The Two Wheeler Hub Motor by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Two Wheeler Hub Motor , The two wheeler hub motor market size has grown rapidly in recent years. It will grow from $12.17 billion in 2023 to $13.51 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to urbanization trends, government incentives, rising fuel prices, environmental awareness.
The two wheeler hub motor market size is expected to see rapid growth in the next few years. It will grow to $21.52 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to electrification initiatives, cost reduction efforts, charging infrastructure development, urban mobility solutions, consumer awareness and preference. Major trends in the forecast period include battery technology improvements, integrated smart features, lightweight and compact designs, swappable batteries, performance-oriented hub motors, customization options
The rise in demand for electric vehicles is significantly contributing to the growth of the two wheeler hub motor market going forward. Electric vehicles refer to vehicles that work on electricity that is stored in batteries. Hub motors help electric two-wheelers achieve better drivability and efficiency and improve electric vehicle performance. For instance, according to a report by the Society of Manufacturers of Electric Vehicles (SMEV), an India-based electric vehicle association, in 2021, the sales of electric two-wheelers increased by 132% in India. In addition, unit sales of two-wheelers reached 100,736 units in 2020, which had increased to 233,971 units in 2021. Therefore, the rise in demand for electric vehicles is driving the growth of the two wheeler hub motor market.
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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
Product innovation is the key trend gaining popularity in the two wheeler hub motor market. Major companies operating in the two-wheeler hub motor sector are focused on developing technologically advanced products to sustain their position in the market. For instance, in February 2023, HOP Electric , a India-based two wheeler electric vehicle & charging battery scooter company, launched HOP OXO, an electric bike . The HOP OXO’s unique features include it has a BLDC Hub motor, Sinusoidal FOC Vector Control, and riding modes such as Eco-Power-Sport and Reverse mode.
The two wheeler hub motor market report table of contents includes:
1. Executive Summary
2. Two Wheeler Hub Motor Market Characteristics
3. Two Wheeler Hub Motor Market Trends And Strategies
4. Two Wheeler Hub Motor Market – Macro Economic Scenario
5. Global Two Wheeler Hub Motor Market Size and Growth
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26. South America Two Wheeler Hub Motor Market
27. Brazil Two Wheeler Hub Motor Market
28. Middle East Two Wheeler Hub Motor Market
29. Africa Two Wheeler Hub Motor Market
30. Two Wheeler Hub Motor Market Competitive Landscape And Company Profiles
Top Major Players:
- Robert Bosch GmbH
- Electric Bike Ltd
- Evans Electric Limited
- Gogoa1 Motors Pvt. Ltd
- Heinzmann GmbH & Co. KG
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