Two Wheeler Hub Motor Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 - 2027

Published Date : Dec 2020 | No. of Pages : 250 Pages | Category : Semiconductor and Electronic

The global Two Wheeler Hub Motor market size is expected to be worth around US$ 16.8 billion by 2027, according to a new report by Vision Research Reports.

The global Two Wheeler Hub Motor market size was valued at US$ 8.1 billion in 2019 and is anticipated to grow at a CAGR of 9.6% during forecast period 2020 to 2027.

Growth Factors

Hub motor is an electric motor integrated into the vehicle’s wheel hub assembly. The motor uses the electric energy stored in the battery by converting it into rotary motion, thereby driving the vehicle’s drivetrain. These types of motors are generally used. The changing end user preference towards the adoption of zero-emission vehicles owing to increasing awareness of global warming is anticipated to fuel market growth. Moreover, favorable government policies such as stringent regulations to curb the (CO2) emission, and subsidies for electric two-wheeler manufacturers and end-users are also projected to uplift market growth over the forecast period.

Increasing demand for electric two-wheelers and stringent government regulations for reducing the carbon footprint is projected to market growth. Furthermore, improved vehicle performance, reliability, and driving range are some factors that are projected to influence the demand for hub motors over the next seven years.

Vehicle Type Insights

Based on vehicle type, the market is segmented into electric scooter/moped, electric bike, electric motorcycle, and others, which include electric kick scooters and electric skateboards. The electric bike segment dominated the market in 2019 and was valued at USD 4.6 billion. The two-wheeler hub motors are prominently used in electric bikes owing to factors such as increased power/speed, high torque, extended range per single charge. It offers better vehicle handling to both existing and new vehicles due to its lightweight design. For instance, the growing support from regulatory bodies in Norway and France and the OEM’s efforts to expand the present electric bike fleet are anticipated to drive the sales of electric bikes from 2020 to 2027.

The electric motorcycle and electric scooter segments are anticipated to exhibit a CAGR of 11.7% and 10.6% respectively, from 2020 to 2027. This can be attributed to the growing sales of these vehicles, fueled by various governments’ initiatives in the form of incentives and subsidies. For instance, in U.S., the goal of the Governor of California to reach 1.5 million zero-emission vehicles by 2025 is contributing to the regional demand. U.S. is expected to emerge as a favorable adopter of electric scooters as new products are being introduced and various large-scale manufacturers, such as Mahindra GenZe, have entered the U.S. market.

Installation Insights

Based on the installation, the two wheeler hub motor market is segmented into rear and front hub motor. The rear hub motor segment accounted for the majority share of the overall market in 2019 and was valued at USD 7.3 billion. The manufacturers prefer to install two-wheeler hub motors to the rear wheel as it offers better traction, improved stability, and higher vehicle performance. Therefore, the market is also anticipated grow over the forecast period.

Most of vehicle weight is centered towards rear-end of the vehicle, thus a rear two-wheeler hub motor offers much more traction than a front two-wheeler hub motor. However, configuration and aftermarket installation of front in-wheel motor is relatively more straightforward as compared to rear in-wheel motor. Besides, the front two-wheeler hub motor system incurs low maintenance cost and is easier to service. Therefore, the front hub motor segment is poised to grow at a considerable CAGR of 7% from 2020 to 2027.

Motor Insights

Based on motor, the market is segmented into geared hub motor and gearless hub motor. The geared hub motor segment dominated the market in 2019 and is projected to continue the trend over the forecast period. Geared two-wheeler hub motors have planetary gears to reduce the speed of the vehicle, though; they allow the motor to rotate at faster speeds. Two-wheeler hub motors are commonly geared type for better durability and speed control. Moreover, geared motors are smaller in size and are lightweight, and are hence preferred by majority of the electric 2-wheeler manufacturers. Hence, the segment accounted for over 79.0% share of the overall market revenue in 2019.

Gearless two-wheeler hub motors are capable of providing large amounts of power and torque. This makes them especially well-suited for higher performance electric vehicles. However, they are generally heavy and bulky which adds to overall vehicle weight and reduces vehicle performance. Therefore, OEMs select geared or gearless motor as per the required weight and power of the vehicle. Moreover, the gearless hub motor segment is expected to witness a CAGR of 8.3% over the forecast period.

Sales Channel Insights

Based on sales channel, the market has been segmented into OEM and aftermarket. OEM’s dominated the market in 2019, as majority of the end users prefer to buy two-wheelers with company fitted electric motors. In addition, the increasing preference of end-users for electric scooters and motorcycles as a replacement of traditional scooter or motorcycle for daily commute is one of the influential factors driving growth of the OEM segment. Besides, the rising rate of exporting and manufacturing electric two-wheelers is also responsible for the increasing market shares of the OEM segment over the forecast period.

