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Hub Motor Market Growth Trajectory Through 2024-2033

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Vijay Tbrc
Hub Motor Market Growth Trajectory Through 2024-2033

The Hub Motor Global Market Report 2024 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).

Learn More On The Hub Motor Market:https://www.thebusinessresearchcompany.com/report/hub-motor-global-market-report  

According to The Business Research Company’s Hub Motor Global Market Report 2024, The hub motor market size is expected to see strong growth in the next few years. It will grow to $16.77 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to the adoption of smart transportation solutions, regulatory support for electric vehicles, the development of fast-charging infrastructure, an increasing focus on sustainable mobility, and a rise in disposable incomes. Major trends in the forecast period include a shift towards shared mobility, the development of compact electric vehicles, enhancements in energy efficiency, customization and personalization options, and the convergence of mobility and digital technologies.

The increasing demand for electric vehicles is expected to propel the growth of the hub motor market going forward. Electric vehicles (EVs) refer to automobiles that are powered either entirely or partially by electricity stored in rechargeable batteries rather than by internal combustion engines. Increased demand is supported by advancements in technology, government incentives, environmental consciousness, progress in battery technology, and growing consumer preference for environmentally friendly transportation. The hub motor significantly contributes to the increased demand for electric vehicles by facilitating efficient and compact integration of electric propulsion systems, improving performance and range capabilities, and reducing space and weight requirements. For instance, in April 2024, according to the data shared by the International Energy Agency, a France-based autonomous organization, the global registration of nearly 14 million new electric cars in 2023 that totalled on the roads to EVs to 40 million. The sales forecast from the 2023 edition of the Global EV Outlook (GEVO-2023) for electric car saw a 3.5 million increase from 2022, marking a 35% year-on-year rise, with electric cars accounting for around 18% of all cars sold in 2023, up from 14% in 2022. Therefore, increasing demand for electric vehicles is boosting demand in the hub motor market.

Get A Free Sample Of The Report (Includes Graphs And Tables):https://www.thebusinessresearchcompany.com/sample.aspx?id=17171&type=smp 

The hub motor market covered in this report is segmented –

1) By Motor: Geared Hub Motor, Gearless Hub Motor2) By Power Output: Below 1000 W, 1000–3000 W, Above 3000 W3) By Vehicle Type: Electric Bike (E-Bike), Electric Motorcycle (E-Motorcycle), Electric Scooter (E-Scooter), Electric Passenger Vehicles, Electric Utility Vehicles, Electric Heavy-Duty Vehicles, Other Vehicles4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket

Major companies operating in the hub motor market are developing innovative products, such as electric bicycle (e-bike) hub motor systems, to provide great performance on any terrain with advanced and efficient options. Electric bicycle (e-bike) hub motor systems refer to integrated propulsion units located within the bicycle's hub, enabling electric assistance for pedal-powered bicycles. For instance, in June 2024, MAHLE SmartBike Systems, a Spain-based eBike company, launched the MAHLE X30 drive system. This integrates a powerful 45 Nm torque hub motor that weighs only 1.9 kg, offering enhanced efficiency and range with up to 190 km on a single charge. Its seamless integration with MAHLE's digital ecosystem and adaptive AI-driven assistance represent significant advancements, making it a compelling choice for eBike manufacturers seeking high-performance, customizable solutions in the competitive hub motor market.

The hub motor market report table of contents includes:

1. Executive Summary2. Market Characteristics3. Market Trends And Strategies4. Impact Of COVID-195. Market Size And Growth6. Segmentation7. Regional And Country Analysis...27. Competitive Landscape And Company Profiles28. Key Mergers And Acquisitions29. Future Outlook and Potential Analysis

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