Electric Bikes Cargo Market Share

Electric Bikes Cargo Market Share Analysis

According to the World Tourism Organization (UNWTO), Europe witnessed significant growth in tourist arrivals in 2018, with a 6% increase over the previous year. Asia-Pacific and the Middle East & Africa also recorded growth, with increases of 6% and 6.5%, respectively. The ongoing expansion of the tourism industry is fostering the demand for electric cargo bikes, particularly in major countries such as the US and the UK, where supermarkets, shopping centers, tourist attractions, and visitor centers are increasingly adopting electric cargo bikes for short-range transportation.

Hence, the anticipated surge in demand from the tourism industry is poised to propel the global electric cargo bike market forward during the forecast period. However, while this demand holds significance within the tourism sector, its broader impact on the electric cargo bikes market is expected to shift from low to moderate over the forecast period.

The burgeoning e-commerce sector and the increasing prevalence of retail and delivery establishments are anticipated to bolster the growth of the global electric cargo bikes market. Factors such as the widespread use of smartphones, the advent of 4G networks, growing awareness of the benefits of online trading, and an upswing in consumer wealth are expected to drive the expansion of the e-commerce and retail sector. According to the New Internet Retailer Analysis of Industry Data and Historical data from the US Commerce Department, consumers spent USD 517.36 billion on online purchases with US-based merchants in 2018, marking a 15% increase compared to the USD 449.88 billion spent the previous year. According to the India Brand Equity Foundation (IBEF), the Indian e-commerce market is projected to reach a value of USD 200 billion by 2026, compared to USD 38.5 billion in 2017. Consequently, the e-commerce and retail sector is experiencing rapid growth in emerging economies. Companies operating in this sector are increasingly adopting electric cargo bikes due to their numerous advantages, including reduced delivery time over short distances, enhanced space utilization, error-free operations, predictability in handling peaks, end-to-end process transparency, and improved efficiency and productivity. These electric cargo bikes are primarily used for transporting goods between producers, distribution centers, and consumers.