Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Motorcycle Hub Motor
Motorcycle hub motor is an electric motor installed in the wheels of the vehicles for improving their efficiency and performance. They are generally installed in the electric vehicles to reduce the load on engine while reducing the fuel consumption level along with minimizing the maintenance cost. These attributes further increase the lifespan of the vehicles.
Motorcycle hub motor can be arranged or fit in two possible ways; direct connection and wheel hub with an additional gearbox facility. Through direct connection, vehicle can attain low speed with high torque, whereas, through wheel hub with an additional gearbox facility, vehicle can attain speed and torque according to the requirement. Motorcycle hub motor is generally used in e-bikes, e-scooters, e-bicycles and industries where driving wheel is a part of assembly lines.
Market Size and Forecast
The electric two-wheeler market is growing significantly on the back of growing awareness regarding global warming as people are moving from vehicles using conventional resources to vehicles that use renewable resources. Further, stringent rules and regulations by government and improved vehicle performance efficiency, increased power, better vehicle handling and high torque related to hub motors are some of the factors that are expected to drive the growth of the market in upcoming years.
The motorcycle hub motor market is anticipated to record a CAGR of around 5.3% over the forecast period i.e. 2019-2027. The market is segmented by vehicle type into e-bikes, e-scooters and e-bicycles, out of which e-bikes segment is anticipated to have largest market share on the back of high torque, better vehicle handling and increased power in both existing and new vehicles. Further, the market is segmented by installation type into front hub motor and rear hub motor, out of which, the rear hub motor segment is expected to dominate the market on the back of its powerful acceleration, high power handling, better traction and high flexibility. CLICK TO DOWNLOAD FREE SAMPLE
Growth Drivers
Rise in Demand for Electric Two-Wheelers
Growing ecological concerns are driving the demand for electric two-wheelers. Further, stringent government rules promoting the use of vehicles that do not emit CO2 and use renewable power resources rather than using conventional resources of energy are some of the significant growth indicators that are estimated to boost the growth of the market.
OEM Segment to Boost Market Shares
On the back of advancement in hub motors, the majority of the customers are purchasing them directly from the original equipment manufacturers. Further, the growing rate of manufacturing and exporting electric vehicles are directly boosting the market shares in OEM segment, which is further anticipated to support the growth of the market significantly over the forecast period.
Restraints
Lack of Awareness & Availability of Substitute Products
Hub motors usually cost high owing to their attributes such as their ability to handle high power, better traction control and high flexibility. The presence of alternatives at lower rates and lack of awareness regarding motorcycle hub motors among people is expected to hamper the growth of the market during the forecast period.
Market Segmentation
Our-in depth analysis of the global motorcycle hub motor market includes the following segments:
By Vehicle Type
By Installation Type
By Motor Type
By Output Type
By Sales Channel
By Region
On the basis of regional analysis, the global motorcycle hub motor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia-Pacific is expected to dominate the market on account of rising ecological concerns among people and increasing production and sales of electrical two-wheelers in the region. Further, stringent government rules and regulations to produce electric vehicles for conserving fuels is a notable factor that is anticipated to support the growth of the market in Asia-Pacific region.
The global motorcycle hub motor market is further classified on the basis of region as follows:
Key Players
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