March 29, 2020
Two Wheeler Hub Motor

Two Wheeler Hub Motors Market Is growing with 7.23% CAGR between 2019-2027

According to a new market research report published by Credence Research the overall two-wheeler hub motors market worldwide was valued at US$ 1,337.0 Mn in 2018 and is set to grow with 7.23% CAGR during the forecast period. 

Market Insights

As the automotive industry moves rapidly towards electric vehicles, the electric two-wheelers are expected to gain momentum in the coming years. People are now more inclined towards e-bikes because of strict government initiatives and growing concern for the environment. Companies prefer to install hub motors in the rear wheel to take advantage of higher power, flexibility and better traction control. Hub motors improve the performance of electric vehicles and offer different advantages, such as easy installation, low cost, relatively high torque and several others, compared to mid-drive motors. With ever-increasing e-bike sales in Asia-Pacific, the electric two-wheel motors market in Asia-Pacific is expected to grow rapidly in the coming years. The growth of the market for two-wheeler motor hubs has been strongly driven by their improved performance in recent years.

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[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]

Based on the type of product, there are two types of hub motors available on the market categorized as geared and non-geared. Geared hub motors work silently and provide more torque, while non-geared hub motors are less powerful. Geared hub motors offer better speed control and are lightweight and small in size, making it the first choice for both companies and consumers.

Based on geography, Asia Pacific is governing the global market for electric vehicles worldwide, thus emerging as the undisputed leader in hub motors. The region contributes more than 40% of global market revenues. China is the world’s largest market (in terms of production and consumption) for electric bikes. In addition, the country is home to some of the leading manufacturers of electric vehicles. Similarly, Japan and South Korea to form major markets for electric two-wheelers thereby supporting the hub motors market in the region.

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Moreover, India is expected to register high market growth as a result of the rapid increase in sales of electric two-wheelers in the country. The sale of electric two-wheelers here is mainly supported by the Government of India’s National Electric Mobility Mission 2020 Plan, which aims to provide fiscal and monetary incentives. According to a recent study by Booz & Company for Electric Vehicles in India, a mere 5 per cent conversion of vehicles to electric vehicles can save 4.5 million litres of petrol each year and each e-bike saves 350 kg of CO2 emissions each year. As a result, the region would continue to lead the market throughout the forecast period.

Some of the major companies profiled in the report include Qs Motor, Schaeffler Technologies AG & Co. KG, Michelin group, Jiashan Neopower International Trade Co. Ltd., Protean Electric, TDCM Corporation Ltd, GO SwissDrive AG, Taizhou Quanshun Motor Co., Ltd, and others.

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