Analysts with Future Market Insights assessing the growth of the marketplace for cargo bikes have placed the courier industry as a key buyer of electric cargo bikes, forecasting that 43% of sales could soon go to those building delivery fleets. The research finds that the global market value is on course to hit 2,4 billion euros by 2031, driven by city logistics trends, particularly as studies emerge showing the high efficiency and cost saving of the cargo bike versus the delivery van.
Already the global hotspot, Europe is anticipated to remain the most attractive market, with Germany commanding a 37% market share by 2031. However, government policy can stimulate increased adoption, and in the UK, small-scale schemes have been rolled out alongside local authorities to test the demand.
It will not solely be direct incentives that drive uptake, however. The policy that restricts motoring and emissions is expected to be a key driver, in particular for businesses that seek profitability.
The data has three-wheeled electric cargo bikes making up nearly half the market. In contrast, the advance of e-Bike technology has seen a drastic advance in market share for assisted cargo bikes, now accounting for a 73% market share. Cargo bikes available in the price range between 3.300 to 5.500 euros are expected to hold a 44% share in the global market.
Potentially limiting the growth is the legislation governing the output and range of electric cargo bikes. In addition, it has been argued by some organizations that categorization needs to evolve with the market’s technological and usage evolution.