by Cargo bikes are multi-purpose vehicles used for transporting goods and equipment over short distances. These bikes are equipped with cargo compartments like large saddle bags, front or rear cargo trailers, allowing transportation of loads up to 350 pounds. They are becoming a popular mode of last mile delivery due to their maneuverability and ability to access congested urban areas easily. Cargo bikes enable delivery of goods without the need for dedicated parking spaces and can reduce traffic as well as emissions in city centers. They provide an alternative to vehicles for door-to-door deliveries.
The global Cargo Bike Market is estimated to be valued at US$ 1465.41 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth of cargo bikes market is increasing demand for green transportation. The traditional delivery vehicles cause traffic congestion and emissions in city centers. However, cargo bikes provide zero emission transportation and is increasingly being adopted for last mile delivery by e-commerce companies to reduce carbon footprint. Another trend is integration of advanced technologies like electric cargo bikes for enhanced delivery operations. E-cargo bikes offer more payload capacity, riding range as well as reduce physical strain on delivery staff. Advancements in battery technology and new product launches catering to delivery applications are fueling adoption of electric cargo bikes. Emergence of on-demand delivery services and expanding buyer base from millennials and generation Z are propelling growth of cargo bikes market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Global Cargo Bike Market Size is low as building infrastructure and gaining customer trust requires significant time and investments. Bargaining power of buyers: The bargaining power of buyers in the cargo bike market is moderate as there are several established players offering differentiated product portfolios. However, switching costs are low.
Bargaining power of suppliers: The bargaining power of suppliers in the cargo bike market is moderate due to the availability of substitute components. However, integration of advanced technologies requires long-term supply agreements.
Threat of new substitutes: The threat of new substitutes in the cargo bike market is low as conventional transportation modes are not comparable in terms of cost-effectiveness and environment-friendly nature.
Competitive rivalry: The competitive rivalry in the cargo bike market is high owing to the presence of numerous international and regional players offering a wide range of technologically advanced cargo bikes.
Key Takeaways
The global cargo bike market is expected to witness high growth over the forecast period. The global Cargo Bike Market is estimated to be valued at US$ 1465.41 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.
Europe currently dominates the market and is expected to maintain its lead fueled by government initiatives promoting emission-free transportation in major countries. Growing e-commerce activities are also propelling the demand for cargo bikes across Europe. The cargo bike market in Asia Pacific is projected to emerge as the fastest growing regional market between 2023 and 2030. Rapid urbanization and rising pollution levels are encouraging the adoption of electric cargo bikes in countries like China and India. Government investment to develop EV charging infrastructure will further support the regional market growth over the coming years.
Key players: Key players operating in the cargo bike market are Abbott Laboratories, Beckman Coulter Diagnostics, Siemens Healthcare, J. Mitra & Co. Pvt. Ltd., Merck, Bloom Diagnostics, Finecare TSH, Biotech Co., Ltd. and bioMérieux. The market is dominated by large international players focusing on developing advanced lithium-ion batteries and improved cargo capacity. Strategic collaborations for manufacturing and distribution are helping key players strengthen their foothold across various countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
