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Two-Wheeler Hub Motor Market to Generate Revenue Worth $8,458.7 Million by 2024

Published Date:   September 2019

In 2018, the global two-wheeler hub motor market was valued at $4,838.5 million, and it is expected to reach $8,458.7 million by 2024, witnessing a CAGR of 9.8% during 2019–2024. In terms of end use, the demand for the product was the higher in 2018 among OEMs.

However, the faster growth in the two-wheeler hub motor market is expected to be witnessed by the aftermarket category. The rising adoption of electric two-wheelers would propel the demand for their components. The lesser lifespan of hub motors compared to that of electric two-wheelers would lead to a greater demand for them in the aftermarket, in the forecast period.

Growing Demand for High-Powered Motors is a Major Trend in the Market

The growing demand for high-powered motors is a key trend being observed in the two-wheeler hub motor market. Major manufacturers, such as Zero Motorcycles Inc., BMW AG, and Vectrix, are offering electric motorcycles with a motor power more than 30 kW and have announced their plans of launching models of even higher motor power. For instance, in November 2018, Savic Motorcycles, Australia’s first electric motorcycle company, announced that a new electric model, Cafe Racer, with 60 kW motor power, will be launched by 2020. Besides, many OEMs of conventional gasoline-based motorcycles have announced their plans of introducing high-powered electric models in the near future. Thus, the increasing demand for higher-powered motors is one of the major trends being observed in the market.

Rapid Adoption of Electric Two-Wheelers is Driving the Growth of the Market

The growing adoption of electric two-wheelers is a major growth driver for the two-wheeler hub motor market. The accelerating rate of environmental degradation by greenhouse gas emissions has become a major concern for governments across the world. The increasing amount of exhaust fumes from automobiles, including two-wheelers, is contributing significantly to the degradation of air quality. Thus, the governments of different countries are taking various initiatives to curb the growing pollution levels. For instance, in many countries, the government has incentivized the purchase of electric motorcycles and scooters to promote the adoption of environment-friendly transport. Thus, such initiatives by the governments to increase the adoption of electric vehicles as an effort to reduce carbon emissions are driving the growth of their components’ markets.

Segmentation Analysis of Two-Wheeler Hub Motor Market

Two-Wheeler Hub Motor Market

  • The e-scooters and motorcycles category is expected to grow at the higher CAGR in the two-wheeler hub motor market. This is attributed to the rising adoption of these vehicles, fueled by governments’ initiatives in the form of subsidies and incentives.
  • <0.5 kW motors are used in most of the e-bikes available in the market. However, in the coming years, the demand for motors with >4 kW power is expected to get a boost, owing to the introduction of more high-powered e-scooters and motorcycles.
  • Brushless DC (BLDC) motors have been the most prominent motors in electric two-wheelers, due to various factors such as their long operating life, higher speed capacity, and longer range.
  • DC motors were the larger motor architecture category in the two-wheeler hub motor market. This is attributed to their higher starting torque and better speed variation, along with assistance in quick starting, stopping, and reversing. Moreover, DC motors are comparatively easier to maintain than AC motors, which further contributes to their rising popularity.
  • The usage of hub motors by OEMs has been higher in the two-wheeler hub motor market. The increasing adoption of electric two-wheelers, especially in public sharing services, has surged the demand for them as well as their components, including hub motors.

Geographical Analysis of Two-Wheeler Hub Motor Market

The APAC region alone held over 95.0% volume share in the two-wheeler hub motor market in 2018. The dominance of the APAC region is mainly attributed to the massive demand for electric two-wheelers in China. Moreover, the Chinese government is actively making efforts to reduce vehicular pollution by implementing restrictions on gasoline-driven vehicles, which majorly contributes to the rapid adoption of electric alternatives. Additionally, Chinese consumers have been receiving cash incentives in the form of subsidies, which is further encouraging them to shift to these vehicles.

Apart from the APAC region, the North American and European regions show promising growth prospects for the two-wheeler hub motor market. The introduction of stringent government norms as well as high environmental concerns have the potential to spur the market growth in these regions.

