Cargo Bike Market Set To Surge
Significantly During 2030

According to the report, the global cargo bike market is
projected to surpass US$ 6.3 Bn by 2030, expanding at a CAGR of
~15% during the forecast period. The increase in penetration of Internet
connectivity and smartphones has boosted the online retail and eCommerce
sector. In April 2020, the United Nations Conference on Trade and Development stated
that global eCommerce sector expanded by 8% in 2018, with total sales of US$ 28
Trn. The increasing inclination toward online shopping is boosting the number
of last mile deliveries. A recent report published by the World Economic Forum
in January 2020 stated that urban delivery services is expected to expand by
78%, leading to a 36% increase in delivery vehicles by 2030.

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Expansion of Cargo
Bike Market

Cargo bike manufacturers are developing connected
self-driving bikes that are expected to conduct deliveries without human
intervention. In 2019, IAV introduced autonomous cargo bike for convenient
deliveries in urban settlements. The surge in trade volume, owing to rising
bilateral trade among countries, is projected to boost the cargo bike market
during the forecast period. China witnessed a surge in both general trade
volume and proportion, escalating to 15.66 trillion
Yuan. China trade volume accounted for 56.4% of total
foreign trade. Major trading partners of China are the U.S., the European
Union, and ASEAN.

Based on number of wheels, the global cargo bike
market has been segmented into two wheeled, three wheeled, and four wheeled.
Three wheeled is likely to be a highly lucrative segment during the forecast
period. Three wheeled cargo bikes have large weight carrying capacity during
transportation. Major parcel and delivery service providers use three wheeled
cargo bikes, as they can carry large amount of products.

Based on application, the courier & parcel
service segment accounted for a significant share of the global cargo bike
market. The growing consumer trend toward online shopping is likely to boost
the cargo bike market across the globe. The rapid expansion of eCommerce
companies across the globe is estimated to further drive the cargo bike market
across the globe.

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Regional Analysis
of Cargo Bike Market

In terms of region, the global cargo bike market has
been segregated into North America, Europe, Asia Pacific, Middle East &
Africa, and Latin America. Europe dominated the global cargo bike market in
2019. It is anticipated to hold a leading market share during the forecast
period due to rise in transportation of goods and commodities via bikes.
Governments across Europe and North America have initiated numerous projects,
such as CityChangerCargoBike, Transportrad Initiative of Sustainable
Municipalities (TINK), Commercial Cargo Bike Program, to encourage adoption of
cargo bikes. Financial assistance in the form of subsidies and grants,
dedicated infrastructure, and well-established regulatory framework are major
drivers of the cargo bike market in these regions.

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Cargo Bike Market
Players

Prominent players operating in the global cargo bike
market include BMW Group, Butchers & Bicycles, Cezeta, Douze Factory SAS,
Energica Motor Company, Govecs Group, Harley Davidson, Hero Electric, Johammer
E-Mobility GmbH, KTM AG, Mahindra & Mahindra Ltd., NIU International, Rad
Power Bikes LLC, Riese & Müller GmbH, Vmoto Limited, Yadea Group Holding
Ltd., and Yuba Electric Cargo Bikes