Two-Wheeler Hub Motor Market Overview
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 (2019—2024) and grow in valuation from $4,838.5 million to more than $8,458.7 million from 2018 to 2024.
Growth Insights
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.
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.
Get More Details Two-Wheeler Hub Motor Market Impact Of Domestic and Global Market Players
