According to a research report titled ‘Global Electric cargo bikes Market Size study, by Product Type (Two-Wheeler, Three-Wheeler, Four-Wheeler), Battery Type (Lithium-Ion, Lead-Based, Nickel-Based), and Regional Forecasts 2021-2027’, available with Market Study Report, global electric cargo bikes market was valued at USD 0.22797 billion in 2020 and is projected to amass USD 0.5846 billion over the forecast period 2021-2027, registering a CAGR of 14.4% throughout.
 

As per the report findings, rising concerns regarding traffic congestion, coupled with increasing government initiatives towards reducing carbon emission levels are stimulating worldwide electric cargo bikes industry growth.
 

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For the record, global sales of electric bikes have surpassed electric vehicle sales by a wide margin. In 2013, over 40 million e-bikes were sold worldwide, as compared to only 112,000 electric vehicle sales. This trend will likely continue in the upcoming years owing to shifting consumer preference towards use of sustainable resources such as e-bikes.
 

Notably, electric cargo bikes offer an adaptable and productive technique for transport of bundles, freight, kids, food etc. E-cargo bikes are creating lucrative investment opportunities for businesses as they are 100% expense deductible and enable savings under capital resource remittance while reducing carbon footprint at the same time.
 

Despite the lucrative growth prospects, lack of infrastructure such as safe cycle lanes and secure parking spaces in developing countries are likely to hamper overall industry remuneration in the ensuing years.
 

From a regional frame of reference, Europe currently captures majority of global electric cargo bikes market share owing to increasing government initiatives in the form of subsidies, incentives, and schemes to encourage the sale and manufacture of electric vehicles.
 

Meanwhile, Asia Pacific electric cargo bikes industry is poised to register a remarkable growth rate over the analysis timeframe.
 

Elaborating further on the regional market scenario, in 2013, deals of e-bicycle were highest in China, at around 32 million, followed by Europe and Japan at 1.8 million and 440,000 respectively.
 

Major contenders in global electric cargo bikes market space are Riese & Müller GmbH, Butchers & Bicycles Ltd., Xtracycle Cargo Bikes, Worksman Cycles, Douze Factory S.A.S., Yuba Bicycles LLC, Kocass Technology Co. Ltd., Cero Inc., Rad Power Bikes Inc., and Jiangsu Xinri E-Vehicle Co., Ltd.