Electric Cargo Bikes Charge Forward: Market Poised for Stellar Growth at 11.4% CAGR

The global electric cargo bike market is expected to attain a valuation of US$ 2.1 billion in 2023 and is projected to reach US$ 6.2 billion by 2033, expected to rise at a CAGR of 11.4% during the forecast period.

According to Future Market Insights, Europe is expected to be one of the most promising markets for electric cargo bikes throughout the forecast period. According to the analysis, Germany is predicted to account for more than 40% of the European market by 2033. The market in this area is estimated to increase at a CAGR of 11.6% over the forecast period.

Request a Sample of this Report:

The German Federal Government provides a subsidy of up to 25%, or a maximum of 2,500 Euros, every cargo bike with a weight (cargo and rider) of at least 150kg and a capacity of 1m3.

Furthermore, Germany remains one of the world’s major e-mobility markets, giving it a profitable opportunity for electric cargo bike makers. Aside from that, rising concerns about carbon footprints, national population growth, and more transportation in Europe will all contribute to market expansion.

Key Takeaways

  • The United States electric cargo bike market is expected to grow with a CAGR of 9.5% during the forecast period.
  • The demand for electric cargo bikes in Australia is expected to grow with a CAGR of 11.5% during the forecast period.
  • By battery type, the lithium-ion battery segment is projected to grow with an impressive CAGR of 12% during the forecast period.
  • The market in Germany is expected to grow with a significant CAGR of 11.6% throughout the forecast period.

“The thriving e-commerce industry and use of electric cargo bikes for fast parcel deliveries are expected to drive market growth during the forecast period,” comments an FMI analyst.

Competitive Landscape

The market for electric cargo bike is highly competitive, with numerous prominent industry players making substantial investments in their production.

The key industry players are Jiangsu Xinri E-Vehicle Co. Ltd., Jinhua Jobo Technology Co., Ltd., CERO ELECTRIC CARGO BIKES, Worksman Cycles, DOUZE Factory SAS, XYZ CARGO, Butchers & Bicycles ApS, NIHOLA, Babboe, Yuba Electric Cargo Bikes, BODO Vehicle Group Co., Ltd. (LUXMEA), Chongqing Mobimax Technology Co., Ltd., Carqon (Accell Group N.V.), XCYC (Gemeinnützige Werkstätten und Wohnstätten GmbH ), Riese & Müller GmbH, Urban Arrow, Rad Power Bikes Inc., Tern Bicycles (Mobility Holdings, Ltd.), Pedego Electric Bikes, Xtracycle Inc, Amsterdam Bicycle Company, Triobike.

Some recent developments in the electric cargo bike market are:

  • In October 2022, French company Douze Cycles introduced a series of cargo bikes comprising four models, three of which feature electric assistance. These bikes offer an impressive hauling capacity of up to 205 kg.
  • In June 2022, Tern unveiled NBD, a low-step e-bike capable of supporting a maximum gross vehicle weight of 140 kg. It features a rear rack with a capacity of up to 27 kg and a front rack that can handle up to 20 kg.
  • DOUZE Factory SAS, a French company specializing in cargo bike design and manufacturing, revealed a collaboration with Toyota on March 8, 2023. Together, they will co-develop and launch a new lineup of electric cargo bikes.
  • On November 3, 2022, Yuba Bikes from California introduced their popular non-motorized ‘longtail’ bicycles. These bikes have an extended deck for carrying cargo or passengers. Yuba expanded their cargo bike range with the new Fastrack model, featuring a patent-pending integrated Dual Rack System that can be adjusted in four ways to accommodate different cargo or passenger.

Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights:

Key Segments Profiled in the Electric Cargo Bike Industry Survey

By Product Type:

  • Two Wheeled
  • Three Wheeled
  • Four Wheeled

By Battery Type:

  • Lead-Based
  • Nickel Based
  • Lithium Ion

By End-Use:

  • Courier & Parcel Service Provider
  • Large Retail Supplier
  • Personal Transportation
  • Service Delivery
  • Waste & Municipal Services

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa


Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: 
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube


Leave a Reply

Your email address will not be published. Required fields are marked *