The global hub motor market for electric vehicle is expected to reach US$ 25.5 Bn by 2027, expanding at a CAGR of 22.1% during the forecast period 2020 to 2027.
Rise in demand for fuel-efficient and lightweight vehicles across the globe, which provide comfort and noiseless driving, is likely to propel the hub motor market for electric vehicle. Increase in vehicle electrification across the globe due to enactment of vehicle emission standards is likely to boost the demand for electric vehicles across the globe. Moreover, rise in technological development, including wireless hub motor, is projected to lead to the development of advanced electric vehicles including those, which receive electricity wirelessly through transmitting coils that are embedded in road surfaces. This is anticipated to augment the hub motor market for electric vehicle across the globe.
Based on vehicle type, the passenger vehicle segment dominated the global hub motor market for electric vehicle due to a rise in production of passenger vehicles across the globe. Rise in penetration of electric vehicles is estimated to further boost the hub motor market for electric vehicle across the globe.
Based on electric vehicle type, the battery electric vehicle segment dominated the market, as the demand for battery electric vehicles has been rising across the globe due to enactment of stringent rules and regulations regarding vehicle emission. However, major vehicle manufacturers are investing in research & development of battery electric vehicles, which is likely to propel the hub motor market for electric vehicle market across the globe.
Asia Pacific and Europe are projected to be highly lucrative markets during the forecast period. This is primarily due to the presence of prominent automotive industry in China, Japan, and India. Major presence of original equipment manufacturers and tier-1 suppliers across Europe is anticipated to drive the hub motor market for electric vehicle in the region during the forecast period.
The study has considered the base year as 2019, which estimates the market size of market and the forecast period is 2020 to 2027. The report analyzes and forecasts the market size, in terms of volume (thousand units) and value (USD million), for the market. The report provides a detailed analysis of various forces acting in the market (drivers, restraints, opportunities, and challenges). The report covers key players and comprehensively analyzes their market shares and core competencies. It also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants.
Demand to Dip in 2020 amid COVID-19 Pandemic
The COVID-19 pandemic has had a catastrophic effect on the automotive sector around the world. As the COVID-19 infection spreads, government authorities around the world have been largely focusing on restricting the transmission of the novel coronavirus by imposing stringent lockdowns and restrictions on cross-border trade and transportation. Operations across the entire supply chain within the automotive sector have been largely disrupted by the COVID-19 pandemic due to which, the demand and supply for hub motors is likely to remain lower than initial projections.
The industrial lockdown in China in the first quarter of 2020 has put forward several barriers across the supply chain due to which, market growth is expected to remain sluggish in 2020. The demand for electric vehicles is projected to hit a record-low in comparison with the previous years, which, in turn, is likely to have a direct impact on the expansion of the hub motor market for electric vehicle, particularly in the Asia Pacific region.
Key players operating in the global hub motor market for electric vehicle include
Global Hub Motor Market for Electric Vehicle: Segmentation