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Two-Wheeler Hub Motor Market Predicted to Surpass $8,458.7 Million By 2024: P&S Intelligence

/EIN News/ -- NEW YORK, Sept. 09, 2019 (GLOBE NEWSWIRE) -- In 2018, the global two-wheeler hub motor market was valued at $4,838.5 million, and it is expected to reach $8,458.7 million by 2024, witnessing a CAGR of 9.8% during 2019–2024. In terms of end use, the demand for the product was the higher in 2018 among OEMs.

However, the faster growth in the two-wheeler hub motor market share is expected to be witnessed by the aftermarket category. The rising adoption of electric two-wheelers would propel the demand for their components. The lesser lifespan of hub motors compared to that of electric two-wheelers would lead to a greater demand for them in the aftermarket, in the forecast period.

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The growing adoption of electric two-wheelers is a major growth driver for the two-wheeler hub motor market. The accelerating rate of environmental degradation by greenhouse gas emissions has become a major concern for governments across the world. The increasing amount of exhaust fumes from automobiles, including two-wheelers, is contributing significantly to the degradation of air quality. Thus, the governments of different countries are taking various initiatives to curb the growing pollution levels. For instance, in many countries, the government has incentivized the purchase of electric motorcycles and scooters to promote the adoption of environment-friendly transport. Thus, such initiatives by the governments to increase the adoption of electric vehicles as an effort to reduce carbon emissions are driving the growth of their components’ markets.

The e-scooters and motorcycles category is expected to grow at the higher CAGR in the two-wheeler hub motor market. This is attributed to the rising adoption of these vehicles, fueled by governments’ initiatives in the form of subsidies and incentives.

Browse report overview with detailed TOC on "Two-Wheeler Hub Motor Market Research Report: By Vehicle Type (E-Bikes, E-Scooters and Motorcycles), Motor Power (<0.5 kW, 0.5–1.5 kW, 1.5–4 kW, >4 kW), Motor Architecture (Brushed Motor, Brushless Direct Current Motor, Permanent Magnet Synchronous Motor, Induction Motor), Motor Type (AC Motor, DC Motor), End Use (OEM, Aftermarket), Regional Outlook (U.S., Canada, Italy, France, Belgium, Germany, U.K., Austria, Spain, Switzerland, Netherlands, China, India, South Korea, Japan, Indonesia, Malaysia, Singapore, Philippines, Thailand) – Global Industry Size Analysis, Competitive Share and Growth Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/two-wheeler-hub-motor-market

The APAC region alone held over 95.0% volume share in the two-wheeler hub motor market in 2018. The dominance of the APAC region is mainly attributed to the massive demand for electric two-wheelers in China. Moreover, the Chinese government is actively making efforts to reduce vehicular pollution by implementing restrictions on gasoline-driven vehicles, which majorly contributes to the rapid adoption of electric alternatives. Additionally, Chinese consumers have been receiving cash incentives in the form of subsidies, which is further encouraging them to shift to these vehicles.

The global two-wheeler hub motor market is highly fragmented in nature. The top five players in the market together accounted for less than 40.0% of the market revenue in 2018. Yadea Technology Group Co. Ltd. was the market leader, followed by Robert Bosch GmbH, Ananda Drive Techniques Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., and Zhejiang Luyuan Electric Vehicle Co. Ltd.

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Harley-Davidson Inc. announced the launch of its electric motorcycle, LiveWire, by 2019, which will be comprised of a hub motor with maximum power of 78 kW. Further, in July 2019, Robert Bosch GmbH announced the launch of a joint-venture with MAGURA Bike Parts, under the name MAGURA Bosch Parts & Services GmbH & Co. KG. The development is intended to expand Bosch’s services and strengthen its presence in the e-bike market in Europe in the long run.

Some other players operating in the two-wheeler hub motor market are Bafang Holding Group Co. Ltd., Shenzhen Xiaobaima Energy Tech Co. Ltd., Electrotherm (India) Ltd., Wuxi Amthi Electrical Machinery Co. Ltd., Yamaha Motor Co. Ltd., Hitachi Automotive Systems, Golden Motor Technology Co. Ltd., and Falcon PEV Pte. Ltd.

More Reports by P&S Intelligence

Electric Scooters and Motorcycles Market

APAC led the electric scooter and motorcycle market during the historical period and the region is expected to continue leading the market in the coming years as well. The growth of the market in APAC is due to rapid urbanization and increase in household incomes, which are attracting consumers to replace their fuel-driven two-wheelers with the electric variant.

https://www.psmarketresearch.com/market-analysis/electric-scooter-and-motorcycle-market

North America Electric Scooters and Motorcycles Market

Based on application, the North American electric scooters and motorcycles market is classified into sharing services, food and grocery, and personal users. Among these, sharing service application is expected to be the largest category during the forecast period. 

https://www.psmarketresearch.com/market-analysis/north-america-electric-scooters-and-motorcycles-market

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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