Cargo Bicycles Market To Hit Value ,061.0 Million By 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on October 11th, 2023

San Francisco, 10 October 2023: The ReportCargo Bicycles MarketSize, Share & Trends Analysis Report By Product (Two-wheeled, Three-wheeled, Four-wheeled), By Type (Electric, Non-electric), By Wheel Size, By Application, By Region, And Segment Forecasts, 2022 - 2030

The global cargo bicycles market size is expected to reach USD 12,061.0 million by 2030, according to a new report by Grand View Research, Inc. Furthermore, the market is projected to advance at a significant CAGR of 22.3% from 2022 to 2030. Europe is expected to offer tremendous growth opportunities for the cargo bicycle market due to the localized presence of several bicycle manufacturers and rising awareness regarding environmentally efficient transportation.

The increasing encouragement for using non-polluting vehicles over short-distance commutes by governments fuels market growth. Moreover, consumers are shifting towards e-commerce and food delivery services, which increases logistic companies' need for more delivery partners. In September 2021, the Dublin City Council partnered with Bleeper to launch a cargo bicycle scheme, allowing local businesses to purchase e-cargo bicycles at a discounted rate. These e-cargo bicycles enable businesses to leverage a low-cost, low-risk, environment-friendly, and sustainable solution.

Electric cargo bicycles are efficient in delivering couriers when compared to vans in densely populated and urban areas. These bicycles also significantly minimize emissions and carbon footprint and are more viable than electric vans. Rising government support for low-carbon and clean air initiatives has fueled the adoption of cargo bicycles, enabling low-traffic neighborhoods (LTNs) in urban centers. During the coronavirus pandemic, the proliferation of home deliveries and online shopping activities increased significantly.

Cargo bicycles enable delivery partners to bypass traffic jams and minimize congestion on streets. In December 2021, FedEx expanded its fleet of e-cargo bicycles across the U.K. The company has included the cities of Cambridge, Edinburgh, and Glasgow in its mission of zero-emission delivery. The implementation of e-cargo bicycles in these cities is anticipated to fulfill the rising demand for deliveries in dense urban areas, reducing the environmental impacts of transportation.

Increased demand for fleets for freight delivery, coupled with the need for environmentally safe transport alternatives, has propelled the demand for cargo bikes in urban areas. Logistics and transportation are integral to implementing seamless freight deliveries and simplifying deliveries in an urban infrastructure across the world. An increase in freight deliveries and the movement of goods has impacted the environment by aggravating pollution, noise, traffic congestion, and vibration. These circumstances have interrupted the inhabitants of cities globally. To mitigate the concerns mentioned above and ensure sustainable transport practices, high demand for cargo bikes has been witnessed worldwide.

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These bikes are an eco-friendly alternative to traditional means of transportation used for last-mile deliveries and general logistic services. They can significantly replace freight delivery trips and impact the urban distribution system by offering low-cost, environment-friendly solutions to cater to the delivery demands of small-surface stores and the HORECA (hotel, restaurants, and catering) sector.

Cargo Bicycles Market Report Highlights

• The demand for cargo bicycles is projected to increase significantly in the coming years, owing to increasing concerns regarding sustainable transportation and rising demand for last-mile deliveries
• The demand for electric cargo bicycles is rising due to the growing requirement of carrying heavy loads and commuting to places across the city by courier companies
• The two-wheeled cargo bicycle segment is expected to hold the largest market share and expand at a CAGR of 22.0% from 2022 to 2030
• The electric cargo bicycle segment is projected to advance at the highest CAGR during the forecast period
• The market has overseen the presence of several cargo bicycle manufacturers across North America and Europe. These regions feature a well-developed infrastructure and account for a sizeable cumulative share of the global market

The two-wheeled cargo bicycles segment is expected to dominate the market through 2030, gaining a market share of 49.3% in 2021. The demand for these bicycles is owing to ease in maneuvering and their high adoption for last-mile deliveries and courier facilities. Some of the two-wheeled bikes are designed like regular bikes and are provided with a space between the handlebar and front wheel for carrying cargo. The three-wheeled cargo bicycles segment is anticipated to register a significant CAGR during the forecast period. These cycles have been preferred for personal uses as they offer stability to the rider. They are more spacious and wider than a regular bicycle, designed to carry three to four children; they also feature a tilting mechanism, allowing for improved handling, stability, and steering functions.

Cargo Bicycles Market Report Scope

List of Key Players in the Cargo Bicycles Market

• Smart Urban Mobility B.V.
• Xtracycle
• Tern
• Rad Power Bikes
• Worksman Cycles
• Yuba Bicycles LLC
• Cycles Maximus Ltd.
• Triobike A/S
• Elian Cycles
• Surly Bikes