Electric Cargo Bikes Market to Reach US$ 1,095.2 Mn by the End of 2026 - Persistence Market Research
Nov 28, 2018, 07:00 ET
NEW YORK, November 28, 2018 /PRNewswire/ --
Unit Sales of Electric Cargo Bikes to Cross 90,000 by 2018 End
Growing Demand for Eco-friendly Modes of Transportation to Fuel Sales
Global sales of electric cargo bikes have witnessed a significant rise in recent years, given the global brouhaha surrounding environment friendly and sustainable transportation mechanisms. A new research study by Persistence Market Research (PMR) pegs global unit sales of electric cargo bikes at 94,998 units by the end of 2018. This translates to revenues worth US$ 402.7 Mn by 2018 end. PMR attributes revenue growth of electric cargo bikes to a growing awareness of deploying emission free battery powered bikes on roads.
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Tilting Electric Cargo Bikes Trending the Global Market
The global automotive sector is witnessing rapid technological advancements, especially in the mobility category. Three-wheeled electric cargo bikes now come with a tilting mechanism that enhances the turn and steering capability in electric cargo bikes. Tilting electric cargo bikes are perfect for carrying different types of goods and even small children, as these bikes provide smoother, more responsive, and agile rides. Manufacturers in the electric cargo bikes market are focusing on introducing the tilting mechanism in electric cargo bikes to attract the target consumer base and boost their brand identity.
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Weight reduction is another key focus area of manufacturers in the electric cargo bikes market. Companies are focusing on launching cost optimal, lightweight electric cargo bikes to ensure improvement in vehicle performance. The lightweight and compact frames of electric cargo bikes facilitate easy loading and unloading of cargo. Lightweight electric cargo bikes are becoming increasingly popular in the manufacturing sector for the transportation of goods and cargo.
Companies are also introducing electric cargo bikes in the global logistics supply chain for the transportation of food and beverage products and other types of cargo. This is creating lucrative opportunities in the global market for electric cargo bikes, especially for relatively smaller players looking to make investments in the purchase of electric cargo bikes.
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Key Insights from PMR's Exhaustive Study on the Global Electric Cargo Bikes Market
Persistence Market Research throws light on the key dynamics impacting growth in sales of electric cargo bikes as well as the few restraints limiting revenue growth. A detailed segmental analysis provides in-depth information on the growth trajectory of the different types of electric cargo bikes, types of batteries used to power electric cargo bikes, and the various end-use applications that employ electric cargo bikes.
- Electric cargo bikes emit very low sound and are essentially silent operation bikes. This is driving popularity of these bikes across the globe and fueling demand growth in the global market.
- The global automotive sector is moving towards clean technology and automakers are working on reducing pollution levels and complying with emission control norms. This factor is leading to increasing adoption of electric cargo bikes as a viable alternative to conventional fuel powered bikes to transport goods and cargo.
- Growth in the global e-commerce industry has propelled the demand for electric cargo bikes, as companies prefer these eco-friendly bikes to transport parcel deliveries to consumers.
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- There is a significant growth in the charging infrastructure for electric vehicles across the globe. The smart city concept has further brought in the sustainability angle to the concept of mobility. This is fueling growth in sales of electric cargo bikes.
- However, high prices of electric cargo bikes coupled with absence of a structured regulatory framework governing the use of electric cargo bikes may hamper revenues in the global market to a certain extent.
- Three-wheeled electric cargo bikes are anticipated to be the most dominant product type predominantly owing to the increasing number of end uses of these bikes.
- Lithium Ion is the most preferred battery type used in electric cargo bikes, owing to the inherent benefits of Lithium Ion over conventional lead batteries or nickel-metal hydride batteries.
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- Use of electric cargo bikes in courier and parcel delivery services is likely to be rampant in the coming years. Further, large retailers are using electric cargo bikes to transport food and beverage products and this trend is likely to continue on an upswing in the near future.
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