The higher cost of electric vehicles and two-wheelers has resulted in a profound growth of e-bike hub motors as an affordable alternative. Hub motor technology for electric wheel drive has also emerged as a sustainable urban mobility solution. Ongoing investments in developing charging infrastructure and supportive policies are expected to further drive the demand for vehicles equipped with hub motors.
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Key Takeaways from the Hub Motor Market Report:
The hub motor production in the United States is predicted to rise at a CAGR of 6.7% through 2034. The demand for hub motors in the United Kingdom is expected to grow at a rate of 7.5% until 2034. China is the leading manufacturer of hub motors in Asia and is likely to progress at a 6.9% CAGR from 2024 to 2034. Japan holds a substantial share of the East Asia hub motor market and is expected to grow at a 7.9% CAGR through 2034. The widening ecosystem of electric mobility in South Korea is anticipated to drive the market at an 8.5% CAGR through 2034. Based on the product type, the pedelecs segment is expected to expand at a lucrative CAGR of 6.2% over the forecast period. The OEMs segment is expected to remain the top sellers of hub motors, increasing at a 6% CAGR over the next ten years.
Competitive Landscape:
The competitive landscape for electric hub motors intensified in the last decade with the rise in e-bike and scooter sales. Owing to economical production techniques, leading market players provide competitive pricing that appeals to a wider variety of customers.
Leading Key Players:
Elaphe Propulsion Technologies Ltd., QS Motor, TDCM, Robert Bosch GmbH, MAC Shanghai Electric Motor Company Ltd.
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