According to a new report, published by KBV research, The Global Electric Cargo Bike Market size is expected to reach $5.7 billion by 2031, rising at a market growth of 11.5% CAGR during the forecast period.
Health and wellness trends influence transportation choices, with more people seeking active modes of travel promoting physical activity and well-being. Electric cargo bikes have emerged as a popular choice, offering a unique way to combine exercise with everyday activities such as commuting or running errands. Furthermore, electric cargo bikes can contribute to a more active lifestyle without the barriers often associated with traditional exercise. By facilitating the incorporation of physical activity into routine activities, electric cargo bikes provide a pragmatic resolution that aids individuals in remaining physically active and upholding their health and fitness objectives.
The More than 50 km segment would witness a CAGR of 12.2% during (2024 - 2031). For enthusiasts of long-distance cycling or touring, electric cargo bikes with a more than 50 km range provide the freedom to explore new routes and destinations. The progression of battery technology has resulted in the creation of batteries that are more lightweight and efficient, thereby enabling electric cargo bikes to travel greater distances without sacrificing performance or carrying capacity.
The Personal Use market dominated the Global Electric Cargo Bike Market by Application in 2023; thereby, achieving a market value of $2.4 billion by 2031. For daily commuting, electric cargo bikes offer a practical alternative to automobiles and public transportation. These devices enable individuals to traverse urban environments efficiently and promptly, circumventing the snares of traffic and parking restrictions. The implementation of an electric motor enables the viability of long-distance cargo bike commuting. Many parents use electric cargo bikes to transport their children to school, daycare, or other activities.
The Longtail segment is experiencing a CAGR of 12% during (2024 - 2031). Due to their adaptability, durability, and capacity, they are an attractive option for organizations and individuals in search of environmentally friendly and efficient modes of transportation. Longtail electric cargo bikes typically have a higher cargo capacity compared to other types of electric cargo bikes. This makes them ideal for carrying larger or heavier loads, making them popular among families, businesses, and individuals who require a bike with a high carrying capacity.
Full Report: https://www.kbvresearch.com/electric-cargo-bike-market/
The Asia Pacific region dominated the Global Electric Cargo Bike Market by Region in 2023; thereby, achieving a market value of $2.5 billion by 2031. The Europe region is anticipated to grow at a CAGR of 10.8% during (2024 - 2031). Additionally, The North America region would witness a CAGR of 11% during (2024 - 2031).
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