What Projections Do We Have for the Two Wheeler Hub Motor Market Size by 2025?
The two wheeler hub motor market size has grown rapidly recently, moving from $13.32 billion in 2024 to a projected value of $14.71 billion in 2025, marking a compound annual growth rate (CAGR) of 10.4%. This spike owes much to urbanization trends, government incentives, escalating fuel prices, and a growing concern for the environment. Looking further forward, the market is predicted to balloon to $24.38 billion by 2029 with a CAGR of 13.5%. This future growth will likely be driven by electrification initiatives, work to reduce costs, the development of charging infrastructure, the growing need for urban mobility solutions, and an increase in consumer awareness and preference.
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What Is Pushing the Two Wheeler Hub Motor Market Forward?
The rise in demand for electric vehicles is a primary factor propelling the growth of the two wheeler hub motor market. Vehicles operating on electricity stored in batteries benefit from hub motors as they enhance drivability and efficiency while also bolstering performance. According to an April 2023 report from the France-based autonomous intergovernmental organization, the International Energy Agency (IEA), the electric car market has seen robust growth with over 10 million sales in 2022. This marks a rise from 9% to 14% of new car sales. As such, the popularity of electric vehicles is catalyzing the advance of the two wheeler hub motor market.
Which Are the Major Segments Within the Two Wheeler Hub Motor Market?
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), After market
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Who Are The Top Players in The Two Wheeler Hub Motor Market?
Major companies operation in this market include 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, and many more.
What Emerging Trends Are Influencing the Two Wheeler Hub Motor Market?
Product innovation stands as a key trend within the two wheeler hub motor market. For instance, in February 2023, India-based HOP Electric launched HOP OXO, an electric bike, boasting a BLDC Hub motor, Sinusoidal FOC Vector Control, and several riding modes, one of which includes a Reverse mode.
Which Region Has the Largest Share in the Two Wheeler Hub Motor Market?
Asia-Pacific reigned as the largest market for two-wheeler hub motors in 2024, but the report also covers other regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Two Wheeler Hub Motor Market Report 2025 Offer?
A two-wheeler hub motor is an electrical motor that attaches to the wheels, converting electrical power to motive force. This reduces vehicle weight, curbs fuel consumption, extends the two-wheeler’s life, and minimizes maintenance costs. The Two Wheeler Hub Motor Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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