(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 05, 2021 (GLOBE NEWSWIRE) -- The "Automotive Hub Motors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Automotive Hub Motors Market was valued at USD 10 Billion in 2020 and is expected to grow up to USD 15 Billion by 2026, registering a CAGR of more than 6% during the forecast period (2021 - 2026).
The Covid-19 impact had a mildly negative impact on the automotive hub motors market. With the worldwide lockdown and transport halt, the production and sales of both Plug-In Hybrid Electric Vehicles and Electric Vehicles were reduced, majorly damaging the market. Also, with the supply chain disruption due to the global transport halt, the raw materials like copper and other metals for the production of motors reduced. However, with the projected exponential growth in electric vehicle usage, the market expects an economic revival and high growth post the pandemic.
The penetration of electric vehicles is witnessing strong growth, especially in Europe. Subsequently, the demand for hub motors would continue expanding over the forecast period.
Several significant automotive manufacturers showed interest in entering into electric vehicles segments considering its huge potential. Therefore, the automotive hub motor market can capitalize on this growth of electric vehicles.
The market is significantly driven by the consistently rising penetration of electric bicycles across the different developed and developing countries such as China, Germany, Japan, Belgium, Norway, France, the United Kingdom and the Netherlands.
Key Market Trends
Increasing Demand for Hub Motors from E-bike Segment
With the growing concerns and awareness to protect and preserve the environment for future generations, the need for zero-emission mobility has tremendously increased the demand for electric vehicles across the world. Also, the increased awareness about the health benefits of using E-Bikes has increased their production and usage. Consequently, the need for hub motors that are majorly used in E-bikes has also increased.
The primary benefit of using a hub motor in e-bikes is that it requires less maintenance; this is due to the fact that all the parts are located inside the motor casing and this motor is entirely independent. Sometimes, the use of electric motors attached with gears might not be ideal due to the chance of gear tooth wear and eventually rendering the motor useless. Hence, the hub motors are usually preferred for light-duty applications like E-Bikes.
On the other hand, the gearless hub motor has no significant losses as there are no moving parts except for bearings. Apart from the benefits, an e-bike is noiseless, generates no carbon emissions, offers a low-cost mode of transportation, saves space, and ensures good health. Thus, owing to the aforementioned advantages, e-bikes are expected to become the future mode of transportation for short distances. Also, with the projected increase in E-Bike usage especially in European and Asian region, the usage of hub motors is also expected to increase during the forecast period.This factor, in turn, is expected to increase the demand for e-bikes and consequently, the hub motors.
Asia-Pacific and Europe to Witness High Growth Rate
Asia-Pacific is leading the hub motors market. The automotive hub motors market in this region is primarily driven by the demand from countries such as China, Japan, and some of the Southeast Asia countries. These countries have strong penetration of electric vehicles, making them the most prominent markets for the related components.
China has contributed to a large share of the Asia-Pacific hub motors market, owing to its high consumption of electric bikes, in order to tackle heavy traffic conditions as well as growing vehicle pollution in the country. During the forecast period, the consumptions of e-bikes are likely to continue to grow, due to the decreasing purchase cost of e-bikes in the Chinese market.
In addition, China is one of the largest producers of electric two-wheelers and related components. This makes the country one of the largest markets for hub motors. In addition, rising imports and exports of electric vehicles due to the rise in pollution and to find alternatives to gasoline vehicles that emit huge pollutants in the atmosphere is another factor responsible for the growth of this market in this region.
Japan also has a considerably high adoption of electric mobility. The country is a pioneer in the field of electric and hybrid vehicles, with companies, like Toyota and Nissan, being active in this field. This transition toward electric vehicles is another factor driving the growth of hub motors in the country.
Asia Pacific is estimated to have prominent growth in the global market due to rush in adoption of electric vehicles in emerging economies of this region.
The Automotive Hub Motors Market is dominated by several players such as Mitsubishi Motors Corporation, Schaeffler Technologies AG & Co. KG, Taizhou Quanshun Electric Drive Technology Co., Ltd. (QS Motor), Heinzmann GmbH & Co. KG, Michelin. These companies are expanding their business with new innovative products so that they can have an edge over their competitors.
- In June 2021, ETRAN, an electric motorbike developer has signed MoU with Pioneer Motor of Thailand, to develop hub motors for motorcycles.
- In July 2019, Alliance Ventures invested in the mobility house of Mitsubishi Motors Corporation to boost their electric mobility.
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Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Motor Type
5.2 Vehicle Type
5.2.2 Electric Two-wheelers
5.2.3 Passenger Cars
5.2.4 Commercial Vehicles
5.3.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Rest of the World
188.8.131.52 Souh America
184.108.40.206 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Mitsubishi Motors Corporation
6.2.2 Schaeffler Technologies AG & Co. KG
6.2.3 Taizhou Quanshun Electric Drive Technology Co., Ltd. (QS Motor)
6.2.4 Heinzmann GmbH & Co. KG
6.2.6 Protean Electric Ltd.
6.2.7 Elaphe Ltd.
6.2.8 TDCM Corporation Ltd.
6.2.9 Magnetic Systems Technology Ltd.
6.2.10 SIM-Drive Corporation
6.2.11 GO SwissDrive AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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Tags Electric Drive Electric Motor Hub Motor Motors
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