Market Analysis and Size
Cargo bikes or carrier cycle, have gained great relevance in recent years due to its minimum need for maintenance and high user convenience quotient. The use of bikes has remained constant owing to the logistical, environmental, economical and logistical factors especially in regions including Asia Pacific, and Middle East and Africa.
Global Cargo Bike Market was valued at USD 910.00 million in 2021 and is expected to reach USD 2142.90 million by 2029, registering a CAGR of 11.30% during the forecast period of 2022-2029. Electric segment in the propulsion sector is expected to witness high growth owing to the rise in environmental consciousness among population. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Cargo bikes, also known as freight bicycle or cycle trucks, refer to the human powered along with electric battery powered bicycles that are constructed specifically for transporting loads. Vehicle designs include area that consists of either enclosed or open box, or a wired basket, generally mounted over one or both wheels.
Cargo Bike Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
Government Initiatives
The rise in the government initiatives to encourage the use of cargo bikes in order to reduce carbon emissions acts as one of the major factor driving the growth of cargo bike market. These bikes are being considered an eco-friendly and efficient solution for commute.
Consumer Inclination towards Electric bikes
The rise in consumer inclination towards electric or cargo bikes accelerate the market growth. These bikes are widely adopted as they are specifically designed and constructed to handle loads larger than those of an ordinary cycle.
Tourism Sector
The expansion of tourism sector across the globe further influence the market. The rise in number of tourists and congestion caused by the number escalate the demand for electric bikes. Also, the rise in transportation-related concerns and their environmental impact assists in the expansion of the market.
Additionally, surge in investments, expansion of the automotive sector and increased disposable income positively affect the cargo bike market.
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