Hub Motor Market 2021 Current Impact, Scenario and Provides A Huge Demand In The Industry
The main driving force driving consumer demand for hub motors is increased vehicle efficiency along with increased acceptance of electric vehicles.
Dallas, United States – April 30, 2021 /MarketersMedia/ —
The motor that is coupled with the wheels of vehicles is called the ‘Hub Motor’. Hub motor is commonly installed in electric bicycles. The hub motors are used in various types of electric vehicles including E-Motorcycles, E-Scooters, Mopeds, and E-Bikes. A Brushless DC motor is the most common hub motor used in these vehicles. The Brushless DC motor has a high torque value and weight ratio. The hub motors are coupled with the wheels to control the speed and movement of the bicycle. The hub motors have a vast number of advantages. The hub motors offer flexibility due to their enhanced design. They are used to augment the power of power plants. The use of hub motors in the energy sector has driven the Hub Motor Market.
The global hub motor market size is projected to reach nearly USD 12.5 billion by 2028. Additionally, the market is forecasted to grow a CAGR of above 5.0% over the forecast period
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The size of the hub motor is relatively small which makes it more compatible and can be installed in small spaces. Moreover, due to its small size, other components like a generator, fuel cell, or battery can be placed with it. This makes the design of the car more efficient, lighter, and simple. High torque at low RPMs can be generated with the hub motors. The increased efficiency of vehicles across the world has spurred the Hub Motor Market and showcases huge potential in the future from the years 2021-2028. Additionally, the increased per capita consumption, high disposable incomes in the developing and developed countries, rising income levels are influencing the market growth. Also, increasing environmental awareness towards using environment-friendly solutions has inclined people to use e-vehicles across the world.
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Additionally, the increased production capacity of companies and high adoption levels of hub motors in the electric vehicles due to its numerous benefits has spurred the Hub Motor Market and is projected to witness considerable growth in the aforementioned period. Moreover, the increased level of performance of electric vehicles due to hub motor systems, implementation of advanced technology, increased investments in research and development activities for more innovation, government support to enhance growth in the industry has propelled the market growth. Additionally, the increasing sales of electric vehicles of two-wheelers have offered various growth opportunities in the market for the market players. The major manufacturers of hub motors are Elaphe, JiashanNeopower International Trade, Michelin, Schaeffler Technologies, QS Motor among others.
But the Hub Motor Market is also prone to challenges as it has certain limitations. The mid-drive motors are easily available than the hub motors, high costs involved in it are some major factors deterring the growth of the market.
Segment Overview of Global Hub motor Market
Installation Overview, 2018-2028 (USD Billion, Million Units)
• Front Hub motor
• Rear Hub motor
Vehicle Overview, 2018-2028 (USD Billion, Million Units)
Motor Overview, 2018-2028 (USD Billion, Million Units)
• Gearless Hub Motor
• Geared Hub Motor
Regional Overview, 2018-2028 (USD Million, Million Units)
• Rest of Europe
• Rest of Asia-Pacific
Middle East and Africa
• South Africa
• Rest of Middle East and Africa
• Rest of South America
Major Topics Covered in this Report:
1. Study Coverage
2. Executive Summary
3. Market Size by Manufacturers
4. Production by Regions
5. Consumption by Regions
6. Market Size by Type
7. Market Size by Application
8. Manufacturers Profiles
9. Production Forecasts
10. Consumption Forecast
11. Upstream, Industry Chain and Downstream Customers Analysis
12. Opportunities and Challenges, Threat and Affecting Factors
13. Key Findings
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