Rise in production of vehicles with in-wheel electric motors and improved performance of electric vehicle due to hub motor systems drive hub motor market.

PORTLAND, OR, UNITED STATES, November 25, 2020 /EINPresswire.com/ -- Hub Motor Market 2020-2030: Allied Market Research published a report, titled, "Hub Motor Market by Product (Pedelecs, Throttle on Demand, and Scooter or Motorcycle), Sales Channel (OEM and Aftermarket), and Position (Front Hub Motor and Rear Hub Motor): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global hub motor market generated $12.25 billion in 2018, and is expected to reach $17.45 billion by 2026, witnessing a CAGR of 4.4% from 2019 to 2026.

Prime determinants of growth

Rise in production of vehicles with in-wheel electric motors and enhanced performance of electric vehicle due to hub motor systems drive the global hub motor market. However, less operating speed and complex structure of hub motors restrain the market growth. On the other hand, increase in penetration of electric vehicles offers new opportunities in coming years.

Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/6421

The pedelecs segment to maintain its lead position throughout the forecast period

Based on product, the pedelecs segment contributed to around two-thirds of the total share of the global hub motor market in 2018, and is estimated to maintain its lead position throughout the forecast period. The riding range of pedal assist bikes is longer as compared to other types such as throttle, which drives the growth of the segment. However, the throttle on demand segment is expected to witness the highest CAGR of 5.5% from 2019 to 2026, owing to the features offered by throttle on demand bikes such as ease of use, simplicity in maintenance & installation, customizable grip positioning, and others.

The aftermarket segment to continue its dominant position in terms of revenue by 2026

Based on sales channel, the aftermarket segment held the highest market share of the global hub motor market, contributing to nearly three-fourths of the total market share in 2018, and is estimated to continue its dominant position in terms of revenue by 2026. This is due to the continuous improvement and innovation in the automotive end user and increase in the awareness about different type of hub motors. However, the OEM segment is expected to register the fastest CAGR of 5.5% from 2019 to 2026. This is attributed to increase in demand for electric vehicle, government rules for emission of gases and rising demand for fuel efficient vehicles.

For purchase inquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/6421

Asia-Pacific to offer lucrative opportunities, North America to grow at moderate pace

Based on region, Asia-Pacific accounted for the highest share on the basis of revenue, contributing to more than two-thirds of the global hub motor market in 2018, and is expected to continue its highest share during the forecast period. The electric motor manufacturers in this region are introducing hub motor with innovative and enhanced features such as high power and high torque density, therefore, driving the growth in the region. However, Europe region is projected to register the fastest CAGR of 5.6% from 2019 to 2026. The manufacturers in this region are launching new generation hub motors with advanced features, which augments the growth of the market, in this region. On the other hand, North America is expected to manifest the CAGR of 4.7%.

Leading market players
QS Motor
Elaphe Propulsion Technologies Ltd.
NTN Corporation
TDCM
MAC Shanghai Electric Motor Company Ltd.
Accell Group
Schaeffler Technologies AG & CO. KG
Robert Bosch GmbH
Hyundai Mobis
Siemens AG

Get detailed COVID-19 impact analysis on the Hub Motor Market Request Here!

Similar Reports We Have on Electric Vehicle Industry:

Electric Bikes Market by Product Type (Pedelecs, Throttle on Demand, and Scooter & Motorcycle), Drive Mechanism (Hub Motor, Mid Drive, and Others), Battery Type (Lead-acid, Lithium-ion (Li-ion), Nickel-metal hydride (NiMh), and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2025.

Low Speed Electric Vehicle Market by Vehicle Type (Passenger Vehicle, Heavy Duty Vehicle, Utility Vehicle, and Off-road vehicle) and End User (Golf Courses, Tourist Destinations, Hotels & Resorts, Airports, and Residential & Commercial Premises): Global Opportunity Analysis and Industry Forecast, 2018–2025.

Electric Vehicle Market byType (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV)), Vehicle Class (Mid-Priced and Luxury), and Vehicle Type (Two-wheelers, Passenger Cars, and Commercial Vehicles): GlobalOpportunity Analysis and Industry Forecast, 2020–2027.

About Allied Market Research

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.

David Correa
Allied Analytics LLP
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn