Global Commercial Cargo Bike Market Forecast, Trend Analysis & Competition Tracking - Global Industry Insights 2015 to 2031

Demand for Commercial Cargo Bike from 2015 to 2020 Vs Future Market Projections for 2021-2031

Request Covid - 19 Impact

From 2015 to 2020, sales of commercial cargo bikes were significantly high, expanding at under 14% CAGR. Commercial cargo bikes are specifically designed to carry the cargo for varying purposes, industrial or otherwise. Cargo bikes have gained increasing popularity over the last few years, owing to their substantially greater user-convenience quotient, lower maintenance costs, and reduced traffic-related challenges, more specifically in the urban regions across the globe. These bikes are more efficient and accessible, resulting in a more significant potential to tackle environmental, logistical, and traffic-related challenges. These factors are expected to become inseparable fundamentals in the home automation ecosystem.

The COVID-19 pandemic has promised new growth in expanding the bicycle market. The total bicycles spending has increased and reached US$ 58 billion in 2020 and is further expected to grow more and reach US$ 87 billion in 2026. From 2021 to 2031, demand is likely to expand at a CAGR exceeding 7%.

Global Commercial Cargo Bike Market Revenue Outlook:

The global commercial cargo bike market was valued at US$ 1.5 Bn in 2020 and is projected to register а САGR of 13.8% by 2031.

The global commercial cargo bikes market is expected to expand significantly, owing to the increasing demand from end-use industries, such as the food & beverages, e-commerce, fishery industry, etc. A surge in the demand and adoption of these cargo bikes, owing to affordability, reliability, convenience, eco-friendliness, etc., is also expected to aid this industry's financial trajectory further. Additionally, cargo bike festivals in Poland, Belgium, and the UK are also fostering producer, consumer, and like-minded business interest in the adoption of cargo bikes, further contributing to the demand spike of this target market.

Nonetheless, various industry players in the global commercial cargo bike market are now increasing their focus towards the establishment of successful collaborations, acquisitions, and joint venture activities as a means to enhance their respective customer bases in rapidly developing economies. These players are also increasing their supply capabilities to meet customer requirements on a local and global scale. This factor, paired with promising industrialization prospects in developing economies of the Asia-Pacific region, such as China, India, Taiwan, Indonesia, etc., are expected to create massive business opportunities for key players over the forecast period.

How is the Demand for Commercial Cargo Bike Increasing?

The importance of low-carbon transport is steadily increasing, coupled with considerable inflation in commercial deliveries across the globe. These are factors also expected to positively influence the demand for commercial cargo bikes in the coming years. Governments and non-governmental organizations across the globe are more incessantly inclined toward the adoption of cargo bikes as they have been proven to be eco-friendlier logistical modes of transport compared to conventional ways for commercial purposes.

COVID-19 Impact on the Commercial Cargo Bike Market

The COVID-19 pandemic has resulted in the slowdown of critical trade activities across several countries. The primary factor behind this slowdown is various countermeasures adopted by respective governments to curb the trajectory of this virus. As significant economies enforce precautionary lockdowns, a considerable gap between market supply and demand is being created, resulting in increased difficulties for both manufacturers and distributors to manage their respective operations effectively. This is a primary factor that is anticipated to influence prospects for revenue growth. However, as these lockdowns are gradually lifted, and economies begin to recover, this market is expected to regress to its pre-COVID state.

Although, during the lockdown situation or after lifting the lockdown in fewer countries gradually, the demand for commercial cargo bikes has upsurged. However, supply chain disruption in China has resulted in a decline in demand for commercial cargo bikes, a hotspot for the deadliest virus, resulting in a slight decrease of global sales by 5-10%. In addition, the ongoing trade war with China is expected to limit the EXIM activities of commercial cargo bikes in particular regions.

Driving Factors for the Commercial Cargo Bike market

The e-Commerce industry has transformed the way individuals do business owing to numerous value-added benefits that they offer. This platform has gained significant traction in recent years and shows no signs of a slowdown. The increasing adoption of online purchasing habits for goods of varying kinds has resulted in an exponential surge in projected yet achieved trajectories for numerous players in the e-Commerce industry, which have impacted the revenue growth of this industry for cargo commercial usage bikes. For instance,

• The Indian e-Commerce market in 2017 was valued at $38.5 Bn., and this sector is estimated to be valued at $200 Bn. by 2026.

• In 2020, worldwide retail e-commerce sales amounted to $4.28 trillion and were anticipated to register $5.4 trillion approximately by 2022.

Competitive Landscape

The commercial cargo bike market landscape appears highly consolidated, with a significant chunk dominated by European and Chinese players.

• Accell Group NV
• Riese & Müller GmbH
• Tern Bicycles
• Urban Arrow
• Pedego Electric Bikes
• Winther Bikes
• Rad Power Bikes Inc.
• Larry vs. Harry
• DOUZE Cycles
• Madsen Cycles
• Butchers & Bicycles
• Christiania Bikes Aps
• Xtracycle
• YUBA Bicycles LLC
• Huaibei Jinxin Electric Bicycle Co., Ltd.
• Other Players

Some notable developments in the market include:

• The increasing importance of e-Cargo bikes and their immense potential to various industry verticals are crucial. For example, the Department for Transport (UK) and the Energy Saving Trust have initiated the eCargo Bike Grant Fund, a total of £2 million, supporting several organizations that procure e-Cargo commercial bikes for commercial purposes.

• The European Cargo Bike and Cycle Logistics Experts Group (CBCLEG) has started operations in partnership with Cycling Industries Europe (CIE) and the European Cycle Logistics Federation (ECLF). This tri-partnership connects logistic companies with the bike industry elements, particularly those of cargo bike companies, and also promotes cargo bike and cycle logistics aimed at sustainable urban mobility while encouraging necessary investments in the development of more efficient cargo bikes.

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America

  • US

  • Canada

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Russia

  • Rest of Europe

• Asia Pacific

  • China

  • Japan

  • South Korea

  • India

  • Rest of Asia Pacific

• Latin America

  • Brazil

  • Mexico

  • Rest of Latin America

• Middle East & Africa

  • GCC

  • South Africa

  • Israel

  • Rest of MEA

Key Segments Covered

Commercial Cargo Bike Market, By Product Type

• Regular Cargo Bike
• Electric Cargo Bike

Commercial Cargo Bike Market, By Application

• Cargo & Delivery
• Retail & Vendor
• Passenger
• Other Applications