Cargo E-Bike market to reach $2 billion by 2032
According to a report by Global Market Insights, the expanding cargo bike market will be valued at $2 billion by 2032.
Due to continuous innovation and increasing choice in the personal mobility market. Consumer preference for these micromobility and expensive vehicle options is steadily declining. Cargo bike manufacturers have created a new target market for everyday commuters.
As consumers adopt traditional travel costs such as taxis or fuel, as well as unsolvable urban congestion problems, there is an increasing demand for electric cargo bikes. With the implementation of automation technology and removable and rechargeable battery packs, manufacturers have the opportunity to produce mobile vehicles with more portability and ultra-thin features.
Three-wheeled cargo bikes account for more than 22% of total cargo bike market sales by 2022. These tricycles have a wide range of applications, from recreational use to urban logistics, small and medium deliveries to daily services using three-wheeled cargo bikes. such as waste collection and disposal. There are also good applications for large warehouse facilities and manufacturing centers, and three-wheeled cargo bikes will have better applications for short-distance transportation of raw materials and equipment.
For the food delivery segment of the cargo bike market, this share is expected to grow at a CAGR of 8.9% between 2023 and 2032. Restaurants and suppliers have been using online food delivery services for some time, and with the introduction of "cloud kitchens", the use of electric cargo bikes will greatly improve delivery methods, and they are sure to want to take bigger action. Using a cargo bike can bypass urban traffic, traverse smaller spaces, and even avoid congestion easier, faster, and more legally than motorcycles and scooters. The need for sustainable transportation will push businesses and deliverymen alike to replace their old modes of transportation with electric cargo bikes.
Offline sales of cargo bikes are expected to grow by around 8.5% by 2032. Despite the existence of online retailing of electric bikes, these numbers are still there. Customers still prefer face-to-face communication with a salesperson, being able to touch and test the bike in person and check out the gadgets and accessories that come with the bike. Even with an increase in disposable income, the traditional way of buying a bike in person will not diminish, especially for those who want to buy a high-end model and want to experience it for themselves. Electric bikes are still a significant investment for most people.
Bicycle rental services in countries such as Mexico and Brazil can help many tourists sightseeing. There is now a growing demand for cargo bikes, which will increase the demand for manufacturers in the Latin American region. To boost tourism, Argentina has invested in a $33 million local bike infrastructure and has formed and built bike paths, shelters, viewing platforms and campsites.
This market for electric cargo bikes is important to companies such as Ouka ebikes, Giant Bicycles, AIMA Technology Co., Accell Group, Rad Power Bikes, Trek Bicycles, Pedego Electric Bikes, Specialized Bicycle Components and Electric Bike Technologies, Inc. They are integrating next-generation technology into the current bike category by bringing more focused product innovation.
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