Growing Electric Two Wheeler Sales to Boost the Hub Motors Market
According to a new market research report published by Brisk Insights “Two Wheeler Hub Motors Market (By Product Type (Geared, Non-geared), By Channel (OEMs, Aftermarket) By Capacity (Less than 500W, 500-2500W, More than 2500W), By Two Wheeler Type (E-bikes and Scooter, Motorcycles)) Market – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, 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.
As the automobile industry rapidly moves towards electric vehicles, electric two-wheelers are expected to gain high momentum in years to come. People are now more inclined towards e-bikes due to strict government initiatives and rising concern towards 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 the electric vehicles and offer different benefits such as easy installation, low cost, relatively high torque and several others when compared to mid-drive motors. With continually growing e-bike sales in Asia Pacific, the electric two-wheelers hub motors market here is expected to register huge growth in years to come. The two-wheeler hub motors market growth is highly governed by their improving performance in the recent years.
Based on product type, there are two hub types of hub motors available in the market categorized as geared and non-geared. Geared hub motors work silently and provide more torque, on the other hand non-geared hub motors are less powerful. Geared hub motors offer better speed control and has light weight & small size due to which it is the first choice of the companies as well as consumers.
Based on the geography, Asia Pacific governs the overall electric vehicles market worldwide, thereby emerging as the undisputed leader in hub motors. The region contributes to more than 40% of the global market revenue. China is the largest market worldwide (in terms of production and consumption) for electric bikes. Moreover, the country is home to some of the leading electric vehicles manufacturer. Similarly, Japan and South Korea too form major markets for electric two-wheelers thereby supporting the hub motors market in region.
Further, India is expected to register high growth in the market due to rapidly growing sales of electric two-wheelers in the country. The electric two-wheelers sales here is mainly backed by the government of India’s ‘National Electric Mobility Mission Plan 2020’ in which government aims to provide fiscal and monetary incentives. As per a recent study by Booz & Company for electric vehicles in India, a mere 5% conversion of vehicles to electric vehicles can save 4.5 million liter petrol every year and each e-bike saves 350Kg of CO2 emission each year. As a result, the region would continue leading 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.
Browse the full report at https://www.briskinsights.com/report/two-wheeler-hub-motors-market
The Global Two Wheeler Hub Motors Market is Segmented into:
By Type of Hub Motor (2019–2027; US$ Mn)
By Channel (2019–2027; US$ Mn)
By Capacity (2019–2027; US$ Mn)
By Two-wheeler Type (2019–2027; US$ Mn)
By Geography Segment (2019–2027; US$ Mn)
*Complete segmentation list is on report page