By Infinium Global Research Aug, 2020
The Global
Hub Motor Market for EVs is expected to grow at a CAGR of 60.10%
between 2020 and 2026 in terms of value. 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 EVs. 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.