"Two-wheeler Hub Motors Market to Exhibit Steady Growth in Near Future"

The two-wheeler hub motors market worldwide is expected to grow with a CAGR of 7.23% during the forecast period from 2023 to 2030, starting from US$ 1,530.3 Mn in 2020. Two-wheeler hub motors market is expected to witness steady growth in the near future due to growing government initiatives, policies towards electric vehicle adoption, and rising consumer concern towards environment. There are two types of motors available in 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 increase in the overall sales of the e-bikes. 

"Geared Hub Motor is Expected to Grow at the Fastest Rate"

Geared hub motor is the fastest growing segment of hub motors as it controls the speed of the vehicle, provide high torque, which helps in driving the e-bike on hills. These are smaller in size and lighter in weight due to which the weight of the e-bike does not increase. 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.

"Asia Pacific to Register the Fastest Growth"

In 2020, 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, hub motors market here is set for robust growth in years to come. Additionally, the e-bikes and scooters sales is molding the graph towards Asia, with China, South Korea and Japan being frontrunners. The highest revenue from e-bike comes from Asia Pacific - more than US$ 800.0 Mn, followed by North America and Europe with more than US$ 350.0 Mn and US$ 280.0 Mn respectively. Improving government policies for higher penetration of electric vehicles is another prominent factor supporting the regional market growth. For instance, in 2013, government of India launched the ‘National Electric Mobility Mission Plan 2020’ that 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 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 Neopower International Trade Co.,Ltd., Protean Electric, TDCM Corporation Ltd, GO SwissDrive AG, Taizhou Quanshun Motor Co., Ltd,  among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Two Wheeler Hub Motors market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Two Wheeler Hub Motors market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Two Wheeler Hub Motors market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Two Wheeler Hub Motors market?
• Which is the largest regional market for Two Wheeler Hub Motors market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Two Wheeler Hub Motors market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Two Wheeler Hub Motors market worldwide?