo bikes could become the solution of choice for last-mile delivery in cities that could potentially handle tens of billions of deliveries worldwide each year.
       • Volkswagen Group Services and Volkswagen Commercial Vehicles developed an e-cargo bike in 2019. The group sells the e-bike with a maximum payload of 210 kg (including rider).
        • In December 2020, Smartron India launched tbike flex, an e-bike and cargo delivery platform for last-mile delivery and connectivity. The bike costs INR 40,000 and is suitable for carrying heavy objects and loads weighing up to 40 kg. The new electric cargo bike is powered by portable lithium batteries and has a top speed of 25 km/h. In addition, the power reserve on a single charge ranges from 75 to 120 kilometers.
        • Global automotive supplier Valeo has developed three prototypes to demonstrate how its solution, combining an electric motor and an adaptive automatic transmission in a pedal unit, can be applied to all three types of vehicle models, including city bikes, mountain bikes and cargo bikes. Bicycles used for transporting goods. Additionally, this innovative technology was sold to bicycle manufacturers who decided to offer a fully integrated solution at the same price as existing systems.
        • In December 2020, Tern launched the Haul Stuff Daily, or HSD, electric cargo/utility bike. The performance of the HSD Tern has been significantly improved with the introduction of the HSD S11, a Level 3 version with speeds up to 28 mph (45 km/h) in the US.
        COVID-19 is impacting the e-cargo bike industry in both directions. On the other hand, quarantine orders have had a significant impact on supply chains. Quarantine measures introduced in a number of countries had a negative impact on the market. The obstacles arose from limited production and delivery delays caused by travel restrictions. Many manufacturers were forced to cut production. On the other hand, growing e-commerce and food delivery companies across the globe are positively impacting the market growth. Despite the difficulties, the economy is gradually recovering from the pandemic. As sales and supply networks were restored, the company’s activities began to expand.
        Increasing investment in product development to develop high-performance, low-maintenance cargo bikes is driving the growth of the global electric cargo bike market. The continuous development of bicycle technology is one of the electric cargo bike market trends driving the growth of the industry. However, the limited range and low speed of these bikes are the two major constraints limiting the market share of e-cargo bikes. Moreover, increasing environmental regulations in the European region will create huge opportunities for market growth during the forecast period of 2022 to 2030.
       The global electric cargo bike market is segmented based on product type, battery type, end use, and geography.
        Based on product type, electric cargo bikes are divided into two-wheel, three-wheel and four-wheel. According to our analysis of the electric cargo bike industry, the two-wheeler sub-segment contributed the most revenue in 2021, accounting for more than half of the market share, and is likely to continue to do so in the future. The high growth of this segment is due to the growing demand for electric cargo bikes for leisure use.
        Based on battery type, the market is segmented into lithium-ion batteries, lead-based batteries, and nickel-based batteries. According to our electric cargo bike market forecast, lithium-ion batteries will dominate the market from 2022 to 2030. Electric vehicles use lithium-ion batteries to provide power. Consumer acceptance of electric vehicles has led to a growing market for these energy-efficient, pollution-reducing vehicles. The outbreak and spread of COVID-19 has impacted supply chains in the energy industry, particularly in battery energy storage systems and renewable energy technologies.
       Additionally, the end uses of e-cargo bikes include courier and parcel service providers, service delivery, personal use, large retailers, waste disposal utilities, etc. Online delivery has seen a boom in 2021 due to the development of the e-cargo bike industry. commerce in developing countries and the emergence of the COVID-19 pandemic, with express delivery and parcel service providers taking a significant share of the electric cargo bike market.
       North America, Latin America, Europe, Asia Pacific, Middle East and Africa are the regional classifications of the electric cargo bike industry.
        Europe held the major share (%) of the global electric cargo bike market in 2021. The early adoption of end-use electric cargo bikes primarily increased the market value of the region. The region’s ongoing investment in developing and implementing advanced green transportation solutions to achieve sustainable development goals has further increased the region’s market value. According to the European Cyclist project, there are currently 174 cargo bike models available, with around 50 brands vying for attention in Berlin. Additionally, Amazon (an online retail company) has started using cargo bikes to deliver to major European countries.
        Additionally, Asia Pacific is expected to witness the fastest growth during the forecast period from 2022 to 2030. The region may see potential growth due to developing or rapidly growing economies. Growing awareness about low-emission, eco-friendly transportation alternatives to combat growing environmental challenges is supporting the growth of the regional market.
        Electric cargo bike industry players include Butchers & Bicycles, Cero Electric Cargo Bikes, Douze Factory SAS, Jiangsu Xinri Electric Vehicle Co., Ltd., Kocass Technology Co. Ltd., Rad Power Bikes LLC, Riese & Müller GmbH. , Worksman Cycles, Xtracycle and Yuba electric cargo bikes. The electric cargo bike company has announced acquisitions, partnerships and new product developments to strengthen its position in the electric cargo bike industry. In addition to this, major players are also entering new areas with advanced technologies to gain a competitive advantage.
       The global electric SUV market size will be US$43 billion in 2021 and is expected to reach US$320 billion by 2030, growing at a compound annual growth rate of 25.5% from 2022 to 2030.
       The global automotive electric HVAC compressor market is expected to exceed US$9.2583 billion in 2020, growing at a compound annual growth rate of 22% from 2021 to 2028.
       The global EV charger market is expected to grow at a CAGR of approximately 27.5% between 2020 and 2027, and its market value is expected to reach approximately US$61.2 billion by 2027.
        Acumen Research and Consulting is a global provider of research and advisory services to the information technology, investment, telecommunications, manufacturing and consumer technology markets. ARC helps the investment community, IT professionals and business executives make informed technology purchasing decisions and develop corporate growth strategies to remain competitive in the marketplace. With a team of over 100 analysts and over 200 years of industry experience, Acumen Research and Consulting provides a combination of industry knowledge and experience at the global and country level.

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