Two-Wheeler Hub Motor Market Size and Growth Analysis

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Over Double Revenue Growth Expected in Global
Two-Wheeler Hub Motor Market During 20192024
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The increasing pollution levels and carbon
emissions caused because of the large-scale
utilization of oil and gas powered vehicles are
majorly responsible for the surging popularity of
electric vehicles across the world. The
deteriorating air quality levels in many
countries coupled with global warming has made
many environmentalists, activists, and
governments take numerous measures for creating
awareness about alternative eco-friendly sources
of power such as electrical energy. Additionally,
the governments of several countries are offering
hefty financial incentives to their people on the
purchase of electric vehicles, which is in turn,
boosting the sales of these vehicles. In
addition to being environment-friendly, the
electric two-wheelers serve as excellent
alternatives to the light motor vehicles (LMV)
and are thus, enjoying soaring popularity all
over the world. Therefore, with the surging sales
of various types of electric vehicles such as
electric two-wheelers, the demand for two-wheeler
hub motors will shoot-up across the world. As a
result, the global two-wheeler hub motor market
is predicted to advance at a CAGR of 9.8 during
the forecast period (20192024) and grow in
valuation from 4,838.5 million to more than
8,458.7 million from 2018 to 2024.
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E-scooters and motorcycles and e-bikes are the
two main types of electric two-wheelers available
throughout the world and both of them recorded
similar utilization of two-wheeler hub motors in
2018. However, this trend is expected to come to
an end soon as the usage of the hub motors is
predicted to increase at a faster rate in
e-scooters and motorcycles than the e-bikes
during the forecast period, on account of their
increasing utilization by both daily commuters
and public sharing companies, owing to their
greater cost-effectiveness and convenience.
Besides the conventional hub motors, the demand
for high-powered motors is also escalating all
over the world. Many major electric motorcycle
manufacturing companies such as BMW AG, Vectrix,
and Zero Motorcycles Inc. are increasingly
developing motorcycles having motor power higher
than 30 kW. Additionally, these companies have
announced that they will soon launch motorcycles
having motor power much higher than the ones they
are currently manufacturing. Zero Motorcycles aim
to launch a dual-sport electric motorcycle that
will have 35.0 more motor power and 8.0 more
speed capacity than the previously manufactured
models in the near future. To receive free
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Across the globe, the Europe two-wheeler hub
motor market is predicted to exhibit the fastest
growth during the forecast period. This is
primarily credited to the fact that the due to
the adoption of the Euro 4 emission standards by
the European nations, most of the oil and
gas-powered two-wheelers running in those
countries will soon be replaced by the electric
variants, which will in turn, generate huge
demand for two-wheeler hub motors in the region
in the forthcoming years. Therefore, it can be
said without any hesitation that the increasing
deployment of electric two-wheelers will
tremendously push the requirement of two-wheeler
hub motors across the world in the future years.
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