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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Hub Motor Market Analysis by Region
The demand for hub motors in the Asia Pacific region is notably high and continues to grow. Rapid urbanisation in many Asia Pacific countries has led to increased traffic congestion and pollution in urban centres. Electric vehicles, especially e-bikes and e-scooters, offer a convenient and efficient solution for short to medium-distance urban commutes, helping to alleviate these issues. Governments across the Asia Pacific region are implementing policies and incentives to promote the adoption of electric vehicles as part of their efforts to reduce carbon emissions and combat air pollution. These measures include subsidies for EV purchases, investment in charging infrastructure, and restrictions on the use of fossil fuel-powered vehicles in certain areas.
The hub motor market in North America is expected to be on an upward trajectory in the coming years. There is a growing trend in North America towards health and fitness, with more people looking for active modes of transportation. E-bikes, in particular, offer a way to combine exercise with commuting, appealing to individuals seeking to incorporate more physical activity into their daily routines.
Hub Motor Market Report Snapshots
Hub Motor Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global hub motor market attained a value of nearly USD 9.55 billion in 2023.
The market is projected to grow at a CAGR of 5.3% in the forecast period of 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 15.23 billion by 2032.
The rising demand for hub motors due to their favourable features and the growing popularity of electric vehicles are the major market drivers.
Technological advancements and innovations, the introduction of favourable government policies aimed at fuelling the use of environmentally friendly vehicles, and the growing awareness regarding the benefits of electric vehicles are the key trends propelling the market.
The major regional markets for hub motor are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
E-bike, e-scooter, and e-motorcycle are the different vehicle types considered in the market report.
The major installation types of hub motor are front hub motor and rear hub motor.
The various outputs of hub motor are below 1000W, 1000-3000W, and above 3000W.
The significant distribution channels of hub motor are original equipment manufacturer (OEM) and aftermarket.
The major players in the market are Schaeffler Technologies AG & Co. KG, QS Motor Ltd, Elaphe Propulsion Technologies Ltd., Robert Bosch GmbH, and Accell Group N.V., among others.
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