Browse report overview with detailed TOC on "Two-Wheeler Hub Motor Market Research Report: By Vehicle Type (E-Bikes, E-Scooters and Motorcycles), Motor Power (<0.5 kW, 0.5–1.5 kW, 1.5–4 kW, >4 kW), Motor Architecture (Brushed Motor, Brushless Direct Current Motor, Permanent Magnet Synchronous Motor, Induction Motor), Motor Type (AC Motor, DC Motor), End Use (OEM, Aftermarket), Regional Outlook (U.S., Canada, Italy, France, Belgium, Germany, U.K., Austria, Spain, Switzerland, Netherlands, China, India, South Korea, Japan, Indonesia, Malaysia, Singapore, Philippines, Thailand) – Global Industry Size Analysis, Competitive Share and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/two-wheeler-hub-motor-market

Competitive Landscape of Two-Wheeler Hub Motor Market

The global two-wheeler hub motor market is highly fragmented in nature. The top five players in the market together accounted for less than 40.0% of the market revenue in 2018. Yadea Technology Group Co. Ltd. was the market leader, followed by Robert Bosch GmbH, Ananda Drive Techniques Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., and Zhejiang Luyuan Electric Vehicle Co. Ltd.

Harley-Davidson Inc. announced the launch of its electric motorcycle, LiveWire, by 2019, which will be comprised of a hub motor with maximum power of 78 kW. Further, in July 2019, Robert Bosch GmbH announced the launch of a joint-venture with MAGURA Bike Parts, under the name MAGURA Bosch Parts & Services GmbH & Co. KG. The development is intended to expand Bosch’s services and strengthen its presence in the e-bike market in Europe in the long run.

Some other players operating in the two-wheeler hub motor market are Bafang Holding Group Co. Ltd., Shenzhen Xiaobaima Energy Tech Co. Ltd., Electrotherm (India) Ltd., Wuxi Amthi Electrical Machinery Co. Ltd., Yamaha Motor Co. Ltd., Hitachi Automotive Systems, Golden Motor Technology Co. Ltd., and Falcon PEV Pte. Ltd.

Market Segmentation by Vehicle Type

  • E-Bikes
  • E-Scooters and Motorcycles

Market Segmentation by Motor Power

  • <0.5 kW
  • 0.5–1.5 kW
  • 1.5–4 kW
  • >4 kW

Market Segmentation by Motor Architecture

  • Brushed Motor
  • Brushless Direct Current (BLDC) Motor
  • Permanent Magnet Synchronous Motor (PMSM)
  • Induction Motor

Market Segmentation by Motor Type

  • AC Motor
  • DC Motor

Market Segmentation by End Use

  • OEM
  • Aftermarket

Market Segmentation by Region

  • North America Two-Wheeler Hub Motor Market
    • By vehicle type
    • By motor power
    • By motor architecture
    • By motor type
    • By end use
    • By country – U.S. and Canada
  • Europe Two-Wheeler Hub Motor Market
    • By vehicle type
    • By motor power
    • By motor architecture
    • By motor type
    • By end use
    • By country – Italy, France, Belgium, Germany, U.K., Austria, Spain, Switzerland, Netherlands, and Rest of Europe
  • Asia-Pacific (APAC) Two-Wheeler Hub Motor Market
    • By vehicle type
    • By motor power
    • By motor architecture
    • By motor type
    • By end use
    • By country – China, India, South Korea, Japan, Indonesia, Malaysia, Singapore, Philippines, Thailand, and Rest of APAC
  • Rest of World (RoW) Two-Wheeler Hub Motor Market
    • By vehicle type
    • By motor power
    • By motor architecture
    • By motor type
    • By end use
  • Nature-Based
    • Ayurveda
    • Homeopathic
    • Mud therapy
    • Others
  • Mind-Body Intervention-Based
    • Yoga, meditation, tai chi, and qigong
    • Biofeedback
    • Guided imagery
    • Hypnosis
    • Others
  • Manipulative Body-Based
    • Chiropractic
    • Physiotherapy
    • Massage
    • Acupuncture
    • Others
  • Energy-Based
    • Reiki
    • Electromagnetic therapy
    • Others