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(Transportation-News.com, September 26, 2019 ) Market Overview:
The advent of cargo bikes which run on electricity proves to be an innovative and disruptive technology in the logistics and transportation business, primarily positively impacting the urban delivery scenario. Electronic cargo bikes can carry several customer orders at once and offer a greener alternative to traditional delivery vehicles, producing zero emissions and no noise pollution.
The Electric Cargo Bikes Market was worth USD XX billion in 2018 and is forecasted to reach USD XX billion by 2026, growing at a CAGR of XX% during the forecast period (2019-2026).
Market Dynamics:
Lower running costs, reduction in delivery times, and lower environmental impact are some of the significant advantages of using electric cargo bikes rather than other mediums to transport goods. The shifting consumer preference for electric cargo bikes in developed countries is also expected to present new opportunities for market growth and product expansion to significant companies.
The companies recognize the trend as a means to generate additional revenue and thus focused on introducing new electric cargo bikes which will provide sustainable growth for the product demand during the forecast period.
However, the biggest challenge for electric cargo bike is the lack of adapted infrastructure, safe cycle lanes, secure parking and easy to find repair shops.
Market Segmentation:
The Electric Cargo Bikes Market is segmented by end use such as courier and parcel service providers, large retail suppliers, personal transportation, and others. Courier and parcel service providers dominate the market owing to the growing package deliveries from online retail sector and shift in consumer preference for electric cargo bikes.
According to figures of the German parcel and express logistics association (BIEK), the volume of the parcel, courier and express shipments has grown by 74% during 2000–2016.
The reduction in retail storage space and the growing number of just-in-time deliveries have also lead to a rise in electric cargo bikes distribution operations in city centers.
Further, in Berlin and Munich, Amazon has started using cargo bikes for deliveries, and in Hamburg and Berlin, Ikea customers can have their purchases delivered via cargo bicycle or rent cargo bicycles for their use.
The online retail stores and companies are thus focused on business expansion in critical geographical regions to expand their business reach. For instance, in October 2018, UPS expanded its electric cargo bicycles for deliveries in Seattle.
Geographical Analysis:
By Geography, the market is segmented into, North America, Europe, South America, Asia Pacific, The Middle East and Africa
Competitive Analysis:
Some of the key players include Xtracycle Inc., Yuba Electric Cargo Bikes, Babboe, DOUZE Factory SAS, Riese & Müller GmbH, Urban Arrow, and others.
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