Overview and Scope
A two-wheeler hub motor is an electrical motor that is attached to the wheels and converts electric power to motive power to provide traction. It helps in reducing the weight of the vehicle, reduces fuel consumption, extends the life of a two-wheeler, and lowers maintenance costs. The two-wheeler hub motor is used to power rear-wheel drive vehicles.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Top Major Players
Robert Bosch GmbH
Electric Bike Ltd.
Evans Electric Limited
Gogoa1 Motors Pvt. Ltd.
Heinzmann GmbH & Co. KG
Asia-Pacific was the largest region in the two wheeler hub motor market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the two wheeler hub motor market report are 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, Ashima Limited
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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31. Global Two Wheeler Hub Motor Market Competitive Benchmarking
32. Global Two Wheeler Hub Motor Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Two Wheeler Hub Motor Market
34. Two Wheeler Hub Motor Market Future Outlook and Potential Analysis
35. Appendix
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