• Mon. Aug 2nd, 2021
Hub Motor Market

The increasing pollution levels and carbon emissions caused because of the large-scale utilization of oil and gas powered vehicles are majorly responsible for the surging popularity of electric vehicles across the world. The deteriorating air quality levels in many countries coupled with global warming has made many environmentalists, activists, and governments take numerous measures for creating awareness about alternative eco-friendly sources of power such as electrical energy. Additionally, the governments of several countries are offering hefty financial incentives to their people on the purchase of electric vehicles, which is in turn, boosting the sales of these vehicles.

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In addition to being environment-friendly, the electric two-wheelers serve as excellent alternatives to the light motor vehicles (LMV) and are thus, enjoying soaring popularity all over the world. Therefore, with the surging sales of various types of electric vehicles such as electric two-wheelers, the demand for two-wheeler hub motors will shoot-up across the world. As a result, the global two-wheeler hub motor market revenue is predicted to advance at a CAGR of 9.8% during the forecast period (2019–2024) and grow in valuation from $4,838.5 million to more than $8,458.7 million from 2018 to 2024.

Besides the conventional hub motors, the demand for high-powered motors is also escalating all over the world. Many major electric motorcycle manufacturing companies such as BMW AG, Vectrix, and Zero Motorcycles Inc. are increasingly developing motorcycles having motor power higher than 30 kW. Additionally, these companies have announced that they will soon launch motorcycles having motor power much higher than the ones they are currently manufacturing. Zero Motorcycles aim to launch a dual-sport electric motorcycle that will have 35.0% more motor power and 8.0% more speed capacity than the previously manufactured models in the near future.

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Market Segmentation by Vehicle Type

  • E-Bikes
  • E-Scooters and Motorcycles

Market Segmentation by Motor Power

  • <0.5 kW
  • 0.5–1.5 kW
  • 1.5–4 kW
  • >4 kW

Market Segmentation by Motor Architecture

  • Brushed Motor
  • Brushless Direct Current (BLDC) Motor
  • Permanent Magnet Synchronous Motor (PMSM)
  • Induction Motor

Market Segmentation by Motor Type

  • AC Motor
  • DC Motor

Market Segmentation by End Use

  • OEM
  • Aftermarket