NEW YORK, Sept. 7, 2021 /PRNewswire/ -- The global electric cargo bike market is expected to surge at a CAGR of 11.4% and top a valuation of US$ 1.1 Bn by 2031. The electric cargo bike industry is predicted to develop as customer preferences for electric bikes rise and new technological advances emerge.
Electric cargo bikes are the pinnacle of bicycles designed to transport freight, or in some cases, people. Electric cargo bikes enable riders to move huge, heavy things that would be impossible to transport without the assistance of electric power As a result, switching from gasoline-powered cars or conventional cargo bikes to electric cargo bikes has been recommended as a way to mitigate negative environmental, social, and economic consequences.
Market expansion is predicted to be fueled by improvements in the global economy and the rising automotive sector in emerging economies, which will encourage players to offer new products across regions.
In April 2021, Amazon Inc. revealed that it is pursuing the usage of electric cargo bikes for last-mile delivery. This is a huge shift for the distribution and logistics industry, as other businesses will be looking to figure out how to sort and deliver products to clients more quickly in highly populated metropolises.
In December 2020, Smartron unveiled the tbike flex, an electric bike and cargo delivery platform intended for last-mile delivery operations using the company's proprietary AIoT platform.
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