Global Hub Motor Market

Infograph - Global Hub Motor Market

Global Hub Motor Market is expected to grow at a CAGR of 60.10% over the Forecast Period of 2020– 2026

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.