According to the 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 worth USD 0.22797 billion in 2020 and is expected to register an annual growth rate of 14.4% during 2021-2027, thereby accumulating USD 0.5846 billion by the end of analysis timeline.
 

As per the report findings, global electric cargo bikes market expansion is boosted by rising concerns about traffic congestion, along with favorable government initiatives to minimize emission levels from vehicles.
 

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Furthermore, steps taken by several governments to promote the use of e-bikes is further augmenting industry outlook. As per reliable sources, China has more electric bicycles than other vehicles.
 

For the unversed, electric cargo bikes offer a productive and adaptable technique for the transportation of bundles, food, freight etc. These bikes are 100% expense deductible, enabling people to record a buy under their capital resource remittance while diminishing carbon footprint.
 

On the contrary, insufficient infrastructure, like lack of safe cycle lanes and secured parking, in developing countries is likely to hamper the remuneration scope the market.
 

By product type, global electric cargo bikes market is bifurcated into two-wheeler, three-wheeler, and four-wheeler. The segmentation based on battery type includes lithium-ion, nickel-based, and lead-based.
 

Speaking of geographical terrain, regions like Asia Pacific, Europe, Latin America, and North America are the major benefactors to the industry valuation. Among these, Europe currently holds a major market share, attributable to government initiatives in the form of schemes, subsidies, and incentives to promote the manufacturing and sales of electric vehicles.
 

Major players like Riese & Muller GmbH, Butchers & Bicycles Ltd., Xtracycle, Inc., Worksman Cycles, Douze Factory S.A.S, Yuba Bicycles LLC, Kocass Technology Co., Ltd., Cero  Electric Cargo Bikes, Rad Power Bikes LLC, and Jiangsu Xinri E-vehicle Co., Ltd. are profiled in  global electric cargo bikes market report. These companies are undertaking various collaborative and expansion strategies in order to widen their consumer base and multiply revenue share.