Two-Wheeler Hub Motor Market to see 9.8% CAGR from 2019 to 2024

Factors such as the increasing adoption of electric two-wheelers, growing concern for carbon emissions in the environment, and introduction of advanced hub motors for two-wheelers are expected to drive the growth of the two-wheeler hub motor market at a CAGR of 9.8% during the forecast period (2019–2024), in terms of revenue. With this growth rate, the market size will increase from$4,838.5 million in 2018 to $8,458.7 million by 2024. Also, the lower lifespan of hub motors as compared to two-wheelers leads to the high demand for the former in the aftermarket.

Two-Wheeler Hub Motor Market

The increasing demand for high-power motors is a key trend in the two-wheeler hub motor market. Key manufacturers like BMW AG, Vectrix, and Zero Motorcycles Inc. offer electric two-wheelers with a motor power more than 30 kilowatts (kW), and they have plans to launch new models of higher motor power. Besides, several original equipment manufacturers (OEMs) of conventional two-wheelers have announced plans to launch high-power electric models in coming years. For example, Zero Motorcycles launched Zero DS ZF7.2, a dual-sport electric motorcycle, in 2018, with an additional 35.0% motor power.

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One of the prime factors improving the two-wheeler hub motor market is the increasing deployment of electric two-wheelers. The demand for these vehicles is rising due to the surging concern regarding carbon emission into the environment by conventional fuel-based vehicles. Thus, governments across the world are taking several initiatives, such as focusing on increasing the adoption of electric vehicles, to curb the increasing pollution levels. This factor boosts the demand for electric two-wheelers, which, in turn, drives the demand for two-wheeler hub motors.

Geographically, the Asia-Pacific (APAC) region held the largest revenue share in the two-wheeler hub motor market in 2018, and it is projected to maintain the same trend in coming years. This is ascribed to the highest demand for electric two-wheelers in China, due to the early adoption of these vehicles in the country and support from the government, in terms of incentives and subsidies. Also, the government is implementing restrictions on conventional vehicles to reduce pollution levels, which leads to the rapid adoption of electric two-wheelers, which, in turn, drives the demand for two-wheeler hub motors.

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Thus, the rising adoption of electric two-wheelers and growing concern for carbon emissions in the environment are expected to propel the demand for two-wheeler hub motors during the forecast period.