According to Data Bridge Market Research new Market report, global hub motor market will account to an estimated USD 7.75 billion in 2018 growing at a CAGR of 5.15% during the forecast period of 2019 to 2026.
Global Hub Motor Market
Hub motors are installed on the wheels of electric two-wheelers and vehicles for improved efficiency and performance of these vehicles. It is an electric motor consisting of wheel bearing and is used for improved flexibility and it offers improved torque for the vehicles at a lower rpm (rotations per minute), so that the vehicles are initiated properly and completely.
These characteristics of hub motor are driving the market for its growth as the most amount of torque is required at the initiation of electric vehicles and can be applied for powering front, rear or all-wheel drive vehicles due to its flexibility.
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Global hub motor market is segmented on the basis of vehicle type, installation type, motor type, installation type, power output type, sales channel and geography.
By Vehicle Type (E-Bikes, E-Scooters/Mopeds, E-Motorcycles), Installation Type (Front Hub Motor, Rear Hub Motor), Motor Type (Gearless Hub Motor, Geared Hub Motor), Power Output Type (Below 1000W, 1000W-3000W, Above 3000W), Sales Channel (Aftermarket, OE Market), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
FACTORS DRIVING GROWTH IN HUB MOTOR MARKET
High Demand of Electric Two-Wheelers:
According to World Electric Vehicle Journal Vol. 5, electric powered two wheeler market has been on high demand in the last decade. China is the largest consumer of electric powered two wheeler as is the case with electric four-wheel vehicles. It has around 150 million units of electric bikes in use in the region. The regulations regarding the environment and awareness regarding the global warming have forced the governments of the various regions to provide subsidies and promote the use of electric vehicles which is expected to drive the sales and demand of all electric vehicles. Two-wheeler electric vehicle sales are expected to reach around 800 million by 2100 and 130 million by 2025. Whereas, four wheel electric vehicles are expected to reach 2.5 million sales in 2025 and 100 million by 2100.
High demand of electric vehicles and improvement of efficiency of vehicles due to the usage of hub motor is expected to majorly drive the market growth.
Few of the major competitors currently working in the hub motor market are QS MOTOR, Schaeffler AG, MICHELIN, JIASHAN NEOPOWER INTERNATIONAL TRADE CO.LTD., Elaphe Ltd., NTN Corporation, TAJIMA EV, TDCM, GO SwissDrive, MAC SHANGHAI ELECTRIC MOTOR COMPANY LTD., Leaf Motor, Robert Bosch GmbH, Specialized Bicycle Components, Trek Bicycle Corporation, Zero Motorcycles Inc., LUNA CYCLE, Heinzmann GmbH & Co. KG, Accell Group, Fuji-ta Bicycle Co.Ltd., MERIDA BIKES, and UU Motor Technology Co. Limited.
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