Two Wheeler Hub Motor Market Analysis, Business Strategy and Forecast 2027
The global two wheeler hub motor market is projected to attain USD 16.9 billion by the end 2027. 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.
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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.
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.
Key players are continuously engaged in taking strategic initiatives such as M&A, joint ventures, new product development, and strategic partnerships to retain their market share.
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.
Global Two Wheeler Hub Motor Market: Key Players
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.
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