Hub Motor Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 - 2024
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By Installation type- Segment Analysis
Rear Hub Motor segment dominated the hub Motor market share in 2018. Most of the electric two wheeler manufacturers prefer to deploy hub motors in the rear wheel to take advantage of the traction control.Apart from that, rear hub motor provides high power handling, powerful acceleration, and high flexibility. Hence, these motors are now widely used in modern electric and hybrid vehicle.
By Motor type- Segment Analysis
The geared hub motor is the largest and the fastest growing segment with a CAGR of 5.30% as it provides the flexibility in controlling the speed of the vehicle. Geared hub motors provide high torque which helps in driving the vehicle easily. Geared hub motors are lighter in weight and smaller in size and hence is suitable for e-bike application.
China is the largest market for Hub Motor in Asia Pacific because it is promoting the use of electric two wheelers to lower the rising pollution and vehicle emissions in the country. It is the world's largest producer of e-bikes, electric bike kit. According to China Automotive association around 15.05 million e-bikes were sold in China in 2018. Increase in sales of electric two wheelers will lead to the increase in sales of geared hub motors.
Geography- Segment Analysis
In 2018, APAC dominated the Hub Motor market size with a share of more than 62.5%. The economy of APAC is majorly influenced by the countries such as China and India. In these countries, the government are aggressively implementing regulatory framework to reduce the environmental footprint and fuel consumption in automobiles. According to new regulation in China, the government is planning to ban the production and sales of fossil fuel vehicles. Similarly, China is creating opportunity for Hub Motor industry with the increased sales of electric bikes and electric scooters.
Related Reports :
a. Electric Vehicle Market
b. Automotive Motors Market
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