The global two wheeler hub motor market is projected to attain USD 16.9 billion by the end 2027, according to a new report released by Million Insights. 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.
Key Players:
Leading players operating in this industry are 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. These players are focusing on various strategic initiatives like M&A, joint ventures, new product development, and strategic partnerships to retain their market share. Moreover, they are focusing on expanding their regional and global presence and expanding their product portfolio to cater to the large consumer base.
Growth Drivers:
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. Moreover, the rising efforts of manufacturers to reduce their carbon footprints are also projected to impact positively to the market growth. In addition, various governments across the globe are taking several initiatives to encourage people to opt for zero-emission vehicles which are anticipated to boost the demand for electric vehicles which thereby propels the demand for two wheeler hum motors.
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Vehicle Type Insights:
The market for two-wheeler hub motors is categorized into electric motorcycles, electric scooters, electric bikes, and other vehicle types. The segment of electric bikes accounted for the largest market share of USD 4.5 billion in 2019. Generally, these motors are used in electric bikes on the account of factors like high torque, high speed and power, and extended range. Moreover, these motors offer better handling of vehicles owing to their lightweight feature. These factors are projected to propel the segment demand over the forecast period.
Electric scooters/mopeds are projected to ascend at a CAGR of 10.6% whereas electric motorcycles are projected to grow at a CAGR of 11.9% over the forecast period owing to government assistance such as subsidies and incentives for buying these vehicles. For example, U.S. is projected to be one of the largest markets for electric scooters by the end of 2025. The U.S. government is aiming for the adoption of 1.5 million electric vehicles by the end of 2025. This is projected to propel the demand for the segments over the forecast period.
Sales Channel Insights:
The OEM segment held the largest market share in 2019 owing to the high preference of consumers for vehicles that are equipped with motors manufactured by original equipment manufacturers. In addition, rising consumers demand for moped and electric scooters in exchange for conventional motorcycles is projected to fuel the growth of the segment from 2020 to 2027. In addition, rising exports and demand for electric vehicles and two-wheelers across the globe are projected to further propel the segment’s growth in the forthcoming years.
The segment of aftermarket sales channel is projected to grow at a CAGR of 8.1% over the forecast period. This growth is attributed to the rising modification of conventional motorcycles and bikes into electric vehicles by majority of small and medium enterprises and startups.
Regional Insights:
In 2019, the market for two-wheeler hub motors in Asia Pacific accounted for the largest revenue share of USD 4.7 billion. Countries such as India, China, South Korea, and Japan are projected to be largest emerging markets for two wheeler hub motors. North America is projected to grow at the fastest CAGR of 11.1% over the forecast period due to rising demand for electric vehicles in countries such as Canada and U.S.
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