IMARC Group’s latest report, titled “Electric Cargo Bike Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global electric cargo bike market is expected to exhibit a CAGR of 12.17% during 2022-2027.
An electric cargo bike, also known as a freight bicycle or carrier cycle, is a battery-powered vehicle that operates on battery and allows riders to carry and transport heavy products. It comprises an open or enclosed box, a wired basket, or a flat platform that is generally mounted over one or both wheels. Additionally, it is equipped with nickel-based and lithium-ion batteries that provide power and control to the bike. It is a sleeker, faster, lightweight, and eco-friendly mode of transportation and is considered ideal for fulfilling various transportation needs, especially to cover short distances in urban areas, as it is cost-effective and easy to ride. Some of the commercially available electric cargo bike variants in the market include two, three, and four-wheeler bicycles.
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Electric Cargo Bike Market Growth:
Significant growth in the automotive industry majorly drives the global market. The escalating demand for cost-effective and eco-friendly urban commute options due to the rising traffic level is propelling the sales of electric cargo bikes as it offers effective and easy transportation of freight, food, and parcels. Since numerous logistics and transportation firms are deploying e-cargo bikes for increasing the number of freight deliveries, this is acting as another growth-inducing factor. Along with this, various initiatives taken by governments of several nations for promoting the adoption of these bikes over conventional bikes for their environmental benefits are also significantly supporting the market. Some other factors driving the market include rapid urbanization and the widespread adoption of electric cargo bikes for last-mile delivery services.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key Market Segmentation:
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Key Highlights of the Report:
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