The Global Hub Motor Market is forecast to reach $10.3 million by 2025, growing at a CAGR of 5.34% from 2020 to 2025. Higher vehicle performance along with rising adoption for electric vehicles is the major driving factors propelling the market demands for hub motors. Moreover, growing automobiles and high spending towards enhancing motor technologies have caused major shares in the Hub Motor market. Government initiatives towards reducing consumption of fossils have caused automobile manufacturers to invest more in electric vehicles, fuelling the market for hub motors.
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Type – Segment Analysis
Hub Motor market is segmented as geared and gearless motors on the basis of type. Geared motor segment has caused high dominance in the Hub Motor market prior to their capabilities of working at much higher and efficient speeds. Moreover, geared type motors are comparatively smaller and lighter than the gearless ones, thus gaining much popularity in themarket. Technology advancements towards geared motors such as regenerative braking capability along with improving the torque power have been propelling the market demand towards geared motors.
Geography – Segment Analysis
Global Hub Motor market is expected to be dominated by APAC region during the forecast period from 2020 to 2025. Rising technological advancements and growing automotive industries are acting as major drivers for the market growth of hub motors. Presence of key players such as QS Motor, NTN Corporation and MAC Shanghai Electric Motor Company Ltd has been also helping in promoting the market growth in this region. Government measures towards adopting electric vehicles and huge investments towards research and development have also caused high market rise for hub motors in this region.
Drivers – Hub Motor Market
High performance is acting as a major driver towards the market growth of hub motors, creating huge dominance in automotive industry. The lightweight and compact design of hub motors with improved braking capabilities eventually helps in offering high flexibility compared to the old motors used. Adoption of hub motors in various automobiles is increasing due to high torque and power generation, thus causing higher efficiency and improving the performance of the installed vehicle. Hub motors offer repeatable use due to its low wear and tear, thus reducing the maintenance costs for the motors. This ultimately helps in providing optimised performance and improves the overall performance of the installed automobile.
Rising demand towards electric vehicles are acting as major driver towards the growth of hub motor market across the globe. In order to reduce usage of fossil fuels, electric vehicles are seen capturing the automobile market. Electric vehicles are installed with hub motors which are directly influencing the hub motors market growth as they improve the vehicle performance. Government initiatives towards promoting the growth of electric vehicles in the market can help the hub motor market to have a significant rise in the near future.
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Challenges – Hub Motor Market
The major challenge faced by Hub Motor market is the high costs associated with its installation. Technology advancements such as improving structural designs, enhancing improved braking capabilities and many others towards hub motors are eventually causing higher costs, thus hampering the market demand. Un sprung weight issues in hub motors are also responsible for increasing prices as it creates the need to invest in alloy wheels. Unsprung weight is a major issue which affects the cost factor of hub motors as the motor designers requires adoption of new alternatives to improving handling and steering facilities of the vehicles.
Partnerships and acquisitions along with product launches are the key strategies of the players in the Hub MotorMarket. The major key players in the Hub MotorMarket include QS Motor, TDCM Corporation Ltd., Enertrac Corporation, JiashanNeopower International Trade CO. Ltd, Elaphe Propulsion Technologies Ltd., Schaeffler Technologies AG & Co. KG, Accell Group, MAC Shanghai Electric Motor Company Ltd, UU Motor and NTN Corporation.
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