A recent report published by Infinium Global Research on hub motor market for EVs provides in-depth analysis of segments and sub-segments in the global as well as a regional hub motor market for EVs. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional hub motor market for EVs over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global hub motor market for EVs. According to the report, the global hub motor market for EVs is projected to grow at a CAGR of 62.3% over the forecast period of 2019-2025.
Elaphe, a leading automobile component supplier unveiled its gearless in-wheel motor L1500 at the hybrid vehicle technology expo in Stuttgart in May 2019. The motor produces 1500 Nm of torque at 110 kW power, which is equivalent to 147 horsepower. The in-wheel or hub motor is fitted to the wheel itself rather than the shaft that rotates the wheels of the vehicle. Hub motors are more efficient than the transmission systems in the vehicles. As the automobile industry is moving towards electric vehicles development in the field of motors has increased. In March 2019, Japanese motor supplier Nidec revealed its fully integrated hub motor system, which is an extension of its E-Axle product line. The new system is expected to mass produced in 2023 and will be integrated with Aion S electric sedan, in the Chinese market.
The rise in air pollution due to increasing emissions has led the governments to implement strict emission regulations. Due to low emission standards, the automakers are now focusing on hybrid and electric vehicles that use less or no fossil fuel. This has majorly contributed to the growth of the hub motor market for EV’s. As the car manufacturers are shifting their focus from fuel powered vehicles to electric vehicles the advancements in the field of batteries and motors have increased, which is expected to boost the hub motor market. Moreover, the advantages of hub motors including low cost, high performance, and high efficiency are projected to propel the growth of the market. Furthermore, the integration of hub motors improves the overall performance of the vehicle and provides better driving and braking for the drivers. However, along with the advantages the downside of hub motor includes the unsprung weight it adds to the vehicle. This results in the damage of motors as they hit the curb, potholes and due to bad weather. Additionally, growing demand for electric buses and trucks in the emerging economies including China, India, and Korea is expected to provide opportunities for the hub motor suppliers in the future.
The hub motor market in Asia-Pacific generates the highest revenue among the other regions. The Asia-Pacific market holds a large amount of share of the global hub motor market. The domination of the Asia-Pacific region in the hub motor market is due to the increasing adoption of EVs and electric buses. Europe followed the Asia-Pacific region in terms of revenue generation in the hub motor market for EVs.
The report on global hub motor market for EVs covers segments such as cooling type, torque, and vehicle type. On the basis of cooling type, the sub-markets include water cooled, and air cooled. On the basis of torque, the sub-markets include less than 700 Nm, and more than 700 Nm. On the basis of vehicle type, the sub-markets include passenger vehicle, and commercial vehicle.
The report provides profiles of the companies in the market such as Schaeffler Group, Ziehl-Abegg SE, Protean Electric Limited, ZF Friedrichshafen AG, Heinzmann GmbH & Co. KG, Elaphe Ltd, TM4 Inc, Evans Electric Private Ltd, Siemens AG, Printed Motor Works Limited, Hyundai Mobis, and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of hub motor market for EVs. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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