Global Two Wheeler Hub Motor Market 2024, Forecast To 2033
27 Feb, 2024
The two-wheeler hub motor market has experienced rapid growth, increasing from $12.17 billion in 2023 to $13.51 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 11.0%. This growth is attributed to urbanization trends, government incentives, rising fuel prices, and environmental awareness. The market is expected to continue its momentum, reaching $21.52 billion in 2028, with a forecasted CAGR of 12.3%. The anticipated growth is driven by electrification initiatives, cost reduction efforts, charging infrastructure development, urban mobility solutions, and consumer awareness, including trends such as battery technology improvements, integrated smart features, and swappable batteries.
Global Two Wheeler Hub Motor Market Key Driver
The surge in electric vehicle demand is driving the growth of the two-wheeler hub motor market. In 2021, electric two-wheeler sales in India increased by 132%, reaching 233,971 units, according to the Society of Manufacturers of Electric Vehicles (SMEV). Hub motors enhance drivability and efficiency, contributing to better electric vehicle performance, thus propelling the two-wheeler hub motor market.
Get A Free Sample Of The Global Two Wheeler Hub Motor Market ReportGlobal Two Wheeler Hub Motor Market Segments
The two wheeler hub motor market covered in this report is segmented –
1) By Vehicle Type: Electric Bike, Electric Scooter, Electric Motorcycle
2) By Motor: Gearless, Geared
3) By Installation: Front, Rear
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacific was the largest region in the two wheeler hub motor market in 2023. The regions covered in the two wheeler hub motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Two Wheeler Hub Motor Industry Players
Robert Bosch GmbH; Electric Bike Ltd.; Evans Electric Limited; Gogoa1 Motors Pvt. Ltd.; Heinzmann GmbH & Co. KG; Ziehl-Abegg SE; Elaphe Propulsion Technologies Ltd.; Siemens AG; Schaeffler Technologies AG & Co. KG; Saietta Europe BV; Hyundai Mobis Co. Ltd.; Dana TM4 Inc.; Kolektor D. D.; Printed Motor Works Limited; Kelly Controls LLc; YASA Limited; TVS Motor Company; Mahindra Electric Mobility Ltd.; Bafang Electric (Suzhou) Co. Ltd.; Continental AG; Hero Electric Vehicles Private Limited; QS Motor Co. Ltd.; Golden Motor Technology Co. Ltd.; Regal Raptor Motorcycles; Zhejiang Luyuan Electric Vehicle Co. Ltd.; RATO Group Co. Ltd.; Suzhou Xiongda Motor Co. Ltd.; TDCM Corporation; BionX International Corporation; Ashima Limited
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Two Wheeler Hub Motor Market Overview
A two-wheeler hub motor is an electrical motor that is attached to the wheels and converts electric power to motive power to provide traction. It helps in reducing the weight of the vehicle, reduces fuel consumption, extends the life of a two-wheeler, and lowers maintenance costs. The two-wheeler hub motor is used to power rear-wheel drive vehicles.
Two Wheeler Hub Motor Global Market Report 2023 provides data on the global two wheeler hub motor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The two wheeler hub motor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.