However, aftermarket segment is expected to witness a CAGR of 8.1% from 2020 to 2027. Majority of startups and SMEs operating in the industry are concentrating more on modifying traditional bikes by integrating two-wheeler hub motor to either wheel to convert it into electric bike. Therefore, adoption of such trends within the business is anticipated to propel the growth of the aftermarket segment over the forecast period.

Power Output Insights

Based on power output, the market has been segmented into Below 1 kW, (1-3) kW, and above 3 kW. The motor with higher power output is preferred wherein the manufacturers want to increase the vehicle speed without affecting the vehicle’s performance. The electric scooters/mopeds, electric motorcycles, and some other models of electric two-wheelers use motors with power output above 1 kW. Hence, the demand high-power e-motorcycles and e-scooters is anticipated to bode well for motors with a power output of (1-3) kW and above 3 kW. Therefore, the (1-3) kW segment is projected to witness the highest CAGR of 10.6% over the forecast period.

Whereas motors with power output below 1 kW are generally preferred for electric bikes, electric skateboards, and electric kick scooters. Moreover, the increasing adoption of electric bicycles across Europe and North America is anticipated to fuel segment growth. For instance, in Germany, sales for electric bikes grew by 37.0 percent in the first half of 2019 to 920,000 electric bikes; which almost equals the entire unit sales in the year 2018. Thus, the segment dominated the market in 2019 and was valued at USD 4.6 billion. Moreover, as of 2019, electric bikes accounted for over 50.0% share of the overall market, which in turn, is anticipated to fuel segment growth over the forecast period.

Regional Insights

In the Asia Pacific, the market was valued at USD 4.5 billion in 2019. The growth of the market in this region is also mainly driven by China, Japan, India, and South Korea. China is the largest market two-wheeler hub motor in the Asia Pacific due to the presence of major two-wheeler hub motor manufacturers namely QS MOTOR, MAC SHANGHAI ELECTRIC MOTOR COMPANY LTD, TDCM, and NTN Corporation.

In North America, the market is anticipated to exhibit the highest CAGR of 11% from 2020 to 2027. This is owing to the rising focus of manufacturers on developing high-performance, cleaner, and faster electric vehicles. In the U.S., the leading OEMs such as LUNA CYCLE, Zero Motorcycles, Harley-Davidson, Xiaomi (United States), and Victory Motorcycles launched electric two-wheelers resulting in an enormous demand for two-wheeler hub motors. Moreover, benefits such as better torque control, powerful acceleration, and improved stability are anticipated to further boost the demand for two-wheeler hub motors.

Key Players

QS MOTOR; MAC SHANGHAI ELECTRIC MOTOR COMPANY LTD; TDCM, NTN Corporation; Heinzmann GmbH and Co. KG.; Robert Bosch GmbH; Schaeffler Technologies AG and Co. KG; Elaphe Propulsion Technologies Ltd.

Market Segmentation

Two Wheeler Hub Motor Vehicle Type Outlook

  • Electric Scooter/Moped

  • Electric Bike

  • Electric Motorcycle

  • Others

Two Wheeler Hub Motor Installation Outlook 

  • Front

  • Rear

Two Wheeler Hub Motor Outlook

  • Geared

  • Gearless

Two Wheeler Hub Motor Sales Channel Outlook 

  • OEM

  • Aftermarket

Two Wheeler Hub Motor Power Output Outlook 

  • Below 1 kW

  • (1-3) kW

  • Above 3 kW

Two Wheeler Hub Motor Regional Outlook

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

The Two Wheeler Hub Motor market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Two Wheeler Hub Motor market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Two Wheeler Hub Motor market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Two Wheeler Hub Motor market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Two Wheeler Hub Motor market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Two Wheeler Hub Motor capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Two Wheeler Hub Motor by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Two Wheeler Hub Motor market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Two Wheeler Hub Motor market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Two Wheeler Hub Motor market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Two Wheeler Hub Motor industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Two Wheeler Hub Motor market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Two Wheeler Hub Motor market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Two Wheeler Hub Motor market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Two Wheeler Hub Motor market. These factors have benefited the growth of the global market for Two Wheeler Hub Motor. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Two Wheeler Hub Motor. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Two Wheeler Hub Motor are as follows:

  • Historic Year: 2016-2019
  • Base Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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