Two Wheeler Hub Motors Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

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 2021 to 2029, 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 research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

Key questions answered in this report

• What was the market size of two-wheeler hub motors market in 2020 and forecast up to 2029?
• Which is the largest regional market for two-wheeler hub motors market?
• What are the major trends followed in overall two-wheeler hub motor market across different regions?
• What are the key market trends and high-growth opportunities observed in the two-wheeler hub motors market?
• What are the drivers of the two-wheeler hub motors market?
• Who are the key two-wheeler hub motors market companies leading the market?
• What are the key strategies adopted by the leading two-wheeler hub motors market companies in market?

Unique data points of this report

• Statistics on electric two-wheelers market worldwide
• Recent trends across different regions in terms of adoption of two-wheeler hub motors market
• Notable developments going on in two-wheeler hub motors industry
• Attractive investment proposition for two-wheeler hub motors market segment as well as geography
• Comparative scenario for all the segments for years 2020 (actual) and 2029 (forecast)

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