The global two wheeler hub motor market is projected to attain USD 16.9 billion by the end 2027, according to a new report released by Million Insights. The market is anticipated to expand at a CAGR of 9.7% throughout the forecast period, 2020 to 2027. Rising demand for electric vehicles owing to rising concerns for environment and global warming is projected to boost the market growth. Moreover, advantages such as high performance, cost-effectiveness, and easy installation are projected to fuel the demand for two-wheeler hub motors over the forecast period.
Furthermore, various government are taking initiatives to encourage people to use electric vehicles in order to reduce their carbon footprints are anticipated to drive the market. For instance, government is such as China, U.S., and India are giving subsidies to increase the penetration of electric vehicles. Moreover, OEMs are launching electric vehicles with high power to cater to rising demand for zero-emission vehicles which thereby projected to fuel the market growth.
The segment of electric bike accounted for the largest market share of USD 4.5 billion in 2019 owing to factors like high torque, high speed and power, and extended range. In addition, these motors offer better handling of vehicles owing to their lightweight feature. All these factors are anticipated to drive the segment’s growth over the forecast period.
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In 2019, the segment of geared hum motor held the largest market share of more than 79% and is anticipated to maintain its leading position from 2020 to 2027 owing to its easy-controllable feature. On the other hand, the segment of gearless hub motor is anticipated to grow at a CAGR of 8.4% from 2020 to 2027. This growth is attributed to factors such as high torque and power provided by these motors.
In 2019, the two-wheeler hub motor market in Asia Pacific accounted for the largest revenue share of USD 4.7 billion owing to presence of leading manufacturers of hub motors such as MAC SHANGHAI ELECTRIC MOTOR COMPANY LTD, QS MOTOR, NTN Corporation, and TDCM in China and rising demand for electric vehicles in countries such India, South Korea, and China. North America is projected to grow at the fastest CAGR of 11.1% over the forecast period due to rising new product launches in countries such as Canada and U.S.
Key players in this market are MAC SHANGHAI ELECTRIC MOTOR COMPANY LTD, S MOTOR, TDCM, Heinzmann GmbH and Co. KG., NTN Corporation, Robert Bosch GmbH, Elaphe Propulsion Technologies Ltd., and Schaeffler Technologies AG and Co. KG. They are continuously engaged in taking strategic initiatives such as M&A, joint ventures, new product development, and strategic partnerships to retain their market share.
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Further key findings from the report suggest:
• The segment of electric bike accounted for the largest market share of USD 4.5 billion in 2019.
• The segment of rear hub motor attained the largest revenue share of USD 7.5 billion in 2019 across the global two wheeler hub motor market.
• The segment of gearless hub motor is anticipated to grow at a CAGR of 8.4% from 2020 to 2027 owing to factors such as high torque and power provided by these motors.
• The segment of (1-3) kW power output is projected to attain the fastest CAGR of 10.6% from 2020 to 2027 whereas the segment of hub motors with power output less than 1kW held the dominant market share of USD 4.6 billion in 2019 across the global market.
• In 2019, the market for two-wheeler hub motors in Asia Pacific accounted for the largest revenue share of USD 4.7 billion.
Million Insights has segmented the global two wheeler hub motor market based on vehicle type, installation, motor, power output, sales channel, and region:
Two Wheeler Hub Motor Vehicle Type Outlook (Revenue, USD Million, 2016 – 2027)
• Electric Scooter/Moped
• Electric Bike
• Electric Motorcycle
Two Wheeler Hub Motor Installation Outlook (Revenue, USD Million, 2016 – 2027)
• Front Hub Motor
• Rear Hub Motor
Two Wheeler Hub Motor Outlook (Revenue, USD Million, 2016 – 2027)
• Geared Hub Motor
• Gearless Hub Motor
Two Wheeler Hub Motor Sales Channel Outlook (Revenue, USD Million, 2016 – 2027)
Two Wheeler Hub Motor Power Output Outlook (Revenue, USD Million, 2016 – 2027)
• Below 1 kW
• (1-3) kW
• Above 3 kW
Two Wheeler Hub Motor Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa
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