The market for Two Wheeler Hub Motors Market is expected to reach in US$ 1,337.0 Mn in 2027.
The global market for two-wheeler hub motors is expected to grow at a CAGR of 7.23% from 2019 to 2027, with a starting value of US$ 1,337.0 Mn in 2018. The two-wheeler hub motors market is expected to witness steady growth in the near future due to growing government initiatives, policies toward electric vehicle adoption, and rising consumer concern for the environment. There are two types of motors available on the market, namely hub motors and mid-drive motors. Hub motors are cheap, easy to install, and easy to ride; on the other hand, mid-drive motors are expensive and more complex to install. Subsequently, hub motors are expected to emerge as the preferred choice in electric two-wheelers. The two-wheeler hub motor market is expected to grow consistently due to an increase in the overall sales of e-bikes.
Geared hub motors are the fastest-growing segment of hub motors, as they control the speed of the vehicle and provide high torque, which helps in driving the e-bike up hills. These are smaller in size and lighter in weight, so the weight of the e-bike does not increase. A major application of geared hub motors is in e-bikes. Thus, with rising sales of e-bikes, the demand for geared hub motors is projected to remain strong throughout the forecast period.
In 2018, Asia Pacific led the electric vehicle market worldwide with more than 1/3rd of the global market revenue. Since Asia Pacific continues to register huge growth in sales of electric vehicles, the hub motor market here is set for robust growth in the years to come. Furthermore, e-bike and scooter sales are shifting the graph toward Asia, with China, South Korea, and Japan leading the way. Asia Pacific generates the most revenue from e-bikes (more than US$ 800.0 million), followed by North America and Europe, which generate more than US$ 350.0 million and US$ 280.0 million, respectively. Improving government policies for higher penetration of electric vehicles is another prominent factor supporting regional market growth. For instance, in 2013, the government of India launched the "National Electric Mobility Mission Plan 2020," which aims to provide fiscal and monetary incentives to kick-start this nascent technology. Considering the consistently growing electric two-wheeler industry in Asia Pacific, the region would retain its dominant position in the market, exhibiting the highest CAGR through the forecast period.
Some of the prominent players operating in the two-wheeler hub motor market include Qs Motor, Schaeffler Technologies AG & Co. KG, Michelin Group, Jiashan Neo power International Trade Co., Ltd., Protean Electric, TDCM Corporation Ltd., GO SwissDrive AG, and Taizhou Quanshun Motor Co., Ltd., among others.
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
The two-wheeler hub motors market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global two-wheeler hub motors market based on type, channel, capacity, motorcycle type, and geography. Key segments covered in the report are as follows:
The market for Two Wheeler Hub Motors Market is expected to reach in US$ 1,337.0 Mn in 2027.
The Two Wheeler Hub Motors Market is expected to see significant CAGR growth over the coming years, at 7.23%
The report is forecasted to 2019-2027.
The base year of this report is 2018.
Qs Motors,Schaeffler Technologies AG & Co.KG,Michelin group,Jiashan Neopower International Trade Co.Ltd., Protean Electric are some of the major players in the global market.