Global Automotive Hub Motor Industry to 2026 – Growing Demand for Electric Bicycle Segment Hub Motors Drives Growth – ResearchAndMarkets.com
DUBLIN – (COMMERCIAL THREAD) – The report “Automotive Hub Motors Market – Growth, Trends, COVID-19 Impact and Forecast (2021 – 2026)” has been added to ResearchAndMarkets.com offer.
The automotive hub motors market was valued at USD 10 billion in 2020 and is expected to reach USD 15 billion by 2026, registering a CAGR of over 6% during the forecast period (2021-2026).
Mitsubishi Motors Corporation
Schaeffler Technologies AG & Co. KG
Taizhou Quanshun Electric Drive Technology Co., Ltd. (QS engine)
Heinzmann GmbH & Co. KG
ProtÃ©an Ãlectrique LtÃ©e.
TDCM Corporation Ltd.
Magnetic Systems Technology Ltd.
GO SwissDrive AG
Key market trends
Growing demand for hub motors from the e-bike segment
With the growing concerns and awareness of protecting and preserving the environment for future generations, the need for zero emission mobility has dramatically increased the demand for electric vehicles across the world. In addition, the increased awareness of the health benefits of using electric bicycles has increased their production and use. Therefore, the need for hub motors mainly used in electric bikes has also increased.
The main advantage of using a hub motor in electric bikes is that it requires less maintenance; this is due to the fact that all the parts are located inside the motor housing and this motor is completely independent. Sometimes using electric motors attached to gears may not be ideal due to the risk of gear teeth wearing out and ultimately rendering the motor useless. Therefore, hub motors are generally preferred for light duty applications like e-bikes.
On the other hand, the gearless hub motor has no significant losses because there are no moving parts except the bearings. Besides the advantages, an electric bicycle is quiet, does not generate any carbon emissions, offers a low-cost mode of transport, saves space and ensures good health. So, due to the aforementioned advantages, electric bikes are expected to become the future mode of transportation for short distances. In addition, with the expected increase in the use of electric bikes, especially in the European and Asian region, the use of hub motors is also expected to increase during the forecast period. This factor, in turn, is expected to increase the demand for e-bikes and, hence, hub motors.
Asia-Pacific and Europe to experience high growth rate
Asia-Pacific is the market leader for hub motors. The automotive hub motor market in this region is primarily driven by demand from countries such as China, Japan, and some countries in Southeast Asia. These countries have a high penetration of electric vehicles, making them the most important markets for related components.
China has contributed a large share of the hub motor market in Asia-Pacific, owing to its high consumption of electric bicycles, in order to cope with the heavy traffic conditions as well as the increasing pollution from vehicles in the country. . During the forecast period, the consumption of electric bicycles is expected to continue to grow, due to the lower cost of purchasing electric bicycles in the Chinese market.
In addition, China is one of the largest producers of electric two-wheelers and related components. This makes the country one of the largest markets for hub motors. In addition, the increase in imports and exports of electric vehicles due to the increase in pollution and finding alternatives to gasoline vehicles which emit huge pollutants into the atmosphere is another factor responsible for the growth. of this market in this region.
Japan also has a considerably high adoption of electric mobility. The country is a pioneer in the field of electric and hybrid vehicles, with companies like Toyota and Nissan active in this field. This transition to electric vehicles is another driver of hub motor growth in the country.
Asia-Pacific is estimated to experience significant growth in the global market due to the rush of adoption of electric vehicles in emerging economies in this region.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market drivers
4.2 Market constraints
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
5.1 Engine type
5.2 Vehicle type
6 COMPETITIVE LANDSCAPE
6.1 Supplier market share
6.2 Company profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, visit https://www.researchandmarkets.com/r/ly7nyp