The electric cargo bike market by value is expected to register a compound annual growth rate of 20% during the forecast period.
NEW YORK, NY, USA, Jan 16, 2022 / EINPresswire.com/ – The electric charging bike market by value is expected to register a 20% compound annual growth rate (CAGR) during the forecast period.
The global market is expected to witness rapid growth during the forecast period. Europe is expected to dominate the market. The existing infrastructure and the major players in this region provide the market in Europe with great opportunities for significant growth in the forecast period. Moreover, the authorities in Europe are making collective efforts to control high levels of air pollution and provide support in the form of incentives, subsidies and plans to encourage the manufacture and sale of electric cars. Also, under the National Electric Mobility Development Plan, the federal government is preparing to establish Germany as a leading market with at least one million vehicles by 2020, creating opportunities for the electric freight bike market in Germany.
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In 2018, the Asia Pacific region held the second largest market share in the global market. The Asia Pacific market has the second largest market share in the global market. The Asia Pacific region has witnessed rapid growth recently as the major players in the region are investing heavily in electric charging bikes by developing advanced electric charging bikes to increase the adoption of these vehicles. Active initiatives taken by the governments of countries such as China, Japan, India and Singapore to develop electric vehicle charging stations by focusing on investment in charging infrastructure development are expected to drive the electric bicycle charging market.
The main players:
The major players in the global electric cargo bike market are
Rad Power Bikes LLC (USA)
Jiangsu Xinri E-Vehicle Co., Ltd.
Cerro electric scooters (USA)
Electric Cargo Bikes from Yuba (USA)
Cocas Technology Co.
Dose plant SAS (France) and Xtracycle (US)
Worker courses (USA)
Riese & Müller GmbH (Germany) and butchers and bicycles (Denmark).
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On the basis of region, the global market for electric cargo bikes is segmented into Europe, Asia Pacific, North America, and the rest of the world.
North America is expected to experience excellent growth and was the leading market with a market value of US$4 billion. The regional market capitalization is expected to reach US$4 billion by 2025 at a compound annual growth rate of 20% during the forecast period. North America is one of the prominent markets in the global electric cargo bike market. The electric cargo bike market is moving due to government initiatives to encourage the adoption of fully electric cargo bikes for the transportation of passengers and materials. According to the US government’s official source for fuel economy information, the government has directed a regulation that offers a federal income tax credit to owners of electric charging bikes purchased after 2010, based on the battery capacity used to power the vehicle. Furthermore, this region is known for the rapid adoption of new technologies and has seen a huge growth in the demand for electric charging bikes in the past few years.
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Key questions addressed in the report
What is the historical market size (2018)?
What segmentation (product type/battery type/end use) is driving the market?
What will the growth rate be by 2025?
How are the major players in this market?
What are the strategies adopted by the major players?
The global electric bicycle market is segmented on the basis of product type, battery type, and end use. On the basis of product type, the two-wheeler segment is expected to dominate the global market. Two wheel electric cargo bikes are usually stationary/self-balancing bikes, which can be driven 120 km on a single charge depending on the weight the bike is carrying. Generally speaking, two wheel electric cargo bikes have a carrying capacity of 100kg and are designed for trouble-free riding for both residential and commercial applications.
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By battery type, the Li-ion segment is expected to dominate the market. Batteries are widely used, lightweight, efficient and high density. Li-ion batteries have superior energy density and cycling ability, and play an important role compared to the other two types of batteries.
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