What Is The Current and Historic Market Size Analysis Of The Two Wheeler Hub Motor Market?
The two wheeler hub motor market has seen considerable growth due to a variety of factors.
• The market size of the two-wheeler hub motor has seen significant expansion over the past few years. It is projected to surge from $13.32 billion in 2024 to $14.71 billion in 2025, with a compound annual growth rate (CAGR) of 10.4%.
This growth throughout the historic period is owed to factors such as urbanization tendencies, government inducements, increasing fuel costs, and a heightened sense of environmental consciousness.
What Are The Predictions for The Two Wheeler Hub Motor Market Size In The Coming Years?
The two wheeler hub motor market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the two wheeler hub motor is projected to expand rapidly in the coming years, reaching a size of $24.38 billion in 2029 with a compound annual growth rate (CAGR) of 13.5%.
This growth during the forecast period is due to factors like electrification initiatives, efforts to reduce costs, development of charging infrastructures, urban mobility solutions, and increased consumer knowledge and preference. Key trends to look out for in the forecast period include improvement of battery technology, inclusion of smart features, lightweight and compact designs, swappable batteries, performance-based hub motors, and customization options.
Which Drivers Are Accelerating Growth In The Two Wheeler Hub Motor Market?
The escalation in preference for electric vehicles has been instrumental in propelling the growth of the two-wheeler hub motor market. These vehicles operate on electricity stored in batteries. Hub motors enhance drivability and efficiency of electric two-wheelers and better the performance of electric vehicles. For example, a report from the France-based independent intergovernmental organization, International Energy Agency (IEA), in April 2023 revealed that the electric car market is experiencing rapid expansion with sales exceeding 10 million in 2022, making up 14% of new car sales, a significant jump from about 9% in 2021. Hence, the ascending demand for electric vehicles fuels the expansion of the two-wheeler hub motor market.
What Are The Core Segments Of The Global Two Wheeler Hub Motor Market?
The two wheeler hub motor market covered in this report is segmented –
1) By Vehicle Type: Electric Bike, Electric Scooter, Electric Motorcycle
2) By Motor: Gearless, Geared
3) By Installation: Front, Rear
4) By Sales Channel: Original Equipment Manufacturer (OEM), After market
Subsegments:
1) By Electric Bike: City E-Bikes, Mountain E-Bikes, Folding E-Bikes
2) By Electric Scooter: Stand-Up Electric Scooters, Sit-Down Electric Scooters
3) By Electric Motorcycle: Commuter Electric Motorcycles, Performance Electric Motorcycles, Cruiser Electric Motorcycles
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Which Emerging Trends Are Reshaping The Two Wheeler Hub Motor Market Size?
The increasing popularity of product innovation is a major trend being observed in the two-wheeler hub motor market. Most firms active in this sector are directing their efforts towards the creation of highly advanced products to ensure market dominance. A demonstration of this trend was seen in February 2023 when HOP Electric, an electric two-wheeler and charging battery scooter manufacturer from India, released the HOP OXO, an electric bike. The distinctive features of this bike include a BLDC Hub motor, Sinusoidal FOC Vector Control, along with multiple riding modes like Eco-Power-Sport and Reverse mode.
Who Are the Key Players in the Two Wheeler Hub Motor Market?
Major companies operating in the two wheeler hub motor market include:
• Robert Bosch GmbH
• Electric Bike Ltd.
• Evans Electric Limited
• Gogoa1 Motors Pvt. Ltd.
• Heinzmann GmbH & Co. KG
• Ziehl-Abegg SE
• Elaphe Propulsion Technologies Ltd.
• Siemens AG
• Schaeffler Technologies AG & Co. KG
• Saietta Europe BV
• Hyundai Mobis Co. Ltd.
• Dana TM4 Inc.
• Kolektor D. D.
• Printed Motor Works Limited
• Kelly Controls LLc
• YASA Limited
• TVS Motor Company
• Mahindra Electric Mobility Ltd.
• Bafang Electric (Suzhou) Co. Ltd.
• Continental AG
• Hero Electric Vehicles Private Limited
• QS Motor Co. Ltd.
• Golden Motor Technology Co. Ltd.
• Regal Raptor Motorcycles
• Zhejiang Luyuan Electric Vehicle Co. Ltd.
• RATO Group Co. Ltd.
• Suzhou Xiongda Motor Co. Ltd.
• TDCM Corporation
• BionX International Corporation
What are the Regional Insights into the Two Wheeler Hub Motor Market?
Asia-Pacific was the largest region in the two-wheeler hub motor market in 2024.The regions covered in the two wheeler hub motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
