The favorable government policies for zero emissions from vehicles has been providing opportunities in 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 of 2020-2028. The key driving forces driving consumer demands for hub motors are higher vehicle efficiency along with growing acceptance for electric vehicles. In addition, increasing cars and strong investment on upgrading engine technology have contributed to big shares in the Hub Motor industry. Initiatives by the government to curb fossil fuel consumption have led car makers to spend more in electric cars, fueling the demand for hub engines.
The report also outlines the various characteristics of the global hub motor industry by assessing the market from value chain analysis. Moreover, the hub motor market report comprises various qualitative parts of the hub motor industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The hub motor market has huge competition amongst the already well-known and new market players. Also, the hub motor industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Electric vehicle demand and development have risen dramatically in recent years, as electric vehicles have many benefits over fuel-powered cars. For fuel-powered vehicles, components such as fan belts, air filters, head caskets, grease, cylinder heads, spark plugs and timing belts do not need replacement, thereby it makes them to be available at with higher performance. This makes electric cars a favored alternative, thus limiting the development of the automotive fuel markets.
Asia Pacific is estimated to have a demand of more than USD 3.0 billion in the year 2019. Business development in this area is also driven primarily by China, India, South Korea and Japan. Due to the involvement of major two-wheeler hub engine manufacturers, namely QS MOTOR, TDCM, NTN Corporation and MAC SHANGHAI ELECTRIC MOTOR COMPANY LTD. China is the largest market for two-wheeler hub engines in the Asia Pacific. The demand in North America is forecast to display the strongest CAGR of 11.1 percent from 2020 to 2027. This is due to the growing focus of the manufacturers in the region for faster, cleaner and high-performance electric vehicles in the market.
The major players of the global hub motor market are Michelin, Jiashan Neopower International Trade, QS Motor, Schaeffler Technologies, and Elaphe. Moreover, the market comprises several other prominent players in the hub motor market as TDCM Corporation, Go Swissdrive, NTN, Tajima EV, and MAC Motor. The major players in the market comes up with some of the developments to enhance the market growth in the global industry.
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