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Top Market Shifts Transforming the Two Wheeler Hub Motor Market Landscape: Key Insights
Two Wheeler Hub Motor Market
What Is the Expected CAGR for the Two Wheeler Hub Motor Market Through 2025?
The market for two-wheeler hub motors has seen quick expansion in recent times. It is projected to swell from a worth of $13.32 billion in 2024 to approximately $14.71 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.4%. The progression in the past era is credited to factors such as urbanization patterns, government incentives, escalating fuel costs, and increased cognizance towards the environment.
What's the Projected Size of the Global Two Wheeler Hub Motor Market by 2029?
The market size of the two wheeler hub motor is predicted to experience a swift expansion in the years to come, growing to a value of $24.38 billion in 2029, with a compound annual growth rate (CAGR) of 13.5%. The projected advance in this period is primarily due to efforts towards electrification, reduction in costs, the progress in charging infrastructure, solutions for urban mobility, consumer awareness and changing preferences. Key future trends including enhancements in battery technology, incorporation of smart features, designs that are more compact and lightweight, switchable batteries, hub motors geared towards performance and various customization options, are expected to contribute significantly to this development.
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Top Growth Drivers in the Two Wheeler Hub Motor Industry: What's Accelerating the Market?
The increase in popularity for electric vehicles is massively influencing the development of the two-wheeler hub motor market. These electric vehicles run on electricity stored in batteries. Hub motors offer better drive-ability and efficiency to electric two-wheelers and enhance the overall performance. For example, a report by the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, indicated in April 2023 that the electric car market is witnessing substantial growth. There were over 10 million sales in 2022, representing 14% of new car sales, a significant rise from approximately 9% in 2021. Consequently, the swelling demand for electric vehicles is propelling the expansion of the two-wheeler hub motor market.
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What Trends Will Shape the Two Wheeler Hub Motor Market Through 2029 and Beyond?
The leading trend in the two-wheeler hub motor market is product innovation. To maintain their market position, major companies operating in this sector are concentrating on the production of technically advanced products. For example, HOP Electric - an electric vehicle and charging battery scooter company based in India - debuted the HOP OXO, an electric bicycle, in February 2023. Distinctive features of the HOP OXO include a BLDC Hub motor, Sinusoidal FOC Vector Control, and a variety of riding modes such as Eco-Power-Sport and Reverse mode.
What Are the Main Segments in the Two Wheeler Hub Motor Market?
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), After market
Subsegments:
1) By Electric Bike: City E-Bikes, Mountain E-Bikes, Folding E-Bikes
2) By Electric Scooter: Stand-Up Electric Scooters, Sit-Down Electric Scooters
3) By Electric Motorcycle: Commuter Electric Motorcycles, Performance Electric Motorcycles, Cruiser Electric Motorcycles
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Which Top Companies are Driving Growth in the Two Wheeler Hub Motor Market?
Major companies operating in the two wheeler hub motor market include 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
Which Regions Will Dominate the Two Wheeler Hub Motor Market Through 2029?
Asia-Pacific was the largest region in the two-wheeler hub motor market in 2024.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
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