The hub motor market is projected to grow at a CAGR of 5.01% during the forecast period to reach USD 10.82 billion by 2025 from an estimated USD 7.69 billion in 2018. Hub motor improves the performance of electric vehicles. Hub motor helps supply torque to its associated tire and generates more power to improve the efficiency of a vehicle. The other benefits of hub motor technology is that it provides a pleasant and an effortless ride, e.g. in case of bicycles when a rider does not feel like pedaling.
Electric bikes account for largest market size during forecast period
The electric bikes segment is estimated to be the largest of the global hub motor market in 2018. The market growth of hub motors can be attributed to factors such as high torque, increased power, and provision of better vehicle handling to both new and existing vehicles. The increasing support from governments in France and Norway and the OEM’s efforts to improve the existing electric two wheelers models are expected to drive the sales of electric bikes during the forecast period, which, in turn, would boost the demand for hub motors for electric bikes.
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By Installation type, rear hub motor is expected to be the largest contributor in the hub motor market during the forecast period.
Rear hub motors are predominantly used in the global hub motor market. This type of installation provides powerful acceleration, better traction, and high flexibility. The powerful hub motors are appropriate for rear installation because higher power can be better handled in the rear wheel of the e-bikes. Major electric two wheeler manufacturers prefer installing hub motors in the rear wheel to take advantage of the traction control.
In motor type, geared hub motor is expected to grow at the fastest rate during the forecast period.
The geared hub motor is the largest and the fastest growing segment for motor type in the global hub motor market as it controls the speed of a vehicle. Geared hub motors provide high torque which helps in driving on mountains or hills. Asia Pacific is the largest market for geared hub motor. Geared hub motors are lighter in weight and smaller in size; hence, their major application is in e-bikes. The increasing sales of e-bikes in the Asia Pacific region will boost the demand for geared hub motor in this region.
Key Market Players:
The global hub motor market is dominated by major players such as QS Motor (China), Schaeffler Technologies (Germany), Michelin (France), Jiashan Neopower International Trade (China), and Elaphe (Slovenia).
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