PUNE, India, Sept. 27, 2022 /PRNewswire/ -- The New Report "Automotive Hub Motor Market Statistics, Trend Analysis, and Forecast Report, 2022 - 2032" shows insights and data published by Market Decipher. The report estimates the Global Automotive Hub Motor Market size at U.S. $14.18 Billion in 2021 which is forecasted to reach U.S. $29.3 Billion by 2032. Asia Pacific and Europe are projected to be highly lucrative markets during the forecast period. China and India are the major countries remodeling their Automotive industry using Hub motors in passenger cars as well as public transports, while Toyota announced India as its EV Parts Production Hub. The Automotive Hub Motor Market is set to grow at a fast pace with the introduction of evolutionary electric vehicles by Trek, Frey, DAYI Motors, and mobility applications by Toshiba, Sona Comstar and Hitachi.
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"The Covid-19 pandemic posed a mild threat to the Automotive Hub Motor Industry but has consistent developments in the form of technology and innovation and the projected exponential growth in the electric vehicle usage, has supported the economic revival of the market. Market Decipher has proclaimed that the huge potential of the electric vehicles segment coupled with its rising penetration in the developing countries such as China, United Kingdom, Japan, France is attracting several significant automotive manufacturers, paving the way for capitalization of the industry." - Chandradeep Singh
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Mounting environmental concerns boost hub motors market
The regulatory authorities all around the world have been compelled to make stringent laws to safeguard the environment by growing concerns to protect and preserve the environment and cries for sustainable development. In addition to the stringent government regulation to control carbon dioxide emissions, the rising awareness towards its harmful effects on health and global warming, has supported the demand for electric vehicles. The Hub Motor Market has gained a competitive edge by focusing on depletion of fossil fuels used by conventional vehicles and minimizing the air pollution.
Soaring demand for efficient and lightweight vehicles to aid market growth
The compact size, flexibility, energy efficiency and lightweight features of the hub motor tend to add to its benefits. The hub motor reduces the fuel consumption and maintenance costs, which in turn extends vehicle life.
Rise in production of vehicles with in-wheel electric motors
Hub motors are a type of motor power generator that is installed on the wheels of the vehicles to reduce the load on the engine, enhance the effectiveness and performance of the vehicles. The in-wheel motor delivers precisely controlled motoring torque and thus remarkably improves the traction and stability control by limited stopping distance and enhancing vehicle dynamics and safety. This enhances the performance of the electric vehicles and boosts the market for hub motors while restraining the market of fuel powered cars.
Endless opportunities for the hub motor market?
The adoption of hub motors has indeed enhanced the performance of electric vehicles, and the massive rise in the demand for electric vehicles is contributing to the increase in demand for hub motors. The production capacity of the hub motors has also increased due to huge investments by major market participants who focus on improving the efficiency and performance of their hub motors. The growing demand for hub motors from the hybrid vehicles segment is expected to boost the market. However, two major hindrances in the growth of the hub motor markets are the presence of alternatives such as mid-drive motors and the lack of skill, as integration of hub motor in the aftermarket requires expertise.
Recent Development by Companies:
- July 2022: Trek releases two new more affordable electric bikes with hub motors and hidden batteries
- July 2022: Heavy Industries Ministry signs contracts with Reliance New Energy Limited, Ola Electric Mobility Private Limited, and Rajesh Exports Limited for hub motor manufacturing incentives
- July 2022: FREY Runner electric bike with hub motor launched as the eMTB brand's first touring e-bike
- June 2022: Toshiba developing a lightweight, compact, high-power superconducting motor for mobility applications
- May 2022: Toyota to Make India Its EV Parts Production Hub
- Jan 2022: Hitachi believes it has the formula to deliver in-wheel power
March 2022: Sona Comstar launches Motor T family of hub motors & controllers
Report Details
Number of Pages: 220
Number of Tables: 60
Number of Charts and Graphs: 80
Customized Report can be procured on Request: https://www.marketdecipher.com/report/automotive-hub-motor-market
Key Companies Covered
- Schaeffler technologies AG & Co. KG
- Aisin
- QS Motor Ltd
- ABB
- Elaphe Propulsion Technologies Ltd
- Alstom
- General Electric
- Robert Bosh GmbH
- Accell Group N.V
- Toshiba
Key Report Takeaways:
- Estimation/projections/forecast for revenue (2022 - 2032)
- Data breakdown for every Industry segment (2022 - 2032)
- Gross margin and profitability analysis of companies
- Impact Of COVID-19 On Sports Betting
- Business trend and expansion analysis
- Competition analysis/market share
- Product Innovation Listing
- Client list and case studies
- Market entry strategy
Get this research report: Customized Report can be procured on Request: https://www.marketdecipher.com/report/automotive-hub-motor-market
Media Contact:
David Correa
Decipher Business Insights Pvt. Ltd.
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Wakad, Mumbai- Bangalore Highway,
Pune - 411057, Maharashtra
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