Emphasis on Reducing Traffic Congestion and Safeguarding Environment to Boost Sales
From the logistics point of view, two-wheelers or bikes have remained the first choice of consumers around the world. Moreover, due to environmental, logistical, philosophical, and economical factors, the demand for bikes has remained consistently higher than that of cars particularly in the developing regions such as Asia Pacific, Latin America, and Middle East & Africa. Cargo bikes have garnered immense popularity in recent years, owing to the high user convenience quotient, minimum need for maintenance, and swelling traffic related challenges, especially in the urban regions worldwide.
As city roads continue to clog up at a rapid pace, cargo bikes have emerged as one of the most efficient and convenient mode of transportation for cargo companies due to which, the demand for cargo bikes has consistently moved in the upward direction in recent years– a trend that is likely to continue over the forecast period. In the wake of ongoing regulatory measures being taken to safeguard the environment, players operating in the current cargo bike market are increasingly focusing on the production of electric cargo bikes. A number of players operating in the cargo bike market is expected to expand their product portfolio in the upcoming years.
At the back of these factors coupled with considerable rise in the number of commercial deliveries in cities of various regions, the global cargo bike market is anticipated to surpass the US$ 6.3 Bn mark by the end of 2030.
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Demand from Developed Region on Rise; Cargo Bikes Gain Popularity as Eco-friendly Logistic Solution
Over the past few years, governments and other governing bodies, mainly in developed regions, are increasingly making efforts to address a range of challenges related to transportation and its impact on the environment. Several government as well as non-government organizations around the world are inclined toward increasing the adoption of cargo bikes as an eco-friendly urban logistics transportation alternative. In Europe, the City Changer Cargo Bike Project primarily aims to boost the usage of cargo bikes as a healthy, space-saving, eco-friendly, and cost-efficient mode of transportation in both, private as well as commercial uses.
A handful of similar projects across Europe as well as the other regions of the world is expected to have a positive influence on the global cargo bike market during the forecast period. The considerable rise in the number of such projects is anticipated to generate notable awareness among stakeholders operating across commercial, public, and private sectors. The surge in the usage of cargo bikes for private & commercial logistics and semi stationary applications is a clear indication that cargo bikes are swiftly gaining immense popularity around the world.
Furthermore, in nations such as Germany, in 2019, the sales of electric cargo bikes surpassed that of electric cars. Many European cities, including Amsterdam and Copenhagen are leading the way in terms of the usage of cargo bikes as a sustainable mode of transportation.
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Market Players Focus on Expanding Product Portfolio to Gain Advantage
Several companies operating in the cargo industry, including DHL, UPS, and Amazon have expressed the desire to test the potential of cargo bikes in New York City, and have introduced a pilot program to minimize the traffic congestion in certain parts of Manhattan. Local government bodies such as The New York City Department of Transportation are increasingly focusing on assessing the safety and feasibility of cargo bikes. Market players operating in the current cargo bike market are increasingly focusing on expanding their product portfolio and launching cargo bikes to strengthen their position in the market.
For instance, in August 2022, Tern announced the launch of a new electric cargo bike that is mainly developed for usage in urban regions. Similarly, in July 2022, Raleigh announced the launch of a new range of electric cargo bikes.
Cities Worldwide Prioritize Low-carbon Transport amid Ongoing COVID-19 Pandemic
The outbreak of the COVID-19 pandemic is anticipated to have a moderate impact on the overall growth of the global cargo bike market in 2022. A number of cities around the world has prioritized equitable and low-carbon transportation solutions, including bicycling and walking to ensure safety of residents. In addition, due to the increasing number of cases around the world, cargo bikes have emerged as one of the safest and the most feasible means of transport to complete deliveries, point-to-point services, and last-mile deliveries. Furthermore, as cargo bikes can be easily sanitized in comparison with cars or delivery trucks, the demand for cargo bikes amid the ongoing COVID-19 pandemic is on the rise.
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